Financial Statement Overview Project


BUS 102-Accounting 2 Financial Statement Overview Project Fall 2020 Learning Objective: The purpose of this project is to bring together what you have learned (and are learning) over the course of two semesters of accounting and apply it to a company that you are familiar with so that you can see accounting in action. Organizing tip: Get a folder a keep all project related documents in it (or create electronic folder if you do all work electronically). Mark your calendar: Optional Project Working Sessions These project sessions are optional. You can also ask project related questions during regularly scheduled office hours. These sessions are all virtual; I varied the days/times so that hopefully you can find a time that works, if you need it, over the weeks between now and when the project is due. Because of the variety of days and times, there will be separate links for each. These will be posted on the Project tab of Bb. Tuesday, Friday, Thursday, Friday, Sunday Thursday October 13 October 16 October 22 October 30 November 8 November 12 07:00- 08:00 pm 10:00-12:00 noon 07:30-08:30 pm 04:00-05:00 pm 12:00- 01:00pm 07:30-8:30 pm Sunday, November 15, 2020 at 11:59 pm-Everyone must post their Power Point presentation for the project (not the whole project). Sunday, November 15, 2020 at 11:59 pm -Extra credit for early submission of project can replace two missing or lowest classwork/homework grades—two total, not two of each) Sunday, November 22, 2020 at 11:59 pm-FINAL DUE DATE FOR PROJECT Final projects are due. Late projects will be accepted up to Sunday, December 6 at 11:59 pm , with a 15 point penalty. No project will be accepted after that time. Be sure that your project is complete. No documents will be accepted after the project has been submitted. All project related items are posted in the Project Folder on the Content page on Blackboard. Interim deadlines will be treated as homework assignments. 1 INTERIM DEADLINES-These count as homework assignments (10 points each) as due, but more importantly are mean to help you stay on track and not leave everything until the last minute. √PROJECT HW 1: This is done for everyone. Either you submitted a company or were assigned one. Enter your responses in the Discussion Board. Follow posting instructions (in the Discussion Board). Choice of Company Select a company that is a US company that is publicly traded sells a product (avoid banks, insurance companies) Be sure that you select a company and not a brand or division. For example, if you picked Pizza Hut, that is part of Yum! Brands, so you would have to select Yum! Brands as the company. You would not have access to just information about Pizza Hut. While I am not a fan of Wikipedia for academic papers, you can look up the company and there is usually an info box about the company that will show you what the parent is. I will demonstrate this in class. Once you have identified a company that you would be interested in studying, Go to the Discussion board on Blackboard (Bb). Do not create a new forum, click into the one that is set up, then click into the discussion thread that I began. Read the prior responses. Only one student per company. If someone else has chosen a company, then you cannot select it. Click the REPLY key in my message, not in your classmates most recent post. This will keep the threads easier for everyone to read. I will be monitoring these daily, at least once per day in the evenings. After you have posted, check back here to see if it was approved. If not, you need to make a new selection. Make the new selection by going back to my original post and hitting reply, do not respond to the post where I indicate that you need to make another choice. If I don’t approve a company, I usually explain why. If you have further questions about that, please feel free to email me. Anyone who has not had a company approved by the due date of the assignment will be assigned one, and no further changes can be made at that point. If your company is approved by the deadline, I will post the homework points in Bb for HW P1. 2 √PHW 2: Obtain Financial Statements This should be done. If you have not yet had your statements approved, even though you can no longer earn homework credit for this assignment, I strongly urge you to get the statements approved. Post on the PHW 2 link. Failure to have statements approved jeopardizes 70% of your project grade. If you don’t use the correct statements, I can’t grade the financial analysis portion of your company. Locate the most recent form 10-K filed by the company with the SEC. For companies with a 12/31 year end, this will the 2019 Statement. For companies with a year-end from Jan 31-June 30, you will likely be able to find the 2020 statement. DO NOT PRINT THE ENTIRE STATEMENT. Some can run in excess of 200 pages. You only need the following six pages (the names in parentheses are alternate names for the financial statements). The financial statements are commonly found in Section 8A of Form 10-k, although occasionally they may be in one of the Appendices. Check the Table of Contents. There are many other schedules that may be mistaken for financial statements, so be sure that you have the correct ones. 1-Income Statement (Statement of Operations, Statement of Earnings, Consolidated Income Statement, Consolidated Statement of Operations, Consolidated Statement of Earnings). This is not the same thing as the Statement of Comprehensive Income. We will not be using the Statement of Comprehensive Income for this project. 2-Statement of Owners’ Equity (Statement of Stockholders’ Equity, Statement of Shareholders’ Equity (alternatively, the word Consolidated may precede any of these variations). For companies with a negative balance, the terms Shareholders’ Deficit or Accumulated Deficit are sometimes used. 3-Balance Sheet (Statement of Financial Position, either statement name may be preceded by the word Consolidated) 4-Statement of Cash Flows (Consolidated Statement of Cash Flows) 5-The first page of the 10-K 6-The first page only of the notes to the financial statements. The notes follow immediately after the last financial statement. Paper clip, don’t staple, these pages together and put your name on the first page.     3 It is very important that you get the financial statements approved so that you know that are using the correct statements. There are many other charts in the 10-k, some of which look like financial statements, but are not. Once I have confirmed that you have the correct pages, I recommend that you make a second copy of them BEFORE you begin making notes on them, so that you will have a clean copy to submit with for your project. You will be required to submit these pages as an appendix to project. The final project will be due in hard copy, not electronically. Once I have approved or given you information about what you submitted, I will post the homework grades for Project HW 2. PHW 3: Current Events-You have until 10/11 to post pdf versions of the articles. (This deadline was updated due to the 10/4 Bb outage) Part of the descriptive analysis portion of the project will require you to locate two current events articles. These articles must be articles, not advertisements, blogs, press releases, etc. and may only be chosen from the New York Times or the Wall Street Journal. These events may be specific to the company (i.e. Oracle’s attempted purchase of Tik- tok, or they could be more general, such as the current national or global economic status). One article must be about the effects of the coronavirus on the company or industry. For purposes of this project, “current” means from the first day of the statements covered by the 10-k until the present. Please note: You should not pay for any NYT or WSJ articles. These articles can be accessed through the library. If you need help, one of the librarians will be happy to assist you. Once I have approved your articles, I will post the homework points for this assignment. Failure to submit your articles for approval not only means that you lose out on an easy homework grade, but you jeopardize the current events portion of your project grade. If you submit something that does not fit the criteria, you will not earn credit for the current events portion of your grade. If you prepare your project using another part of the 10-K that is not the audited financial statements, you will get a -0- for the financial analysis part of the project, and you will not have the opportunity to resubmit your work. This is your responsibility. 4 PHW 4 a-f: Presentation Sign Ups Due 11/8-Post in Discussion Board (Priority to Monday/Wednesday/Online only students for certain slots until 10/25) Sign up on the discussion board. Discussion board opens after class on Wednesday, October 7, 2020. You must sign up for a presentation date on Blackboard by Sunday, November 8 at 11:59 pm Note: In order to allow adequate time for everyone to present, without giving up an excessive amount of class time, there will be several days available outside of normal class time if these work into your schedule. Other than the day of the final, there is a limit of six presentations per class period. You must attend class the day you present and at least one other presentation date. Those of you who attend in person may present in person, those online will present virtually. You must sign up for a presentation date on Blackboard by Sunday, November 8 at 11:59 pm. Changes made be made after that date if space allows. Note that certain time slots give preference to certain students, but all are limited. Spots are assigned on a first-come, first-served basis. Anyone who does not sign up will be required to present during our regularly scheduled final exam slot. If six slots are already filled, you can mark yourself “Wait list” but still sign up for another open time slot and on that one, note “Wait listed on ______” All times are during the regularly scheduled class time, with the exception of the Final Exam day, which follows the college final exam schedule. Friday, November 20 Monday, November 23 Wednesday, November 25 Monday, December 7 Wednesday, December 9 Final Exam Period Open to anyone (It is okay to present here, even if you haven’t submitted your final project yet, which is due on November 22. However, you must have submitted your Power Point Presentation, which is due on November 15) (regularly scheduled class)- Until 10/25, only Monday students may sign up After that, anyone may take any open slots. Open to anyone (Note: We are off from school this day, however, since many people Will not be traveling this year, I figured I’d make this available) (regularly scheduled class) Until 10/25, only students who are online both days may sign up After that, anyone may take any open slots. (regularly scheduled class) Until 10/25, only Wednesday students may sign up After that, anyone may take any open slots. Sign-ups still required so that I can keep track of when everyone is presenting 8am class: Monday, December 14, 2020 from 7:30- 10:10 am 5 10:50 am class: Monday, December 14, 2020 from 10:20-1pm 1:40 pm class: Monday, December 14, 2020 from 1:10-3:50 pm (Project HW 5) Assigned: Wednesday, October 7 Due: Sunday, October 11 at 11:59 pm Carefully review theses project directions through page ____ and the accompanying “Project Directions” video. Once you have viewed the video, go the Class 11 folder on Blackboard click on the icon for PHW 5. This time you can use the “Write Submission” key. In the box, type, either: 1-I have carefully reviewed the project directions and understand what is expected of me. Or 2-I have carefully reviewed the project directions and have the following questions: (list questions). I will review these questions in class after the due date, as if one person has a question, generally other students have the same question. I will post the homework points for this assignment after the due date. I will go over the requirements of the project in pre-recorded segments on Wednesday, October 7 but it is important for you to follow all of the guidelines in the project. You are responsible for the directions contained in this packet. I ealize that questions will arise as you begin to work on the project. This assignment to just to make sure that you understand the scope of the project, not the individual financial calculations that are necessary. PHW 6: The Single Step Income Statement To be assigned Wednesday, Oct 21 Due on Sunday, October 25 But may be submitted early The link for PHW 6 will be on the Project tab, a reminder will be posted in the October 21 class folder. Submit the Single Step Income Statement AND a copy of the Income Statement for the company. This cannot be graded For Wednesday, October 7 class, it is only necessary to view the Project Directions video. The remaining videos may be viewed on a step by step basis as you proceed through the project. 6 without the income statement. You must submit the income statement here, even if you submitted all of the statements for PHW 2. Although this is the first chart is presented near the beginning of the project, it is the most challenging part of the project. There is a lot of variety in what companies’ Income Statements look like, so it is hard to give you a single blue print as to how to do this. I will post a walkthrough of how to do this with Kohl’s. Your statements will likely look different from Kohls. This is a good thing to bring to the project working sessions. PHW 7: Power Point Slides Due Sunday, November 15, 2020 May be submitted early If you want feedback before final due date, submit by November 8 The link for PHW 7 will be on the project tab. You will be submitting the power point slides for the project here. Part of your project grade will be the quality of the Power Points. Most presenters put WAY too much text on slides. Slides should not contain every word that you are going to say. Use bullet points and images Consider colors carefully-make sure that there is good contrast. Your Power Point slides should not contain any of the charts in the financial analysis— they would be too difficult to read and would distract from your presentation. Presentation format: 1-Title Slide-Your name, Company name/logo (1 slide) 2-Introduction: The three most interesting things you learned about the company (3 slides). These do not have to directly be financial items. Almost everything in a company has a financial impact. 3-Brief History of the Company (2-3 slides) including products sold 4-Current Events (each one on a separate slide) Do not label “Current Events 1, Current Events 2” use article titles as headings 5-Three significant pieces of financial information that you learned about the company Identify the statement that they relate to and why they are significant. 7 6-Conclusion: If you had purchased 1,000 shares of this stock a year ago, would you continue to hold the stock or would you sell it off? 1 slide I will post the homework grades for the assignment after the due date. The homework grade, as always, will be based on completion. However, a component of the project grade will be based on the quality of your slides. If you’d like feedback on your slides so that you have time to correct it, post this assignment by November 8 FINAL DUE DATE The final due date for the entire project is Sunday, November 22, 2020 at 11:59 pm. IF you submit the completed project by Sunday, November 15, 2020, you will earn two free homework grades for prior or current homework/classwork assignments. (Two total, not two each) Check your project carefully. Once you submit the project, if anything is missing, you may not submit it after the fact. Follow the instructions for organizing your assignment. Part of the grade is for organization. You may only post Power Point, pdf, Word documents. Screenshots (.png or .jpeg) will not be accepted for this project. If you have access to a scanner (there is one in the library), I would ideally like you to scan the entire project as one document. See submission details at the end of these instructions. Part of the grade for your project is the presentation, so I will not have the final grade for you until you actually present. I will post the final project grades on Blackboard after everyone has presented. The Project The financial statement analysis project will consist of four parts: (1) a descriptive analysis (2) a financial analysis (3) a conclusion, and (4) a brief oral presentation. The charts included in these instructions contain detailed notes. A separate Word document with just the charts is included on this tab. Do not post the full set of directions as your project. All charts must be labeled.   8 When organizing your analysis, be sure not to break charts up across two pages. If charts are short, you can have more than one on a page, but if the entire chart doesn’t fit on the page, start the chart on a new page. When starting a new section of the financial analysis, always start a new page. When questions are asked, answers must be in full sentences. Failure to do so will result in no credit for a response. For example, if you write: yes (or no), you did not answer the question. Write: “These percentages did (not) change in the same direction. I think that this happened because…..” Do not begin any response with the words “yes” or “no.” Incorporate the question into your response. Questions are just meant to help you think about what you have calculated and not just make calculations for the sake of calculations. Each section should be labeled with the heading indicated in these instructions. Start each section (Income Statement, Balance Sheet, etc.) on a new page, even if you had room on the prior page. Numbers are RIGHT JUSTFIED. Use commas—the commas must be aligned. That means that if you are entering numbers in a column, they should look like this: They should NOT look like this: Page 1: Cover Page Provide a title page with the name of the company, the company logo (or other visual) your name, and the course number. Additionally, in the upper right-hand corner, please put your name Last, First. Expense   Current Year Salaries Expense   $100,000 Insurance Expense   90,000   Office Expense   7,500 Expense   Current Year Salaries Expense   $100,000 Insurance Expense   90,000 Office Expense     7,500 9 Page 2: Grading Rubric Copy and paste this chart for the second page of your project. BUS 102-Accounting II Financial Statement Grading Rubric Fall 2020 Grading criteria Points Possible   Points Earned Written Analysis:    Organization of Project 5 Financial Analysis* 70   Presentation Slides 5     Oral Presentation:   Company history/products 5   Current Events 5   Conclusion 5   Presentation 5    Total 100% Deductions:    Late submission (15 point penalty) Missing class on non- presentation days ( 5 points)   Total Score    *Follow directions carefully. Financial statements for the company, in pdf format, must be included with your posting. Projects submitted without financial statements cannot be graded for the financial analysis. Comments: 10 Introduction Introduction: the three most interesting things that I learned about Company X                General Information Please copy and paste this chart and enter the appropriate information, including appropriate citations. Add space to the chart as needed. Delete these directions. Section 1: General Information Company Name     Headquarters Location (City and State only) See cover page of 10-K Year that company was founded   Company’s year end See notes to the financials if not 12/31 Stock Market Symbol Stock Exchange on which stock is traded Current Event #1-Provide citation only here Current Event # 2-Provide citation only here 11 Part One: Descriptive Analysis The descriptive analysis, which you will be presenting, must contain the following information: Company history, including products sold and geographic operating area Current events 1- Company history Provide a brief history of the company, including a description of products sold and/or services provided and the geographic areas in which the company operates. (2-3 slides) [You are not writing this out, this will be covered in your presentation] 2-Current Events – See previous notes for PHW 3 [One slide in presentation for each article 2-3 bullet points or images] Note: The company history and current events will be presented as part of your presentation, you are not writing a paper about these. Part Two: Financial Analysis Each section should be labeled with the heading indicated in these instructions. Start each section on a new page, even if you had room on the prior page. Do not use these charts in your power point presentation; they will come up too small and no one will be able to read them. Further information will be provided in the directions for the oral presentation provided later in these directions. Section 2A: The Income Statement Learning Objective: Understand which basic items on each of the Income Statement are causing net income to increase and which are causing net income to decrease. Perform basic income statement analyses and assess the performance of the company based on these indicators. 12 (2A-1)-The Single Step Income Statement I will demonstrate this in a pre-recorded video, using Kohl’s financial statements. If you need additional help after that, please feel free to come to office hours or one of the project working sessions. For many sections of the project, you will be performing analyses for the current and prior years. For this section, you only need to prepare the Single Step Income Statement worksheet for the most recent income statement. Directions: Redraft the company’s income statement for the current year into a single step format: Identify each item as revenue, expense or as a subtotal. Draw a line through each subtotal; these will not appear on a Single-Step Income Statement. List each remaining item in either the revenue or the expense section: In the first column, use the account titles exactly as they appear on the company’s statement. In the second column, enter the amount. No revenue or expense amount will have a ( ) on this worksheet—even if it had one on the original statement. Total all of the revenue items and put the total revenue amount in the third column. Total all of the expense items and put the total revenue amount in the third column. Calculate net income (loss) from your worksheet: Total Revenue-Tot

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