ACCT 607 Assignment Help

ACCT 607 Assignment Help | Case Study 1| Kogod School Of Business American University 

ACCT 607 Applied Case Assignment #1 (Chapters 1 and 5) 

McCormick & Company, Incorporated (NYSE: MKC; Sparks, MD; hereafter, “McCormick” or “the Company”) was formed in 1915 under Maryland law as the successor to a business established in 1889. Answer the following questions based on McCormick’s 2014 Annual Report, which also contains the Company’s 10-K. This document is available online at: http://phx.corporate-ir.net/External.File?item=UGFyZW50SUQ9MjY4MzE3fENoaWxkSUQ9LTF8VHlwZT0z&t=1 

Part I: The Basic Financial Statements 

1. (a) On what day of the year does the Company’s fiscal year end? (b) What units are reported on these financial statements? 

2. For how many years does the Company present: (a) Balance Sheets?

(b) Income Statements?

(c) Cash Flow Statements? 

(d) Statements of Changes in Stockholders’ Equity? 

3. Write out the fundamental accounting equation, and identify the values for the fundamental accounting equation for the Company’s 2014 year end. 

4. What is the account name and value of the Company’s largest expense for 2014? 

5. What amount of net cash did the Company use in financing activities for 2014? 

6. What items affected the Company’s Retained Earnings during 2014? 

         ACCT 607 Applied Case Assignment #1 (Chapters 1 and 5) Continued Part II: Beyond the Basic Financial Statements—Additional Information in the 10-K 

7. Are the Company’s annual financial statements audited by independent CPAs? How do you know? 

8. Are the Company’s annual financial statements audited by independent CPAs? How do you know? 

9. What risk has the Company identified with respect to potential climate change? In what section did you find that discussion? 

10. What risk has the Company identified with respect to potential climate change? In what section did you find that discussion?