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TABLE OF CONTENTS
Preface ..........................................................................................................................i
Organization and Content ..........................................................................................ii
Explanation of Assignment Material ........................................................................iv
Financial Statement Analysis Project .......................................................................v
Supplemental Teaching and Learning Packages ...................................................vi
Suggested Course Outlines ....................................................................................vii
Transition of Assignment Material from Sixth to Seventh Edition .......................ix
ChaptersChapter 1 Overview of Financial Statement Analysis .................................1-1
Chapter 2 Financial Reporting and Analysis ...............................................2-1
Chapter 3 Analyzing Financing Activities ....................................................3-1
Chapter 4 Analyzing Investing Activities .....................................................4-1
Chapter 5 Analyzing Investing ActivitiesSpecial Topics ........................5-1
Chapter 6 Analyzing Operating Activities.....................................................6-1
Chapter 7 Cash Flow Analysis ......................................................................7-1
Chapter 8 Return on Invested Capital ..........................................................8-1
Chapter 9 Profitability Analysis .....................................................................9-1
Chapter 10 Prospective Analysis ..................................................................10-1
Chapter 11 Credit Analysis.............................................................................11-1
Chapter 12 Equity Analysis and Valuation ...................................................12-1
Comprehensive Case: Applying Financial Statement Analysis..........................CC-1
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Preface
This Solutions Manualis a teaching supplement to Financial Statement Analysis, by
John J. Wild, Leopold A. Bernstein and K.R. Subramanyam. The purpose of this manualis to help instructors in teaching financial statement analysis. Instructors are encouragedto use the materials in this manual as transparency masters, electronic support, orteaching aids in the classroom. The Preface to this Manualincludes the followingsections:
Organization of the BookAn explanation of the organization of the book is provided to help instructors inconstructing course materials.
Explanation of Assignment MaterialWe explain the organization of assignment materials, the inclusion of short headings for
all Exercises, Problems, Cases, and Web activities, and the importance of assignmentmaterials drawn from practice.
Financial Statement Analysis ProjectThe structure for a financial statement analysis project is provided. This reinforces theComprehensive Case chapter in this edition.
Teaching and Learning SupplementsA description of the supplement teaching package supporting this edition is provided.
Suggested Course OutlinesGeneral course outlines are provided for the instructor's convenience in designing
course syllabi. We present them for both accounting and accounting-related (finance,investment, lending, consulting) coursessplit by undergraduate and graduate level.
Transition of Assignment Material from 6th to 7th EditionA cross-reference of assignment materials from the sixth edition to the seventh editionenables the instructor to easily identify previously selected assignment material with therevised and new assignment material in this edition. Assignments from the sixth editionare revised to reflect any new developments in the field.
AcknowledgementStephen R. Moehrle of the University of Missouri-St. Louis contributed in revising the materials contained inthis manual. We gratefully acknowledge his contributionalong with that of Mark P. Bauman of theUniversity of Illinois at Chicago with the prior edition.
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Organization and Content
Flexibility and innovation are increasingly important in financial statement analysiseducation. This book's design encourages unique teaching strategies in presentingmaterials. While the book is comprehensive in covering all topics of relevance for financialstatement analysis, its organization encourages instructors to choose topics and depth of
coverage as desired. Still, this book integrates topics within and across chapters. Readersare told in Chapter 1 how the book's topics are related to each other. One way integration isachieved is by organizing material into three parts: (1) Analysis Overview; (2) AccountingAnalysis; and (3) Financial Analysis.
Analysis Overview. Part One gives an overview of financial statement analysis. We introducefinancial statement analysis as an integral part of the broader framework of business analysis.We examine the role of financial statement analysis in different types of business analysis suchas equity analysis and credit analysis. We emphasize the understanding of business activitiesplanning, financing, investing, and operating. We describe the strategies underlying businessactivities and their effects on financial statements. We also emphasize the importance of accrualaccounting for analysis and the importance of conducting accounting analysis to makeappropriate adjustments to financial statements before embarking on financial analysis. We
apply several popular tools and techniques in analyzing and interpreting financial statements. Animportant and unique feature is our use of Eastman Kodaks annual report as a means toimmediately engage readers and to instill relevance. Two chapters comprise Part One.
Chapter 1. We begin the analysis of financial statements by considering their relevance forbusiness decisions. This leads to a focus on users, including their needs and how analysisattends to those needs. We describe business activities and how they are reflected infinancial statements. We also discuss both debt and equity valuation.
Chapter 2. This chapter explains the nature and purpose of financial accounting and
reporting, including the broader environment under which financial statements are preparedand used. We also highlight the importance of accrual accounting in comparison to cashaccounting. We identify and discuss myths and truths of these two measurement systems.The importance and limitations of accounting data for analysis purposes are described alongwith the significance of conducting accounting analysis for financial analysis.
Accounting Analysis. Part Two explains and analyzes the accounting measurement andreporting practices underlying financial statements. We organize this analysis around financing(liabilities and equity), investing (assets), and operating (income) activities. We show howoperating activities are outcomes of changes in investing and financing activities. We provideinsights into income determination and asset and liability measurement. Most important, wediscuss procedures and clues for the analysis and adjustment of financial statements to enhancetheir economic content for meaningful financial analysis. Four chapters comprise Part Two.
Chapter 3. Chapter 3 begins the detailed analysis of the numbers reflecting financingactivities. It explains how those numbers are the raw material for financial analysis. Ourfocus is on explaining, analyzing, interpreting, and adjusting those reported numbers tobetter reflect financing activities. Crucial topics include leases, pensions, off-balance-sheetfinancing, and shareholders equity.
Chapter 4. This chapter extends the analysis to investing activities. We show how to analyze
and adjust (as necessary) numbers that reflect assets such as securities, receivables,derivatives, inventories, property, equipment, and intangibles. We explain what thosenumbers reveal about financial position and performance, including future performance.
Chapter 5. Chapter 5 extends the analysis to special investing activitiesintercompany and
international. We analyze intercorporate investments and business combinations from theperspective of a parent company. We examine international investments and their reportingimplications for financial statements. We show how interpreting and adjusting thedisclosures on intercompany and international activities are an important part of analysis.
Chapter 6. This chapter focuses on analysis of operating activities and income. We discuss
the concept and measurement of income as distinct from cash flows. We analyze accrual
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measures in yielding net income. Understanding recognition methods of both revenues andexpenses is stressed. We analyze and adjust the income statement and its components foranalysis purposes, including that for non-recurring items such as restructuring charges andasset impairments, and for employee stock options.
Financial Analysis. Part Three examines the processes and methods of financial analysis(including prospective analysis). We stress the objectives of different users and describe
analytical tools and techniques for meeting those objectives. The means of analysis range fromcomputation of ratio and cash flow measures to earnings prediction and equity valuation. Weapply analysis tools that enable one to reconstruct the economic reality embedded in financialstatements. We demonstrate how analysis tools and techniques enhance users decisionsincluding company valuation and lending decisions. We show how financial statement analysisreduces uncertainty and increases confidence in business decisions. Six chapters and aComprehensive Case comprise Part Three.
Chapter 7. This chapter begins our study of the application and interpretation of financial
analysis tools. We analyze cash flow measures for insights into all business activities, withspecial emphasis on operating activities. Attention is directed at company and industryconditions when analyzing cash flows.
Chapter 8. Chapter 8 emphasizes return on invested capital and explains variations in its
measurement. Attention is directed at return on assets and return on equity. We disaggregate
both return measures and describe their relevance. Financial leverage also is explained. Chapter 9. This chapter expands the returns analysis to that of profitability. We emphasize
the components of income and the adjustments necessary for its proper evaluation. Attentionis directed at sales, cost of sales, taxes, selling, and financing expenses. Profitability-basedanalysis tools are demonstrated, including their interpretation and application.
Chapter 10. We describe forecasting and pro forma analysis of financial statements. We
explain the flow of cash through a companys business activities and its implications forliquidity. Both short- and long-term forecasting of cash flows are described, and attention isaimed at effectively applying these analysis tools.
Chapter 11. This chapter focuses on credit analysis, both liquidity and solvency. We first
present analysis tools to assess liquidityincluding accounting-based ratios, turnover, andoperating activity measures. Then, we focus on capital structure and its implications forsolvency. We analyze the importance of financial leverage and its effects on risk and return.Analytical adjustments are explained for tests of liquidity and solvency. We describeearnings-coverage measures and their interpretation.
Chapter 12. The final chapter emphasizes earnings-based analysis and equity valuation. The
earnings-based analysis focuses on earnings quality, earnings persistence, and earningpower. Attention is directed at techniques for measuring and applying these concepts.Discussion of equity valuation focuses on forecasting accounting numbers and estimatingcompany value.
Comprehensive Case. This case is a comprehensive analysis of financial statements and
related notes. We describe steps in analyzing the statements and the essential attributes ofan analysis report. Our analysis is organized around key components of financial statementanalysis: cash analysis, return on invested capital, asset utilization, operating performance,profitability, forecasting, liquidity, capital structure, and solvency.
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Explanation of Assignment Material
This book contains a rich set of assignment materials. These assignments aresufficiently diverse, and are suited for basic courses as well as for more advancedundergraduate and graduate courses and professional programs. Following eachchapter is a comprehensive list of questions and a wide selection of exercises, problems,cases and Web activities. Each assignment is prefaced with a brief caption describing itsemphasis. The time required and difficulty of assignment material is generally less forexercises and greatest for cases, with problems somewhere in the middle. Web activitiesare similar to exercises and problems.
Instructors at all levels should note the series of exercises, problems and casesbased on the financial statements of Eastman Kodak, Adaptec, Campbell Soup Company,and Quaker Oats Company. Each of these financial statements are reproduced inAppendix A of the book. While these assignments from practice are dispersed among thevarious chapters to which they relate, there is an integrating feature to them in that theyfocus on many aspects of the analysis of a single comprehensive financial report. Thesequestions can also be used as a model for the creation of additional assignments or
examination materials based on current financial reports selected by the instructor.Additional integrating problems, such as those based on the financial statements ofZETA Company in the Comprehensive Case chapter, are also provided.
Problems that draw on and are based on published financial statements have anumber of advantages from an educational standpoint. Being based on facts andtransactions that actually transpired imparts a sense of reality to the educationalprocess, which heightens reader interest and motivation. Moreover, unlike "created"problems, these financial reports come complete with ambiguities, questionableaccounting presentations, and similar features of the reality with which the reader mustultimately deal with in practice. These problems build on the two major foundations ofknowledge from where financial statement analysis rests: (1) understanding the complex
financial communications embodied in published financial reports, and (2) masteringanalytical tools and techniques to draw insights and conclusions. The ability tounderstand fully the financial communications embodied in financial statements and toderive from it all important information are crucial analytical skills that can be perfectedonly through practice.
[Note on Examination Material: Assignment material at the end of each chapter isabundant and sufficiently varied to provide ample material for examinations.
Assignment material can be used as is or can be adapted for examination purposes. Itcan also be effectively adapted for examinations using published financial statements.The end-of-chapter Questions often provide the basis for many essay-type and multiplechoice questions.]
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Financial Statement Analysis Project
The most interesting and challenging projects in financial statement analysis involve theanalysis of published financial statements. A financial statement analysis project is asuperb means of synthesizing the material covered in the course. Readers can beassigned either individual or group projects, both requirements have merit. One example
of a financial statement analysis project assignment is described below (theComprehensive Case chapter illustrates another project using Campbell Soup):
Company Selection: Select a company from a non-regulated industry where you can obtainfinancial statements for at least five previous years.
A. Part I. Using the financial statements, background information on both the company andits industry, as well as financial measures of other companies in the industry, prepare acomprehensive analysis report covering the following specific points:1. General (brief) description of the company and its industry.2. An evaluation of the following areas:
a. Short-term liquidityb. Capital structure and solvencyc. Cash forecasting and pro forma analysisd. Return on invested capitale. Asset utilizationf. Profitability and earnings-based analysisThe evaluation should emphasize areas expose a prospective investor or lender (orother user) to significant risk. Considerable analyses must be performed before onecan identify areas of significant risk or opportunity, and not all investigations will yieldimportant conclusions. The report is expected to include a clear description of theanalyses that yield significant conclusions, as well as some limited discussion onanalyses not yielding important conclusions. There must be clear identification andfocus on those areas and inferences viewed as most significant.
3. Comment on the usefulness of the financial statement disclosures for the analysis.4. Explain how the alternative accounting principles used in the financial statements
affected the analytical measures used in the report.The analysis project is expected to require a broad variety of financial analysis toolsleading to a conclusion regarding the six areas detailed above. The book contains athorough discussion of all major areas or building blocks of analysis with which thisreport is concerned. To complete work on the report by the end of the course, you willlikely have to read some materials in advance of the class schedule. The ComprehensiveCase chapter contains an especially useful discussion about preparing acomprehensive financial analysis report.
B. Part II. The second part of the financial statement analysis project requires an analysisand reconstruction of significant business transactions reflected in the financialstatements. Nearly all chapters in the book provide examples of how such analysis andreconstruction can be applied. Examples include the reconstruction of transactions byuse of statements of cash flows, reconstruction of income taxes, analysis of cash fromoperations, and the analytical recasting and adjusting of income statements.
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Teaching and Learning Supplements
This book is supported with a wide array of teaching and learning supplements aimed atthe needs of both instructors and students of financial statement analysis. They include:
Instructors Solutions Manual An Instructors Solutions Manual contains complete solutions
for Questions, Exercises, Problems, and Cases. It is carefully prepared, reviewed, andchecked for accuracy, and is available in both print and electronic forms. It has transitionnotes to instructors for ease in moving from the sixth to the seventh edition, including cross-referencing of assignment material between both editions.
Test Bank The Test Bank contains a variety of test materials with varying levels of difficulty.
All materials are carefully reviewed for consistency with the book and thoroughly examinedfor accuracy. It is available in both print and electronic forms.
Chapter Lecture Slides A set of PowerPoint slides is available for each chapter. They can be
used to augment the instructors lecture materials or distributed to students as an aid insupplementing in-class lectures.
Book Web site [http://www.mhhe.com/fsa] This book has its own dedicated Web site. The
site includes links to key Web sites as well as additional support materials for bothinstructors and students. There is online delivery of PowerPoint slides and other materials.
Business Week version of the book includes a short-term subscription to Business Week, theworlds best-selling business magazine, for a nominal fee.
eVal Analysis and Valuation CD ISBN: 0-07-245376-1 A simple, spreadsheet program, with
explanations, to aid students in applying basic valuation models.
Analysis Projects Computerized analysis projects are available to aid students in the basics
of financial statement analysis. They include (1) Understanding Annual Reports ProjectISBN: 0-07-238714-9, and (2) Financial Statement Analysis ProjectISBN: 0-256-19077-1.
Casebook Support Some instructors augment the book with additional case materials.
While practical illustrations and case materials are abundant in the text, more are available.This includes (1) Primis custom case selection [www.mhhe.com/primis], (2) InternationalFinancial Reporting & AnalysisISBN: 0-07-289142-4, (3) Financial Accounting & ReportingISBN: 0-256-16696-X, and (4) Readings & Notes on Financial AccountingISBN: 0-07-073006-7.
Financial Accounting Video Library The Financial Accounting Video Library includes short,action-oriented videos for lively classroom discussion of topics, including Ben & Jerrysdisclosure practices, the role of International Accounting Standards, and the impact ofregulators. (Vols. 1-5: ISBN: 0-256-22142-1; ISBN: 0-256-22143-X; ISBN: 0-256-22144-8; ISBN:0-256-22690-3; ISBN: 0-256-22122-7).
Prerequisite Skills Development There are materials to aid readers in understanding basic
accounting and finance concepts: (1) Accounting, Finance & Quantitative CDISBN: 0-07-229668-2, and (2) Essentials of Finance & Accounting CDISBN: 0-07-303978-0.
Online Resources [http://www.mhhe.com/business/accounting/oscar] Irwin/McGraw-Hill
offers additional Internet resources on a number of accounting and analysis-related topics.
IEM: Iowa Electronic Markets ISBN 0-256-23307-1 IEM is an interactive, real-money
electronics futures market designed as a teaching supplement. Students use real moneyaccounts to trade contracts with payoffs based on actual events like earningsannouncements. Visit http://www.biz.uiowa.edu/iem, and log into a free practice session.
Customer Service Call 1-800-634-3963 or access http://www.mhhe.com/business.
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Suggested Course Outlines
Organization of courses using this book depends on the instructor's preferences and thereaders' background knowledge. Also, the time allocated to the study of financialstatement analysis will, of necessity, determine the extent and selection of coverage.Nevertheless, certain commonalities in course content and coverage are evidenced.Accordingly, some guidance is offered based on these commonalities.
For the suggested course outlines, the following terms are used: Intensive coveragemeans full coverage of the subject matter in a chapter, including the
assignment of a number of representative end-of-chapter materials comprising varyingdegrees of difficulty.
Selective coveragemeans coverage of a portion of the material in a chapter. Coverage can
focus on elementary concepts or on more advanced topics. The assignment material issufficiently varied to allow for a choice of various levels of difficulties to correspond to thedesired level of coverage.
Background readingmeans obtaining a general knowledge of the subject matter in a
chapter. It does not normally entail extensive formal class coverage or require the
assignment of end-of-chapter material.
Courses Emphasizing AnalysisCourses with students that have sufficient accounting knowledge (such as accountingmajors or practicing accountants) can proceed directly to more advanced analysistopics. Guidance for both undergraduate and graduate courses is offered below:
Undergraduate (or less advanced) Level Courses or Programs:
Chaptersintensively covered
Chaptersselectively covered
Chapters asbackground reading
1, 2, 7, 8, 11 9, 10, 12, Comp. Case 3, 4, 5, 6
Graduate (or more advanced) Level Courses or Programs:
Chaptersintensively covered
Chaptersselectively covered
Chapters asbackground reading
1, 2, 712, Comp. Case 3, 4, 5, 6
Courses Emphasizing Analysis and AccountingCourses with students that have little accounting knowledge (such as finance,investment, lending, and consulting majors or professionals) typically require additionalstudy or review in accounting before moving to advanced analysis topics. Guidance forboth undergraduate and graduate courses for these students is offered below:
Undergraduate (or less advanced) Level Courses or Programs:
Chaptersintensively covered
Chaptersselectively covered
Chapters asbackground reading
1, 2, 7, 8, 9, 11 10, 12, Comp. Case 3, 4, 5, 6
Graduate (or more advanced) Level Courses or Programs:
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Chaptersintensively covered
Chaptersselectively covered
Chapters asbackground reading
1, 2, 7-12, Comp. Case 3, 4, 5, 6
Professional Development, Training and Review CoursesThis book is widely used for professional development, training, and review courses andprograms. A brief listing of professionals educated using this book include: accountants,actuaries, auditors, bank examiners, bank lenders, business appraisers, chief financialofficers, economists, financial planners, planning analysts, management, investmentbankers, consultants, investment managers, investment policy consultants, investmentsales consultants, investment strategists, management consultants, marketers,options/futures analysts, commodity analysts, portfolio managers, portfolio performanceevaluators, portfolio strategists, product/software developers, professors/instructors,quantitative investment analysts, real estate investment managers, securities analysts,securities regulators, securities traders, securities underwriters, stockbroker/registeredrepresentatives, valuators of closely held business, valuators of mergers/acquisitions,
and venture capital investors.
Depending on the areas emphasized (such as equity or credit analysis), the timeavailable, and the training objectives, this book contains a wealth of material forprofessional programs. Experience shows this book is useful in strengthening andupdating professionals' knowledge of financial statement analysis. It is also valuable inexposing professionals to the accounting communications and measurements on whichfinancial statement analysis crucially depends.
Financial statement analysis is an interdisciplinary area. It is common to the fields ofaccounting, finance, economics and many other business and nonbusiness areas.Decisions requiring analysis of financial statements use data reported from the
accounting system. Consequently, to most effectively analyze financial statements, anunderstanding of accounting measurements and disclosures is crucial. Similarly, to mosteffectively practice in accounting, a thorough and up-to-date understanding of theanalysis needs of users is necessary. Accordingly, sound financial statement analysisinvolves important elements of both accounting analysis and financial analysis.
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Transition of Assignments from 6th to 7th Edition[ Key: Q = Questions; E = Exercises; P = Problems; C = Cases ]
Chapter 1
6th 7th 6th 7th
Q1Q2
Q3Q4Q5Q6Q7Q8Q9
Q10Q11Q12Q13Q14Q15Q16Q17
Q18Q19
Q9Q10
Q11Q12Q13Q14Q15Q16Q17Q18Q19Q20Q21Q22Q23Q24Q25
Q26Q27
Q20Q21
Q22Q23Q24Q25Q26E1-1E1-2E1-3E1-4P1-1P1-2P1-3P1-4P1-5C1-1
C1-2C1-3
Q28Q33
Q34Q35Q36Q37Q38P1-3P1-4E1-1E1-2P1-5P1-6P1-7P1-8P1-9C1-5
C1-6C1-7
Chapter 2
6th 7th 6th 7thQ2-1Q2-2Q2-3Q2-4Q2-5Q2-6Q2-7Q2-8Q2-9
Q2-10Q2-11Q2-12Q2-13Q2-14Q2-15Q2-16Q2-17Q2-18Q2-19Q2-20Q2-21Q2-22Q2-23Q2-24
Q2-25Q2-26Q2-27Q2-28Q2-29E2-1E2-2
Q1-4
Q2-37
Q2-4Q2-5
P2-9
E2-3E2-4E2-5P2-1P2-2P2-3P2-4P2-5P2-6
P2-7P2-8P2-9
P2-10C2-1C2-2
Supplement BQ B-1Q B-2Q B-3Q B-4Q B-5Q B-6Q B-7Q B-8
Q B-9Q B-10Q B-11Q B-12Q B-13Q B-14Q B-15
P2-1P2-2P2-3P2-4P2-5P2-6
P2-7E1-15E1-16
C2-1C2-3
Appendix 2AQ2-39Q2-40Q2-41Q2-42Q2-43Q2-44Q2-45Q2-46
Q2-47Q2-48Q2-49Q2-50Q2-51Q2-52Q2-55
Chapter 3
6th 7th 6th 7th
Q3-1Q3-2
Q3-1Q3-2
Q3-31Q3-32
Q3-46Q3-47
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Q3-3Q3-4Q3-5Q3-6Q3-7Q3-8Q3-9
Q3-10
Q3-11Q3-12Q3-13Q3-14Q3-15Q3-16Q3-17Q3-18Q3-19Q3-20Q3-21Q3-22Q3-23Q3-24Q3-25Q3-26Q3-27Q3-28Q3-29Q3-30
Q3-3Q3-4Q3-5Q3-7
Q3-9
Q3-10Q3-11
Q3-12Q3-13Q3-14Q3-19Q3-36Q3-20Q3-27Q3-28Q3-30Q3-38Q3-39Q3-40Q3-41
Q3-35Q3-37Q3-43Q3-44E3-13Q3-45
Q3-33Q3-34Q3-35Q3-36E3-1E3-2E3-3E3-4
E3-5E3-6E3-7E3-8E3-9E3-10E3-11E3-12E3-13P3-1P3-2P3-3P3-4P3-5P3-6P3-7P3-8P3-9C3-1C3-2
Q3-48Q3-49Q3-50Q3-51E3-1E3-2
E3-3
E3-4E3-5E3-6E3-8E3-9
E3-10E3-11E3-12
P3-1P3-2P3-3P3-4P3-5P3-6P3-7P3-8P3-9C3-1C3-2
Chapter 4
6th 7th 6th 7th
Q4-1Q4-2Q4-3Q4-4Q4-5
Q4-6Q4-7Q4-8Q4-9
Q4-10Q4-11Q4-12Q4-13Q4-14Q4-15Q4-16Q4-17Q4-18Q4-19Q4-20
Q4-21Q4-22Q4-23Q4-24
Q4-1Q4-2Q4-3Q4-4Q4-5
Q4-7Q4-8Q4-9
Q4-10Q4-11Q4-12Q4-13Q4-14Q4-16Q4-18Q4-19Q4-20Q4-33Q4-40Q4-41
Q4-42Q4-43Q4-44Q4-45
E4-1E4-2E4-3E4-4E4-5
E4-6E4-7E4-8E4-9E4-10P4-1P4-2P4-3P4-4P4-5P4-6P4-7P4-8P4-9C4-1
C4-2C4-3C4-4C4-5
E4-1E4-2E4-3E4-4E4-5
E4-7E4-9E4-11E4-16E4-17P4-1P4-2P4-3P4-5P4-6
P4-12P4-14P4-16P4-17C4-1
C4-3C4-4C4-5C4-6
Chapter 5
6th 7th 6th 7th
Q5-1Q5-2Q5-3Q5-4
Q5-2Q5-1Q5-6Q5-3
P5-1P5-2P5-3P5-4
P5-4P5-5P5-2P5-3
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Q5-5Q5-6Q5-7Q5-8Q5-9
Q5-10Q5-11
Q5-12Q5-13Q5-14Q5-15Q5-16Q5-17Q5-18Q5-19
Q5-4Q5-5Q5-8Q5-9
Q5-10Q5-11Q5-12
Q5-13Q5-7
Q5-14Q5-16Q5-15Q5-17Q5-19Q5-18
P5-5C5-1C5-2C5-3C5-4
Q5-21Q5-22
Q5-23E5-1E5-2E5-3E5-4E5-5E5-6
Q5-20
P5-1C5-2C5-1C5-4C5-3
Q5-21Q5-20
Q5-23Q5-22E5-2E5-1E5-4E5-6E5-3E5-5
Chapter 6
6th 7th 6th 7th
Q6-1Q6-2
Q6-3Q6-4Q6-5Q6-6Q6-7Q6-8Q6-9
Q6-10Q6-11Q6-12Q6-13Q6-14Q6-15Q6-16Q6-17Q6-18Q6-19Q6-20Q6-21Q6-22Q6-23Q6-24Q6-25Q6-26Q6-27Q6-28Q6-29
Q6-30Q6-31Q6-32Q6-33Q6-34Q6-35E6-1E6-2E6-3E6-4
Q6-1Q6-23
Q6-24Q6-25Q6-26Q6-27Q6-28
Q4-34Q4-36Q3-22Q3-23Q3-25Q3-26Q3-27Q3-29
Q6-29Q6-30Q6-31Q6-32Q6-33Q6-37Q6-38Q6-39Q6-40Q6-41Q6-42Q6-14
Q6-16
Q6-17Q6-18Q6-19E4-14E4-15E6-5E6-6
E6-9E6-10
E6-11E6-12P6-1P6-2P6-3P6-4P6-5P6-6P6-7P6-8P6-9P6-10P6-11C6-1C6-2C6-3C6-4
Appendix 6AQ6A-1Q6A-2Q6A-3Q6A-4Q6A-5Q6A-6Q6A-7Q6A-8Q6A-9
Q6A-10Q6A-11Q6A-12Q6A-13E6A-1E6A-2E6A-3P6A-1P6A-2P6A-3
E3-16E3-17
E6-2E6-3P6-2
P4-10P3-12P6-4P6-5P6-6P6-7P6-8
P3-13P6-1
P4-11C6-1C6-2C4-8C6-3
Appendix 6AQ6-43Q6-44Q6-45Q6-46Q6-47Q6-48Q6-49Q6-50Q6-51
Q6-52Q6-53Q6-54Q6-55E6-16E6-17E6-18P6-9
P6-10P6-11
Instructor's Solutions Manual
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E6-5E6-6E6-7E6-8
E6-7E6-9E6-1
E6-14
P6A-4P6A-5C6A-1C6A-2
P6-12P6-13C6-7C6-8
Chapter 7
6th 7th 6th 7th
Q7-1Q7-2Q7-3Q7-4Q7-5Q7-6Q7-7Q7-8Q7-9
Q7-10E7-1E7-2E7-3
E7-4E7-5E7-6E7-7E7-8E7-9
Q7-2Q7-3Q7-4Q7-5Q7-6Q7-1Q7-8Q7-9
Q7-10Q7-7E7-2E7-3E7-4
E7-5E7-6E7-7E7-8E7-1
E7-10
E7-10P7-1P7-2P7-3P7-4P7-5P7-6P7-7P7-8P7-9P7-10P7-11P7-12
P7-13P7-14P7-15C7-1C7-2C7-3
E7-9P7-6P7-7P7-8P7-9
P7-10P7-11P7-12P7-13P7-14P7-15P7-1P7-2
P7-3P7-4P7-5C7-4C7-5C7-6
Chapter 8
6th 7th 6th 7th
Q11-1Q11-2Q11-3Q11-4
Q11-5Q11-6Q11-7Q11-8Q11-9Q11-10Q11-11Q11-12Q11-13Q11-14Q11-15
Q8-2Q8-1Q8-4Q8-3
Q8-15Q8-5Q8-6Q8-7Q8-8Q8-9
Q8-10Q8-11Q8-12Q8-13Q8-14
E11-1E11-2E11-3E11-4
E11-5E11-6E11-7P11-1P11-2P11-3P11-4P11-5P11-6C11-1C11-2C11-3
E8-2E8-1E8-4E8-3
E8-6E8-5E8-7P8-2P8-3P8-1P8-5P8-6P8-4C8-3C8-1C8-2
Chapter 9
6th 7th 6th 7thQ12-1Q12-2Q12-3Q12-4Q12-5Q12-6Q12-7Q12-8Q12-9Q12-10Q12-11
Q9-2Q9-1Q9-4Q9-5Q9-6Q9-7Q9-8Q9-9
Q9-10Q9-11Q9-12
E12-1E12-2E12-3E12-4E12-5E12-6E12-7E12-8E12-9E12-10E12-11
E9-2E9-3E9-4E9-5E9-6E9-7E9-8
E9-1
Financial Statement Analysis, 7th Edition
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Q12-12Q12-13Q12-14Q12-15Q12-16Q12-17Q12-18Q12-19
Q12-20Q12-21Q12-22Q12-23Q12-24
Q9-13Q9-14Q9-15Q9-16Q9-17Q9-18Q9-19
P12-1P12-2P12-3P12-4P12-5P12-6P12-7P12-8
P12-9C12-1C12-2C12-3C12-4C12-5
P9-2P9-4P9-1P9-3
P9-5P9-6
P9-7C9-3C9-4C9-5C9-6C9-7
Chapter 10
6th 7th 6th 7th
Q9-1Q9-2Q9-3Q9-4Q9-5Q9-6
Q9-7Q9-8Q9-9
Q9-10Q9-11Q9-12Q9-13
Q10-4Q10-3Q10-2Q10-1Q10-6Q10-7
Q10-5Q10-9Q10-8Q10-11Q10-10Q10-13Q10-14
Q9-14Q9-15Q9-16E9-1E9-2E9-3
P9-1P9-2P9-3C9-1C9-2C9-3C9-4
Q10-12Q10-17Q10-15E10-2E10-3E10-1
P10-2P10-3P10-1C10-2C10-4C10-5C10-6
Chapter 11
6th 7th 6th 7th
Q8-1Q8-2Q8-3Q8-4Q8-5
Q8-6Q8-7Q8-8Q8-9
Q8-10Q8-11Q8-12Q8-13Q8-14Q8-15Q8-16Q8-17Q8-18Q8-19Q8-20Q8-21Q8-22Q8-23Q8-24Q8-25Q8-26Q8-27Q8-28Q8-29Q8-30Q8-31Q8-32
Q11-1Q11-2Q11-3Q11-4Q11-5
Q11-6Q11-7Q11-8Q11-9Q11-10Q11-11Q11-12Q11-13Q11-14Q11-15Q11-16Q11-17Q11-18Q11-19Q11-20Q11-21Q11-22Q11-23Q11-24Q11-25Q11-26Q11-27Q11-28Q11-29Q11-30Q11-31Q11-32
C8-4C8-5
Q10-1Q10-2Q10-3
Q10-4Q10-5Q10-6Q10-7Q10-8Q10-9Q10-10Q10-11Q10-12Q10-13Q10-14Q10-15Q10-16Q10-17Q10-18Q10-19Q10-20Q10-21Q10-22Q10-23Q10-24Q10-25Q10-26Q10-27E10-1E10-2E10-3
C11-4C11-5
Q11-33Q11-34Q11-35
Q11-36Q11-37Q11-38Q11-39Q11-40Q11-41Q11-42Q11-43Q11-44Q11-45Q11-46Q11-47Q11-48Q11-49Q11-50Q11-51Q11-52Q11-53Q11-54Q11-55Q11-56Q11-57Q11-58Q11-59E11-5E11-6E11-7
Instructor's Solutions Manual
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E8-1E8-2E8-3E8-4P8-1P8-2P8-3P8-4
P8-5P8-6C8-1C8-2C8-3
E11-1E11-2E11-3E11-4P11-1P11-2P11-3P11-4
P11-5P11-6C11-1C11-2C11-3
E10-4E10-5P10-1P10-2P10-3P10-4P10-5P10-6
P10-7P10-8P10-9C10-1C10-2C10-3
E11-8E11-9P11-7P11-8P11-9P11-10P11-11P11-12
P11-13P11-14P11-15C11-6C11-7C11-8
Chapter 12
6th 7th 6th 7th
Q13-1Q13-2Q13-3Q13-4Q13-5Q13-6
Q13-7Q13-8Q13-9Q13-10Q13-11Q13-12Q13-13Q13-14Q13-15Q13-16Q13-17Q13-18Q13-19Q13-20Q13-21Q13-22
Q2-56Q2-57Q12-1Q12-2Q2-59
Q2-60Q2-61Q2-62Q12-3Q12-4Q12-5Q12-6Q12-7Q12-8Q12-9Q12-10Q12-11Q12-12Q12-13Q12-14Q12-15
Q13-23Q13-24Q13-25Q13-26Q13-27Q13-28
Q13-29Q13-30E13-1E13-2E13-3E13-4E13-5P13-1P13-2P13-3P13-4P13-5P13-6C13-1C13-2C13-3
C13-4
Q12-16Q12-17Q12-18Q12-19Q12-20Q12-21
Q12-22Q12-23E12-1E12-2E12-3E12-4E12-5P12-1P12-2P12-3P12-4P12-5P12-6C12-1C12-2C12-3
C12-4
Chapter CC
6th 7th 6th 7th
Q CC-1Q CC-2Q CC-3Q CC-4Q CC-5E CC-1
Q CC-2Q CC-3Q CC-1Q CC-5Q CC-4E CC-2
E CC-2P CC-1P CC-2P CC-3C CC-1C CC-2C CC-3
E CC-1P CC-2P CC-3P CC-1C CC-1C CC-2C CC-3
Financial Statement Analysis, 7th Edition
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