Cash equivalents reported in the financial statements
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Review Heinz' financial statements and first footnote (obtain from attached file started on page 40) to answer these questions:
1.What is Heinz' fiscal year?
2.What method does Heinz use in valuing inventory?
3.Compute inventory turnover for 2010.
4.How much cash was spent for capital expenditures in 2010?
5.How are cash equivalents defined? How are cash equivalents reported in the financial statements?
6.Compute the current ratio at the end of fiscal 2010.
7.What was the amount of gross trade accounts receivable at the end of fiscal 2010?
8.Compute operating margin and gross margin as a percent of sales for the three years
presented. Comment on any trends observed.
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Solution Summary
The response discusses the reporting of cash equivalents in the financial statements. The methods Heinz uses in valuing inventory is provided.
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1.What is Heinz fiscal year?
Its fiscal year is April 29,2009- Apri28,2010.
2.What method does Heinz use in valuing inventory?
Its following GAAP standard and using Inventories are stated at the lower of cost or market. Cost is determined principally under the average cost method.
3.Compute inventory turnover for 2010.
=Cost of Goods Sold/ Inventory
= 6,700,677/1,249,127
= 5.364 times
4.How much cash was spent for capital ...
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