Writing Assignment 2;ACCT 301A ? 2014 Fall;Financial Statement Analysis;Please submit your answers before the class on Oct 13 (Monday). You can submit your response individually;or you may collaborate with other students but the maximum number of students in a team is 3. Teams need;only submit one paper for all members, with all team member names listed prominently on the front.;1. Assessing Short-term Liquidity1;The following table reports information for three retailers in the apparel business.;GAP Spiegel J.Crew;Working capital activity ratios;1. Days inventory held 73.0 108.2 93.9;2. Days accounts receivable outstanding 0.0 90.2 0.0;3. Days accounts payable outstanding 43.8 116.5 49.6;Operating cycle (1+2) 73.0 198.4 93.9;Cash conversion cycle (1+2-3) 29.2 81.9 44.3;Current ratio 2.1 0.7 1.3;Required;(1) Do any of these companies appear to have a short-term liquidity problem?;(2) Which company has the most serious mismatching between cash inflows and cash outflows?;2. Analysis of Segment Reporting;The annual report (10-K filing) of 2013 Apple Inc. is available in Titanium.2 Please refer to the sub-section;Item 8 Financial Statements and Supplementary Data, to respond to the following questions.;(1) What are the reportable segments and what is the basis for the company to choose the segment structure?;(2) What are the reconciliation items from the Company?s segment operating income to the consolidated;financial statements (total operating income)? Please list the items as specific as possible using disclosed;information.;(3) Which segment has shown the greatest improvement in sales and profitability over the past two years?;(4) Which product has shown the greatest improvements in sales over the past two years?;(Bonus Question) What sub-items are included under Item 8, and what sub-topics are included under Note;to Consolidated Financial Statements?;1 This case is based on Revsine et al., Financial Reporting and Analysis, 4th edition (McGraw Hill, 2009). 2 Original source of the annual report is either Apple Inc. Investor Relations Web page;(http://investor.apple.com/sec.cfm?ndq_keyword=&DocType=Annual) or Direct Edgar;(http://www.sec.gov/edgar/searchedgar/companysearch.html).
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