WEIS MARKETS, INC. CONSOLIDATED STATEMENTS OF SHAREHOLDERS\' EQUITY For the Fisc
ID: 2338219 • Letter: W
Question
WEIS MARKETS, INC. CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY For the Fiscal Years Ended December 29, 2007, December 30, 2006 and December 31, 2005 (dollars in thousands, except shares) Accum. Other Total Common Stock Income Shares Amount Equity 32,997,157 $8,199 702,714 63,421 4,747 5,964,330 Balance at December 25, 2004 Net income Other comprehensive loss, net of reclassification adjustments and tax (143,960) S 571,700 63,421 (451) 451) Comprehensive income Shares issued for options Treasury stock purchased Dividends paid Balance at December 31, 2005 Net income Other comprehensive income, net of reclassification adjustments and tax 5,200 172 18,131 715) (715) (30,270) 33,002,357 8371 735,86 4,296 5,982,461 (144,675) 603,857 56,010 56,010 1,788 57.798 (1,218) 629,163 ive income 6,689 224 Shares issued for options Treasury stock purchased Dividends paid Balance at December 30, 2006 Net income Other comprehensive income, net of 3,498 (1,218) (31,344) 6,084 6,016,291 (146,047) 33,009,046 8,595 760,531 50,990 0,990 1,255 1255 52,245 Cumulative effect of change in (452) 0 25,561 35,459 (1,155) (1,499) Shares issued for options Treasury stock purchased Dividends paid Balance at December 29, 2007 35,311 1,235 (1,499) (3 1.309) $1339 6,077311 (148.701) $ 648,228Explanation / Answer
Requirement a The following type of users are generally interested in the financial statement Purpose 1 Shareholders How the company is doing? 2 Banks and lenders is company financially viable? 3 Creditors is company financially viable? 4 Government has company calculated the taxes properly? 5 Investors is company lucarative for investment? 6 NGOs for social resposibility Requirement b Financial statement are generally prepared keeping intended users in mind There are various section in the financial statement which satisfy the purpose of various intended users. Following are the some examples 1 Shareholders Earning per share 2 Banks and lenders Cash flows and security for loans and repayment 3 Creditors Cash flows and security for loans and repayment 4 Government Information relating to energy conservation and taxes, Green credit etc. 5 Investors Earning per share 6 NGOs Social responsibility statement Requirement c Cash flows statement gives the information about the net cash flows from three kinds of activities namely, operating activity, Investing activity and financial activity. It is different from Income statement in a way that Income statement generally gives information about the operating activity and that too on accrual basis on generally. However, the cash flow statement gives the information about the changes in all the balance sheet items reflecting the actual net cash flows from the activity mentioned above. Also, some of the items in income statement belongs to section other than operating activites Requirment d There are two methods of preparing statement of cash flows Direct method Indirect method The statement of cash flows given in the question is of Indirect method The difference in the cash flows methods lies mainly in presentation of operating activities section The Indirect method generally starts with Net income as per Income statement. Non cash expenditure and items not forming part of operating activities are generally deducted or added in the net income figure. After that the changes in the current asset as and current liabilties are reflected either by adding or deducting from the above figure to arrive at Net cash flows derived from operating activites As per chegg policy we are supposed to answer the maximum of four sub-parts of a question. Thank You
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