Executive Summary Essays - Generally Accepted Accounting Principles

Executive Summary Essays - Generally Accepted Accounting Principles Executive Summary Learning Team A ACC 280 March 8, 2012 Rod Klein Executive Summary Company history: When was the company founded? By whom? List other historical facts. Walt Disney began his career in animation. He made animated commercials for the Kansas City Slide Company. In his free time, he began making his own cartoons. Walt asked his brother, Roy, to join him in launching the Disney Brothers Cartoon Studio. It was founded on October 16, 1923 (Malloy, 2008). Walt Disneys theme park dream began as he sat on a bench watching children ride a merry-go-round. He wondered why no one had ever created a place where both parents and children could have fun at the same time. Disney believed in his idea, and he was willing to risk everything he owned to make it a reality. Walt and his brother Roy mortgaged everything they owned to raise $17 million to build Disneyland, but fell short of what they needed. ABC agreed to fund the project in exchange for part ownership and a weekly show (Malloy, 2008). Disney bought 160 acres of orange groves and began construction on May 1954. On July 17, 1955, the Disney theme park opened for invited guests. The following day, 10,000 members of the public were admitted for a $1 admission fee (Malloy, 2008). Disney is a diversified successful company. Walt Disney World opened October 1, 1971. Since then Epcot, MGM, Animal Kingdom, Pleasure Island, and three water parks opened. DisneyLands were also opened in Tokyo, Paris, and Hongkong (Eglinton, 2008). ABC broadcasting stations, programming stations, and radio groups are among Disneys resources. The Disney consumer products, ESPN, theater productions, and Disney Cruise Line are other sourcs of income (Who We Are, 2008). Who is the audit firm for the company? The Audit Committee of the board of directors is responsible for the selection of the independent auditors. Price Waterhouse Coopers, LLP, is a company providing independent audits for the Walt Disney Company (Walt Disney Company, 2012). What stock exchange is the company listed on? What is their ticker symbol? The Walt Disney Company is listed on the New York Stock Exchange. The companys ticker symbol is DIS (Scottrade, 2012). How much cash and cash equivalents did the company have at the end of its two most recent annual reporting periods? The cash and cash equivalents that Walt Disney Company had at the end of 2009 was $3,417,000. For 2010, it was $2,722,000. What were the companys total current assets at the end of its two most recent annual reporting periods? In what order should current assets be presented? Walt Disney Companys total current assets in 2009 were $11,889,000. In 2010, total current assets were $12,225,000. Current assets should be presented in the order that they are expected to be available for paying debts. What were the two largest current assets at the end of its two most recent annual reporting periods? The two largest current assets at the end of 2009 were Property Plant and Equipment in the amount of $17,806,000 and Goodwill in the amount of $21,683,000. In 2010, it was Property Plant and Equipment with $17,806,000 and Goodwill in the amount of $24,100,000. What were the companys total assets at the end of its two most recent annual reporting periods? The total assets for Walt Disney Co. in millions: Dec 2011 Oct 2010 $73,877 $69,206 (MSN Money, 2012) What amount of accounts payable did the company have at the end of its two most recent annual reporting periods? The total amount of accounts payable in millions: Oct 2011 Oct 2010 $4,546 $4,413 (MSN Money, 2012) What were the companys total current liabilities at the end of its two most recent annual reporting periods? Walt Disneys total current liabilities at the end of the most recent annual reporting periods: Sept 2011 Sept 2010 $34.74 B $31.69B What were the companys two largest current liabilities at the end of its two most recent annual reporting periods? Walt Disneys two largest current liabilities at the end of its two most recent annual reporting periods: Sept 2011 Sept 2010 $12.09 B $11.0 B What were the companys total liabilities at the end of its two most recent annual reporting periods? Walt Disneys total liabilities at the end of 2010

License vs. Licence

License vs. Licence License vs. Licence License vs. Licence By Maeve Maddox My recent post on Driver License vs. Driver’s License stirred a discussion about the spellings licence and license. In American usage, the word license is used as both noun and verb: license (noun): permission to act. license (verb): to grant or issue a license to someone, usually after special qualifications have been met. Modern British usage distinguishes between the noun licence and the verb license: She has framed her licence to practice medicine and hung it on the wall. (noun) She was licensed just last week. (verb) According to a note in the OED, the spelling licence for the noun is more etymologically correct than license because it comes from Latin licentia, by way of French licence. The editor notes that licence would be an acceptable spelling for the verb as well, but acknowledges that the spelling license conforms to the rule that governs other noun/verb pairs like prophecy/prophesy and advice/advise. Although modern British usage prefers the spelling licence for the noun, Dr. Johnson’s 1755 Dictionary of the English Language has these entries for license (so spelled): License, a permission, liberty. (noun) License, to grant leave; to permit by a legal grant; to set at liberty. (verb) Late 19th century British dictionaries â€Å"almost universally have license both for noun and verb, either without alternative or in the first place (OED).† And it’s clear from several of the OED citations used to illustrate the noun licence that at least some British authors and journalists spelled it license up until the 20th century: Others would confine the license of disobedience to unjust laws. (1861) The Sandy Foundation Shaken’ was printed without a license from the Bishop of London. (1872) The same license was granted to him for dealing with all future criminals of the same class. (1888) These implements of license were originally made by God. (1901) I like the modern British practice of distinguishing the noun from the verb. In fact, for a very long time, I believed that licence was the only way to spell the licentious kind of liberty described in 1Peter 4:3: â€Å"licence, debauchery, hard drinking, noisy revelry, and drunkenness.† It’s perhaps regrettable that Americans have only one way to spell license, but that’s the rule. Want to improve your English in five minutes a day? Get a subscription and start receiving our writing tips and exercises daily! Keep learning! Browse the Misused Words category, check our popular posts, or choose a related post below:Spelling Test 1Top 11 Writing Apps for iOS (iPhone and iPad)Wood vs. Wooden