Home » Financial Accounting Eleventh Edition Harrison/Horngren/Thomas/Tietz Chapter 3 LO1 Focus on Analysis Under Armour, Inc. (learning objective 1:

Financial Accounting Eleventh Edition Harrison/Horngren/Thomas/Tietz Chapter 3 LO1 Focus on Analysis Under Armour, Inc. (learning objective 1:

Financial Accounting
Eleventh Edition
Harrison/Horngren/Thomas/Tietz
Chapter 3
LO1
Focus on Analysis Under Armour, Inc.
(learning objective 1: Explain accruals and deferrals) Refer to the consolidated financial statements of Under Armour, Inc., in Appendix B and online in the filings section of http://www.sec.gov. During 2014, the company reported net revenues of $3,084 million in its consolidated statement of income. In addition, the company had numerous accruals and deferrals. As a new member of Under Armour, Inc.s accounting staff, it is your job to explain the company revenue recognition policy, as well as the effects of accruals and deferrals on net income for 2014. ( Note amounts in this activity are rounded to nearest million.)
Examine note 2, summary of significant account policies. Explain the company policy for recognizing each type of revenue that is included in the consolidated statements of income.
Examine Under Armour, In.s consolidated balance sheets at december 31, 2014, and December 2013, as well as note 2, Summary of Significant Accounting policies. Ending net accounts receivable for 2013 (beginning balance for 2014) were 210 million. Ending net receivable for 2014 were $280 million(all amounts were rounded to nearest million). Explain the source of these receivables . Were all these amounts considered collectible (see allowance for doubtful accounts under note 2)? Why or why not?
Refer to under armor, inc.s consolidated balance sheets at Dec31, 2014, and Dec 31, 2013, and examine the balances of the account entitled “Prepaid expenses and other current assets. ” What specific accounts might be included in this balance sheet line item?The beginning balance is $64 Million, and the ending balance is $87 million. Construct a journal entry or entries that might account for the change.
View note 4, Property and Equipment, Net. Notice that accumulated depreciation and amortization stood at $172 million at the end of 2013 and at $217 million at year end 2014. Assume that depreciation and amortization expense for 2014 was $72 million. Explain what must have happened to account for the remainder of the change in accumulated depreciation account during 2014.
In Note 2 Summary of Significant Accounting Policies, locate the paragraph entitled “Accrued Expenses.” What are the primary categories of items in Accrued Expenses? What type of account is Accrued Expenses? Did the company Accrued Expense increase, decrease, or stay the same from 2013 to 2014? How would this change have impacted the company overall net income in 2014?







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