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ACC 205 Week 5 Final Paper Fossil Inc

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Accounting

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Running Head: ACC 205 Week 5 Final Paper
ACC 205 Week 5 Final Paper
Fossil Inc.

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Running Head: ACC 205 Week 5 Final Paper
Fossil Inc. Financial Statement Analysis
FOSSIL INC. FINANCIAL STATEMENT ANALYSIS
PART 1
Table of Contents6
Introduction 1
Chosen Policies and Quality of Numbers 1
Part 1: Overview of Balance Sheet 1
1.1 Major types of assets and unusual amounts of components 1
1.2 Major types of liabilities and unusual amounts of components 2
1.3 Major types of Equities and unusual amounts of components 2
Part 2: Overview of the Income Statement 3
2.1 Major sources of revenues, expenses, gains and losses 3
2.2 Unique Items for Income Statement for recreational goods 3
2.3 Unusual amounts changes in the Income Statement 3
Part 3: Overview of Statement of Cash Flow 4
3.1 Analysis for operating cash flows 4
3.2 Analysis for investing cash flows 4
3.3 Analysis for financing cash flows 4
3.4 Direct method of statement of cash flow 5
3.5 Noncash investing and financing activities 6

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Running Head: ACC 205 Week 5 Final Paper
Part 4: Discussion of CPAs audit report 6
4.1 Auditor 6
4.2 Type of Audit opinion 6
4.3 Meaning of the Audit Report 7
Part 5: Revenue Recognition and Matching Principles 7
5.1 Types of Revenue Transactions 7
5.2 Revenue Recognition 7
5.3 Concentration of Revenues of Receivables 8
Part 6: Ratio analysis 8
6.1 required Ratios 8
6.2 Ratio analysis 9
Summary 10
Introduction
Fossil is a Delaware corporation formed in 1991 which succeeded to a
Texas corporation formed in 1984. Fossil specializes in consumer
fashion accessories and offers an extensive line of men’s and women’s
fashion watches and jewelry, handbags, small leather goods, shoes and
clothing. Meanwhile, Fossil sells products through a diversified
distribution network, which includes 121 retail stores and 70 outlet stores
in the US and 23 Company- owned foreign sales subsidiaries over 120
countries worldwide. Fossil is a leader in the design, development,
marketing and distribution of contemporary, high quality fashion
accessories on a global basis.
Chosen Policies and Quality of Numbers
Chosen policies
Inventories are stated at the lower of market or average cost (LCM).
When the current value of Fossil’s inventories is less than its reported
cost, Fossil would set up an allowance for inventories. The inventory
allowance reduces the reported inventory amount to the current market

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