Executive Summary Essays - Generally Accepted Accounting Principles

Executive Summary Essays - Generally Accepted Accounting Principles Executive Summary Learning Team A ACC 280 March 8, 2012 Rod Klein Executive Summary Company history: When was the company founded? By whom? List other historical facts. Walt Disney began his career in animation. He made animated commercials for the Kansas City Slide Company. In his free time, he began making his own cartoons. Walt asked his brother, Roy, to join him in launching the Disney Brothers Cartoon Studio. It was founded on October 16, 1923 (Malloy, 2008). Walt Disneys theme park dream began as he sat on a bench watching children ride a merry-go-round. He wondered why no one had ever created a place where both parents and children could have fun at the same time. Disney believed in his idea, and he was willing to risk everything he owned to make it a reality. Walt and his brother Roy mortgaged everything they owned to raise $17 million to build Disneyland, but fell short of what they needed. ABC agreed to fund the project in exchange for part ownership and a weekly show (Malloy, 2008). Disney bought 160 acres of orange groves and began construction on May 1954. On July 17, 1955, the Disney theme park opened for invited guests. The following day, 10,000 members of the public were admitted for a $1 admission fee (Malloy, 2008). Disney is a diversified successful company. Walt Disney World opened October 1, 1971. Since then Epcot, MGM, Animal Kingdom, Pleasure Island, and three water parks opened. DisneyLands were also opened in Tokyo, Paris, and Hongkong (Eglinton, 2008). ABC broadcasting stations, programming stations, and radio groups are among Disneys resources. The Disney consumer products, ESPN, theater productions, and Disney Cruise Line are other sourcs of income (Who We Are, 2008). Who is the audit firm for the company? The Audit Committee of the board of directors is responsible for the selection of the independent auditors. Price Waterhouse Coopers, LLP, is a company providing independent audits for the Walt Disney Company (Walt Disney Company, 2012). What stock exchange is the company listed on? What is their ticker symbol? The Walt Disney Company is listed on the New York Stock Exchange. The companys ticker symbol is DIS (Scottrade, 2012). How much cash and cash equivalents did the company have at the end of its two most recent annual reporting periods? The cash and cash equivalents that Walt Disney Company had at the end of 2009 was $3,417,000. For 2010, it was $2,722,000. What were the companys total current assets at the end of its two most recent annual reporting periods? In what order should current assets be presented? Walt Disney Companys total current assets in 2009 were $11,889,000. In 2010, total current assets were $12,225,000. Current assets should be presented in the order that they are expected to be available for paying debts. What were the two largest current assets at the end of its two most recent annual reporting periods? The two largest current assets at the end of 2009 were Property Plant and Equipment in the amount of $17,806,000 and Goodwill in the amount of $21,683,000. In 2010, it was Property Plant and Equipment with $17,806,000 and Goodwill in the amount of $24,100,000. What were the companys total assets at the end of its two most recent annual reporting periods? The total assets for Walt Disney Co. in millions: Dec 2011 Oct 2010 $73,877 $69,206 (MSN Money, 2012) What amount of accounts payable did the company have at the end of its two most recent annual reporting periods? The total amount of accounts payable in millions: Oct 2011 Oct 2010 $4,546 $4,413 (MSN Money, 2012) What were the companys total current liabilities at the end of its two most recent annual reporting periods? Walt Disneys total current liabilities at the end of the most recent annual reporting periods: Sept 2011 Sept 2010 $34.74 B $31.69B What were the companys two largest current liabilities at the end of its two most recent annual reporting periods? Walt Disneys two largest current liabilities at the end of its two most recent annual reporting periods: Sept 2011 Sept 2010 $12.09 B $11.0 B What were the companys total liabilities at the end of its two most recent annual reporting periods? Walt Disneys total liabilities at the end of 2010