Description
Access the latest annual report, or Form 10-K, of a publicly-traded company of your choice using the company’s website or www.sec.gov. You can usually access from a company’s website by clicking on investor relations, then annual reports, and search for latest form 10K. From the SEC website (www.sec.gov), search for the selected company’s name and then search for its latest form 10-K. Using form 10-K of your selected company, answer the following questions in an essay format.
- Identify three accounts on your selected company’s and balance sheet that provide evidence that the company utilizes accrual accounting. Ensure you provide explanations as well as the income statement account that would be affected by the adjustment process.
- Identify and explain three income statement accounts that may result in accrual and deferrals adjusting entries.
- Explain depreciation expense, amortization expense, accumulated depreciation, and accumulated amortization? In the financial statements and notes of your selected company, identify the four accounts. How much was each of these four accounts for the most recent year and on which financial statements were each reported?
- What are income taxes and income tax expense (or provision for income taxes)? In the financial statements and notes of your selected company, identify cash paid for income taxes as well as income tax expense (or provision for income taxes). How much was each of these accounts for the most recent year and on which financial statements was each reported?
Your response should include two to three pages of written text in addition to any calculations and solutions you offer to support your thinking. Ensure you include the form 10-K page numbers in your citations for each response. Include retrieval link for the 10-K as one of your sources so your instructor can verify the information. Document formatting and any citations should conform to CSU-Global Guide to Writing and APA Requirements.
Explanation & Answer
Attached.
Running Head: JP MORGAN PUBLIC COMPANY
JPMorgan Public Company
Name
Course
Tutor
Date
1
JP MORGAN PUBLIC COMPANY
2
Income statement for JPMorgan
Gains/(losses) recorded in income and other comprehensive income/(loss)
Year ended
December
Total
Derivatives –
Hedge
Total
effective portion
ineffectiveness
income
Derivatives –
in OCI
2015
reclassified from
recorded directly in
statement
effective portion
for
(in millions)
AOCI to income
income (c)
impact
31,
change
recorded in OCI period
Contract type
Interest rate (a)
$
(99)
$
—
$
(99)
$
(44)
$ 55
(53)
28
(97)
$ 83
Foreign
exchange (b)
Total
—
(81)
$
(180)
$
—
(81)
$
(180)
$
JP MORGAN PUBLIC COMPANY
3
CONSOLIDATED BALANCE SHEETS ANALYSIS
Selected Consolidated balance sheets data
December 31, (in millions)
2015
2014
Change
Assets
Cash and due from banks
Deposits with banks
$
20,490 $
27,831
(26)%
340,015
484,477
(30)
212,575
215,803
(1)
98,721
110,435
(11)
284,162
320,013
(11)
59,677
78,975
(24)
Securities
290,827
348,004
(16)
Loans
837,299
757,336
11
Allowance for loan losses
(13,555)
(14,185)
(4)
823,744
743,151
11
46,605
70,079
(33)
Premises and equipment
14,362
15,133
(5)
Goodwill
47,325
47,647
(1)
Mortgage servicing rights
6,608
7,436
(11)
Other intangible assets
1,015
1,192
(15)
Federal funds sold and securities purchased
under resale agreements
Securities borrowed
Trading assets:
Debt and equity instruments
Derivative receivables
Loans, net of allowance for loan losses
Accrued interest and accounts receivable
JP MORGAN PUBLIC COMPANY
4
Other assets
Total assets
105,572
102,098
3
$
2,351,698 $
2,572,274
(9)%
$
1,279,715 $
1,363,427
(6)
1...
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