Directions: Your team has been hired to do some preliminary research for SCN, LL

Question

Directions: Your team has been hired to do some preliminary research for SCN, LLP an investment firm. As a team, you are to answer all questions presented below. Your findings are to be submitted to the board of directors of SCN in a word-processed document (via the drop box) and in an oral presentation to be presented the last meeting day of class. SCN, LLP’s board of directors will be using the information that your team presents to decide which stocks to add to SCN’s investment portfolio. Although it is not required, any additional information that would be relevant to the directors in making their decision would be appreciated and your team will be rewarded for providing such information.The following question are for the Bank of America. All financial information can be found on their website. Questions: 1. Does the company have a Gross Profit (the company may use a name other than “gross profit”)? 2. How much is the gross profit? 3. How does the company value its inventory? (check the accompanying notes to the financial statements) 4. Does the company have any other (non-operating) income or expense? 5. How much is the company’s working capital? (see chapter 4) 6. What is the company’s current ratio? (see chapter 4) 7. What does the current ratio say about the company’s financial condition?

Explanation / Answer

To answer the given questions, 2014 financial statements of the company has been used.

1. Yes, the company has a gross profit. The company uses the term "Net Interest Income" to refer to its gross profit.

2. The gross profit (net interest income) for 2014 is $39,952 million.

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