(a)
Introduction:
The SEC Form 10-K contains a detailed audited report of a company’s financial statements that all public companies needs to submit withSecurities and Exchange Commission annually. The companies are required to disclose all relevant information regarding their financial position
To state:
The place where Columbia’s apparel items manufactured.
(b)
To name:
Columbia’s 4 primary brands.
(c)
To describe:
The seasonality of Columbia’s business and in which year it experienced the highest proportion of net income and net sales.
(d)
To state:
If the company is involved in any litigation that materially affects its financial position.
(e)
To describe:
The line of business that is responsible for the 3% increase of net sales in the United States.
(f)
To state:
The method of
(g)
To state:
The auditor of Columbia sportswear.
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Cornerstones of Financial Accounting
- SEPTEMBER 2019: In September 2019, Kate incorporated Kate’s Cards after investigating different organizational forms, and began the process of getting her business up and running. The following events occurred during the month of September 2019: Kate deposited $10,000 that she had saved into a newly opened business checking account. She received common stock in exchange. Kate designed a brochure that she will use to promote her greeting cards at local stationery stores. Kate paid Fred Simmons $50 to critique her brochure before undertaking her final design and printing. Kate purchased a new iMac computer tablet, specialized graphic arts software, and commercial printer for the company, paying $4,800 in cash. She decided to record all of these items under the same equipment account. Kate purchased supplies such as paper and ink for $350 at the local stationery store. She opened a business account with the store and was granted 30 days credit on all purchases, including the one she just…arrow_forwardSEPTEMBER 2019: In September 2019, Kate incorporated Kate’s Cards after investigating different organizational forms and began the process of getting her business up and running. The following events occurred during the month of September 2019: Kate deposited $10,000 that she had saved into a newly opened business checking account. She received common stock in exchange. Kate designed a brochure that she will use to promote her greeting cards at local stationery stores. Kate paid Fred Simmons $50 to critique her brochure before undertaking her final design and printing. Kate purchased a new iMac computer tablet, specialized graphic arts software, and commercial printer for the company, paying $4,800 in cash. She decided to record all of these items under the same equipment account. Kate purchased supplies such as paper and ink for $350 at the local stationery store. She opened a business account with the store and was granted 30 days credit on all purchases, including the one she just…arrow_forwardIn November 2019, Yammy Fun Inc. purchased advertising for $1,000 that ran in the local November newspaper. All purchases and services are made on credit. The bookkeeper, PatrickFitz, recorded the advertising by crediting Supplies Inventory (asset) and debiting accounts payable. In 2020 (the following year), the new bookkeeper, Tua, saw this entry and asked you to help him analyze the entry. What is the correcting entry for 2020? Debit Supplies Inventory and credit Advertising Expense for 1,000.Debit Supplies Inventory and credit Retained Earnings for 1,000Debit Retained Earnings for 1,000 and credit Accounts Payable for 1,000.Debit Advertising Expense for 1,000, debit Supplies Inventory for 1,000, and credit Accounts Payable for2,000Debit Retained Earnings for 1,000, debit Supplies Inventory for 1,000, and credit Accounts Payable for2,000arrow_forward
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- Cornerstones of Financial AccountingAccountingISBN:9781337690881Author:Jay Rich, Jeff JonesPublisher:Cengage LearningIntermediate Accounting: Reporting And AnalysisAccountingISBN:9781337788281Author:James M. Wahlen, Jefferson P. Jones, Donald PagachPublisher:Cengage Learning