Annual Report Project

First steps:

1. Please read the attached document
2. Look at the due dates on the assignmentPick one of the publicly traded companies listed in the Project Document (available below)
3. Email me the company choice from the list to get approval. DO NOT start the project before you get approval.
4. Go to the company website
5. Go to Investor Relations
6. Download and save the company’s 2023 Annual Report (It must be 2023, other years will not be accepted)

Follow all directions and make sure to answer all of the questions. Some questions are asking for two things.

Below is the document that include the details of the project.

Annual Report Project (GROUP Project)
Fall 2024
Due Dates – On page 2
(And in Canvas – Project Module)
During this term, you will participate in an annual report project. You can either create your own group
(with a maximum of 5 members), join an existing one, or choose to work on your project individually if
that suits you better. With this project you will learn everything you can about a company using its
annual report, the internet, the press, stock market results, and so on. There are four parts to this project.
All four parts are required; none are optional. The completed project is required for you to pass the class
with a grade of C or higher. The due date is posted on the class calendar in Canvas. You will submit the
project via Canvas by 11:59pm on the due date. The file name MUST include your last name.first name
or group leader’s last name and your class section number. For example, manesh.sara_bus120sec5242.
For this semester, choose one of the companies listed below that meets all of the following criteria:
1.
2.
3.
4.
Publicly traded on the New York Stock Exchange or NASDAQ
Has a United States presence (location)
Currently has at least one person on the board of directors from an under represented group
Manufactures product
LIST:
NIKE, Inc.
Nucor Corporation
Ralph Lauren Corporation
International Paper Company
Abbott Laboratories
Emerson Electric Co
NVIDIA Corporation
Eli Lilly & Company
Broadcom Inc.
Northrop Grumman Corporation
The Project:
The first part is simply answering general questions about the company. This part is to be completed
using Microsoft Word and is worth 20 points.
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The next two parts deal with the analysis of the company’s financial statements. This analysis is
summarized in Chapter 13 – Interpreting Financial Statements of the text. You will be using Microsoft
Excel and Word for these. Each of these parts is worth 25 points. The use of someone else’s template or
formulas is still considered cheating unless you cite the source. Do your own work!
The last part is a set of conclusion questions which you will complete using Microsoft Word. This part
is worth 80 points.
Submission Requirements:
All parts are to be submitted via Canvas on or before the deadline as stated in this document and on
Canvas Project Module.
Part 1: You will submit one file. It must be either .doc or .docx format (MS Word)
Part 2: You will submit two files. One file will be .xls or .xlsx format (MS Excel) and one will be .doc
or .docx format (MS Word)
Part 3: You will submit one file that is .xls or .xlsx format (MS Excel).
Part 4: You will be submitting two files: one PDF file that is the company’s annual report that you got
from their website, one MS Word file.
Your work parts will only be accepted in Excel and Word format. When completing parts in Excel, it is
expected that you will use proper formulas in all areas necessary or the part will have a significant point
deduction. (See rubric)
Your group name and company name must also be typed on the left-hand corner of each part or added
as a header. Failure to do so will result in automatic point deductions.
(Please note: If you do not have access to MS Word and MS Excel, complete it using Google Docs and
Google Sheets. When you “save” the document, save it as an MS Word document and an MS Excel
spreadsheet.)
Use APA 7 th edition format. Times New Roman, 12-point font. Must have one-inch margins, no less, no
more. Must cite all sources used. Your project must include proper headings and cover page. You DO
NOT need an executive summary. You can use citationmachine.net or a similar source to help you with
citing your sources and creating your reference page.
Due Dates:
Part 1: 10/28/2024 @ 11:59pm – up to 20 points – submitted in Canvas – Module Project – Part 1 Late
submissions (anything after 11:59pm on 10/28/2024):
10/29/2024 – can earn up to 19.0 points
10/30/2024 – can earn up to 18.0 points
10/31/2024 – can earn up to 17.0 points
11/01/2024 – can earn up to 16.0 points
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11/02/2024 – cannot earn points but will be accepted.
Part 2: 11/11/2024 @ 11:59pm – up to 25 points – submitted in Canvas – Module Project – Part 2 Late
submissions (anything after 11:59pm on 11/11/2024):
11/12/2024 – can earn up to 24.00 points
11/13/2024 – can earn up to 23.00 points
11/14/2024 – can earn up to 22.00 points
11/15/2024 – can earn up to 21.00 points
11/16/2024 – cannot earn points but will be accepted.
Part 3: 11/25/2024 @ 11:59pm – up to 25 points – submitted in Canvas – Module Project – Part 3 Late
submissions (anything after 11:59pm on 11/25/2024):
11/26/2024 – can earn up to 24.00 points
11/27/2024 – can earn up to 23.00 points
11/28/2024 – can earn up to 22.00 points
11/29/2024 – can earn up to 21.00 points
11/30/2024 – cannot earn points but will be accepted.
Part 4: 12/09/2024 @ 11:59pm – up to 80 points – submitted in Canvas – Module Project – Part 4 Late
submissions (anything after 11:59pm on 12/09/2024):
12/10/2024 – can earn up to 78 points
12/11/2024 – can earn up to 75 points
12/12/2024 – can earn up to 70 points
NO papers will be accepted after December 12, 2024 @ 11:59pm.
Failure to follow the directions completely will result in automatic point deductions.
Part 1: Complete using MS Word – up to 20 points (You can create it in Google Docs, then save it as a
Word Doc to submit)
1. First, identify the company that you are going to use.
2. Email me the company name to get approval. DO NOT start the project before you get
approval.
3. Go to the company website
4. Go to Investor Relations
5. Download and save the company’s 2023 Annual Report (It must be 2023, other years will not
be accepted)
Answer the following questions. Be sure to type the question and letter (A, B, C, etc.) first, skip a
line, and type your response. Answer the questions using complete sentences and do not “lift”
information from the report. Plagiarism will result in a zero for any part of this project. For
information about plagiarism, go to http://www.georgetown.edu/honor/plagiarism.html.
A. What is the Internet address of the company?
B. Identify the stock exchange(s) where the company’s stock trades.
C. What is the ticker symbol of the company?
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D. What is the name of the company’s independent accountants (auditing firm).
E. What is the chief executive officer’s (CEO) name?
F. Where is the home office located?
G. Using your own words, write a description of the principal products and/or services that
the company provides.
H. What is the most recent price of the company’s stock? What is the date and source of
this price? “Recent price” means the price as of the day you are working on this. You
will need to look this up.
I. What is the most recent dividend paid? Was it for the quarter or for the year? What is
the date and source of this information? “Recent dividend” means the dividend closest
to the day you are working on this. You will need to look this up.
Part 2: Complete using MS Excel & Word – up to 25 points (You can create in
Google Docs and Google Sheets, then save it as an MS Word doc for Google Docs and an Excel sheet
from Google Sheets to submit)
In this part, you will begin analyzing your company’s financial statements. You will begin by
preparing horizontal (comparative statements) and vertical (common -size statements) analyses.
There are three sections/parts to Part 2. The first two parts of Part 2 (comparative statements and
common-size statements) are to be completed using Microsoft Excel. If you are not familiar with Exce
If you are not familiar with Excel or need a refresher, go to http://www.usd.edu/trio/tut/excel for a
tutorial. Be sure to use Excel formulas in the cells where you are making computations. Typing
computational results in the cells is not acceptable and will result in zero points. Also, your name and
the company name must be typed in the left-hand corner or added as a header on ALL pages. If any
component is missing it will result in automatic point deductions.
The third part of Part 2 is to be completed using Microsoft Word. Bullet statements, outlines, and so
forth are not acceptable and will result in zero points. Be sure that you use good grammar, sentence
structure, etc.
Also make sure that your writing is businesslike and professional. Your answers should be clear,
concise, and complete. Lastly, make sure that your answers are your own. Plagiarism will result in zero
points (see http://www.georgetown.edu/honor/plagiarism.html for information). If you need help with
your writing, visit the English Writing Center (http://www.grossmont.net/tutoring/ewc.asp).
I.
Using Excel, prepare comparative financial statements (Balance Sheet and Income
Statement) for the two most recent years (2023 & 2022). Round amounts to the nearest onetenth of a percent. This section is worth 8 points.
II.
Using Excel, prepare common-size statements (Balance Sheet and Income Statement) for
the two most recent years (2023 & 2022). This section is worth 8 points.
III.
Using Word, discuss the findings of comparative and common-size statements. What
changes seem relevant or significant? How is the company doing? What do you think the
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comparative and common-size statements are telling you? Is the company doing better or
worse? Explain, in detail, your analysis. This section is worth 9 points.
Part 3: Complete using MS Excel – up to 25 points (You can create in Google Sheets and then save as
an Excel sheet to submit)
In ARP part #2, you prepared horizontal and vertical analysis. In this part, you will prepare ratio
analysis. Refer to Chapter 13 of the text for a summary of the ratios. You should also refer to the
chapters where the ratios were originally covered in the text.
For the past two years (2023 & 2022), calculate the following using Excel. If you are not familiar with
Excel or need a refresher, go to http://www.usd.edu/trio/tut/excel for a tutorial. Be sure to use Excel
formulas in the cells where you are making computations. Typing computational results in the cells is
not acceptable and will result in zero points. Failure to do so will be an automatic deduction of points.
Failure to have your name and company name typed in the left-hand corner or added as a header on
every page will result in point deductions. This part is worth twenty points.
Liquidity and Efficiency – ALL RATIOS are in Chapter 13 in your textbook or e-book (Exhibit 13.16)
a. Current ratio
b. Acid-test ratio
c. Accounts receivable turnover
d. Inventory turnover
e. Days’ sales uncollected
f. Days’ sales in inventory
Solvency g. Total asset turnover
a. Debt ratio
b. Equity ratio
c. Debt-to-equity ratio
d. Times interest earned
Profitability
a. Profit margin ratio
b. Gross margin ratio
c. Return on total assets
d. Return on common stockholders’ equity
e. Book value per common share
f. Basic earnings per share
Market Prospects
a. Price-earnings ratio
b. Dividend yield
Part #4 – Conclusions: Complete using MS Word – up to 80 points (You can
create in Google docs and then save as an MS Word doc to submit.). To answer each multi-part question
thoroughly, you will most likely need at least two to three paragraphs.
Each question is worth 16 points. Think about this as you answer each one!
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Be sure to type the question (and number…1, 2, etc.), skip a line, and type your response. Answer the
questions using complete sentences. Bullet statements, outlines, and so forth are not acceptable and will
result in zero points. Be sure that you use good grammar, sentence structure, etc. Also make sure that
your writing is businesslike and professional. Your answers should be clear, concise, and complete.
Lastly, make sure that your answers are your own. Plagiarism will result in zero points (see
http://www.georgetown.edu/honor/plagiarism.html for information). If you need help with your writing,
visit the English Writing Center (http://www.grossmont.net/tutoring/ewc.asp).
1. Comment on your findings from the ratio analysis you performed in part #3 under Liquidity and
Efficiency, Solvency, Profitability, and Market Prospects. Be specific! Give examples directly
from the ratios you calculated in Part #3 and explain what they mean to you and for the
company. You should discuss a minimum of 7-8 ratios.
2. Identify what you believe to be the three different strongest aspects of the corporation. These
aspects are not necessarily financial in nature; they could refer to the company’s competition,
product, etc. Do you believe the corporation will be able to maintain these strengths over the
next few years? Why or why not? Cite all sources, including annual reports and textbook.
3. Identify what you believe to be the three different weakest aspects of the corporation. As in
question #2, these are not necessarily financial in nature; they could refer to the company’s
competition, product, etc. In what way might these weaknesses be overcome? Cite all sources,
including annual reports and textbooks.
4. Are you optimistic or pessimistic concerning the future of the corporation? What specific
corporate or industry characteristics influence your opinion? This question requires some
research to identify some of the characteristics that the company is facing with respect to its
industry. Be sure to cite your sources.
Would you invest in the capital stock of this corporation if you had sufficient funds? To answer
this question, assume you made an investment in this company in January 2010. Would your
5. Investment has increased or decreased in value? Give specific data, including your ratio
analysis.
Please follow the submission guidelines as set forth in the Annual Report Project document.
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Because learning changes everything.
Chapter 13
Analysis of Financial Statements
Wild
Financial Accounting Fundamentals
8th Edition
Copyright 2022 © McGraw Hill LLC. All rights reserved. No reproduction or distribution without the prior written consent of McGraw Hill LLC.
®
Chapter 13 Learning Objectives
CONCEPTUAL
C1 Define the building blocks of analysis and the standards for comparisons.
ANALYTICAL
A1 Summarize and report results of analysis.
A2 Appendix 13A—Explain the form and assess the content of a complete income
statement.
PROCEDURAL
P1 Explain and apply methods of horizontal analysis.
P2 Describe and apply methods of vertical analysis.
P3 Define and apply ratio analysis.
© McGraw Hill LLC
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Learning Objective C1
Define the building blocks of
analysis and the standards for
comparisons.
© McGraw Hill LLC
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Purpose of Analysis
Common goal of financial statement analysis for both
external and internal users is to evaluate company
performance and financial condition and to assist in
evaluating:
1. Past and current performance
2. Current financial position
3. Future performance and risk
Internal Users
Managers
Officers
Internal Auditors
Learning Objective C1: Define the building blocks of analysis and the standards for comparisons.
External Users
Shareholders
Lenders
Suppliers
© McGraw Hill LLC
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Building Blocks of Analysis
Liquidity and
efficiency
Solvency
Profitability
Market
prospects
Learning Objective C1: Define the building blocks of analysis and the standards for comparisons.
© McGraw Hill LLC
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Information for Analysis
General-purpose financial
statements:
1. Income Statement
2. Balance Sheet
3. Statement of
Stockholders’ Equity
4. Statement of Cash Flows
5. Notes to the Financial
Statements
Learning Objective C1: Define the building blocks of analysis and the standards for comparisons.
© McGraw Hill LLC
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Standards for Comparison
When we interpret our analysis, it is essential to
compare the results we obtained to other standards or
benchmarks.
• Intracompany
• Competitors
• Industry
• Guidelines
Learning Objective C1: Define the building blocks of analysis and the standards for comparisons.
© McGraw Hill LLC
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Tools of Analysis
Horizontal Analysis
Comparing the financial condition and
performance across time.
Vertical Analysis
Comparing the financial condition and
performance to a base amount.
Ratio Analysis
Measurement of key relations between
financial statement items.
Learning Objective C1: Define the building blocks of analysis and the standards for comparisons.
© McGraw Hill LLC
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Learning Objective P1
Explain and apply methods of
horizontal analysis.
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Horizontal Analysis
Horizontal analysis is the review of financial
statement data across time.
Learning Objective P1: Explain and apply methods of horizontal analysis.
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Comparative Statements:
Dollar Change
Dollar
Analysis period
Base period
=
−
change
amount
amount
• When measuring the amount of the change in dollar amounts,
compare the analysis period to the base period.
• The analysis period refers to the financial statements under
analysis.
• The base period refers to the financial statements used for
comparison.
Learning Objective P1: Explain and apply methods of horizontal analysis.
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Comparative Statements:
Percent Change
Analysis period amount − Base period amount
=
 100
change
Base period amount
%
When calculating the change as a percentage, divide the amount of the
dollar change by the base period amount, and then multiply by 100 to
convert to a percentage.
Four cases require additional analysis.
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Learning Objective P1: Explain and apply methods of horizontal analysis.
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Comparative Balance Sheets
Exhibit
13.1
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Learning Objective P1: Explain and apply methods of horizontal analysis.
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Comparative Income Statements
Exhibit
13.2
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Learning Objective P1: Explain and apply methods of horizontal analysis.
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Trend Analysis: Equation
Trend analysis is used to reveal patterns in data across
periods.
Trend
Percent =
(%)
Analysis period amount
 100
Base period amount
Learning Objective P1: Explain and apply methods of horizontal analysis.
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Trend Analysis: Illustration
Exhibit
13.3
Using the number reported 4 years ago as the base
period, we get the following trend percents for each year
by dividing that year’s amount by the base period
amount:
Exhibit
13.4
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Learning Objective P1: Explain and apply methods of horizontal analysis.
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Line Graph of Trend Percents
Exhibit
13.5
Exhibit
13.6
We can use the trend percentages to construct a graph so we can
see the trend over time.
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Learning Objective P1: Explain and apply methods of horizontal analysis.
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Learning Objective P2
Describe and apply methods of
vertical analysis.
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Vertical Analysis
Common-Size Statements
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Learning Objective P2: Describe and apply methods of vertical analysis.
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Common-Size Balance Sheet
Exhibit
13.8
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Learning Objective P2: Describe and apply methods of vertical analysis.
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Common-Size Income Statement
Exhibit
13.9
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Learning Objective P2: Describe and apply methods of vertical analysis.
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Data Visualizations
Exhibit
13.10
Common-Size Graphic of
Asset Components
Exhibit
13.12
Common-Size Graphic of
Income Statement
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Learning Objective P2: Describe and apply methods of vertical analysis.
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Learning Objective P3
Define and apply ratio analysis.
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Ratio Analysis
Liquidity and
efficiency
Solvency
Profitability
Market
prospects
Learning Objective P3: Define and apply ratio analysis.
© McGraw Hill LLC
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Liquidity and Efficiency
Current Ratio
Working Capital
Inventory Turnover
Days’ Sales
Uncollected
Acid-test Ratio
Accounts Receivable
Turnover
Days’ Sales in
Inventory
Total Asset
Turnover
Learning Objective P3: Define and apply ratio analysis.
© McGraw Hill LLC
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Working Capital
Working capital is the amount of current assets
minus current liabilities.
Exhibit
13.14
Table
summarizes
Current
assets
current assets
Current
liabilities
− minus
current
= liabilities
Workingequals
capital
working capital.
More working capital suggests a strong liquidity position and an
ability to pay debts or continue operating.
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Learning Objective P3: Define and apply ratio analysis.
© McGraw Hill LLC
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Current Ratio
Current assets
Current ratio =
Current liabilities
Exhibit
13.14
• This ratio measures the short-term debt-paying ability of the
company.
• A higher current ratio suggests a strong ability to meet current
obligations.
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Learning Objective P3: Define and apply ratio analysis.
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Acid-Test Ratio
Exhibit
13.15
This ratio is like the current ratio but excludes current assets such
as inventories and prepaid expenses that may be difficult to
quickly convert into cash.
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Learning Objective P3: Define and apply ratio analysis.
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Accounts Receivable Turnover
Account receivable
turnover
=
Net sales
$260,174
=
= 11.3times
Average accounts receivable, net ($23,186 + $22,926) / 2
This ratio measures how many times a company converts
its receivables into cash.
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Learning Objective P3: Define and apply ratio analysis.
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Inventory Turnover
Cost of goods sold
$161,782
Inventory turnover =
=
= 40.1times
Average inventory ($3,956 + $4,106) / 2
This ratio measures how long a company holds inventory
before selling it.
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Learning Objective P3: Define and apply ratio analysis.
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Days’ Sales Uncollected
Accounts receivable, net
Day’s sales uncollected =
× 365
Net sales
Day’s sales uncollected =
Accounts receivable, net
$22,926
 365 =
 365 = 32.2days
Net sales
$260,174
This ratio measures how frequently a company
collects its accounts receivable.
Learning Objective P3: Define and apply ratio analysis.
© McGraw Hill LLC
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Days’ Sales in Inventory
Ending inventory
Day’s sales inInventory =
× 365
Cost of goods sold
Ending inventory
$4,106
Day’s sales inventroy =
 365 =
 365 = 9.3days
Cost of goods sold
$161,782
This ratio is a useful measure in evaluating
inventory liquidity.
Learning Objective P3: Define and apply ratio analysis.
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Total Asset Turnover
Total asset turnover =
Net sales
$260,174
=
= 0.74times
Average total assets ($338,516 + $365,725) / 2
• This ratio measures a company’s ability to use its assets to
generate sales.
• It is an important indication of operating efficiency.
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Learning Objective P3: Define and apply ratio analysis.
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Solvency
Debt
Ratio
Equity
Ratio
Debt-to-Equity
Ratio
Times Interest
Earned
Learning Objective P3: Define and apply ratio analysis.
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Debt Ratio and Equity Ratio
• The debt ratio shows total liabilities as a percent of total
assets.
• The equity ratio shows total equity as a percent of total
assets.
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Learning Objective P3: Define and apply ratio analysis.
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Debt-to-Equity Ratio
Total liabilities
Debt-to-equity ratio =
Total equity
Total liabilities $248,028
Debt-to-equity ratio =
=
= 2.74
Total equity
$90,488
This ratio measures what portion of a company’s
assets are contributed by creditors. A larger debt-toequity ratio implies less opportunity to expand
through use of debt financing.
Learning Objective P3: Define and apply ratio analysis.
© McGraw Hill LLC
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Times Interest Earned
$55,256 + $3,576 + $10,481
= 19.4times
$3,576
This is the most common measure of a company’s ability
to pay interest expense.
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Learning Objective P3: Define and apply ratio analysis.
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Profitability
Profit
Margin
Return on Total
Assets
Return on
Equity
Gross Margin
Ratio
Learning Objective P3: Define and apply ratio analysis.
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Gross Margin Ratio
Net sales – Cost of goods sold
Gross margin ratio =
Net sales
Net sales − Cost of goods sold $260,174 − $161,782
Gross margin ratio =
=
= 37.8%
Net sales
$260,174
This ratio measures a company’s percent of gross
margin in each dollar of net sales.
Learning Objective P3: Define and apply ratio analysis.
© McGraw Hill LLC
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Profit Margin
Net income
Profit margin =
Net sales
Net income $55,256
Profit margin =
=
= 21.2%
Net sales
$260,174
This ratio measures a company’s ability to earn net
income from each sales dollar.
Learning Objective P3: Define and apply ratio analysis.
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Return on Total Assets
Net income
Return on total asset =
Average total assets
Net income
$55,256
Return on total assets =
=
= 15.7%
Average total assets ($338,516 + $365,725) / 2
• Return on total assets measures how well assets are utilized by
the company.
• The relation between profit margin, total asset turnover, and
return on total assets is:
Profit margin  Total asset turnover = Return on total assets
Net income
Net sales
Net income

=
Net sales
Average total assets Average total assets
Learning Objective P3: Define and apply ratio analysis.
© McGraw Hill LLC
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Return on Equity
Net income
Return on equity =
Average total equity
$55,256
= 55.9%
($107,147 + $90,488) / 2
This measure indicates the company’s ability to earn
income for common stockholders.
Learning Objective P3: Define and apply ratio analysis.
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Market Prospects
Price-Earnings Ratio
Learning Objective P3: Define and apply ratio analysis.
Dividend Yield
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Price-Earnings Ratio
Market price per common share
Price-earnings ratio =
Earnings per share
Price-earning ratio =
Market price per common share $293.65
=
= 24.5
Earnings per share
$11.97
This ratio measures market expectations for future
growth.
Learning Objective P3: Define and apply ratio analysis.
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Dividend Yield
Annual cash dividends per share
Dividend yield =
Market price per share
$3.00
Dividend yield =
= 1.0%
$293.65
This ratio is used to compare the dividend-paying
performance of different companies.
Learning Objective P3: Define and apply ratio analysis.
© McGraw Hill LLC
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Summary of Ratios
Exhibit
13.16
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Learning Objective P3: Define and apply ratio analysis.
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Learning Objective A1
Summarize and report results
of analysis.
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Analysis Reporting
1. Executive Summary
2. Analysis Overview
3. Evidential Matter
4. Assumptions
5. Key Factors
6. Inferences
Learning Objective A1: Summarize and report results of analysis.
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Learning Objective A2
Appendix 13A
Explain the form and assess
the content of a complete
income statement.
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Sustainable Income
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Learning Objective A2: Explain the form and assess the content of a complete income statement.
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Income Statement All-inclusive
Exhibit
13A.1
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Learning Objective A2: Explain the form and assess the content of a complete income statement.
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Because learning changes everything.
®
www.mheducation.com
Copyright 2022 © McGraw Hill LLC. All rights reserved. No reproduction or distribution without the prior written consent of McGraw Hill LLC.