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1. Write a 2 – 3 page paper, single spaced, one inch margins, 12 pt font, with double space between
paragraphs. Your paper should comment on the financial statements for your company. ** Use
headings in your paper (such as Investments, Financial Ratios or Cash Flow). Please keep paper to
no more than 3 pages – Page count does not include title page, tables and exhibits, table of
contents, and reference list!
When writing your report, focus your paper on one of the following audiences: current or future
stockholder, current or future creditor or current or future employee. State the focus in your
opening paragraph. This method will guide you on what to include in your report and the
discussion of the financial information you choose to report. Please do not merely throw a bunch
of financial information in your report without discussing how it impacts your focus. Also, no copy
and pasted financial information within the 3 pages; ok to do so in a Appendix. Make your own
tables and graphs and include these in your report.
2. Please include a brief introduction of your company as well as a conclusion/summary at the end.
3. You will also be required to include the Income Statement, Balance Sheet and Cash Flow Statement
as an attachment to your report (you can cut and paste directly from the 10-K report).
4. APA style is required for citations and a reference list.
Company Name: Ross Stores, Inc.
Information you may use:
This is the direct link to the corporation’s SEC 10K report for the most recent year:
https://www.sec.gov/Archives/edgar/data/745732/000074573217000009/rost20170128x10k.htm
Income Statement is listed on page 30
Balance Sheet is listed on page 32
Statement of Stockholders Equity is listed on page 32
Statement of Cash Flows is listed on page 34
Category: Revenue and Net Income
•
What were the corporation’s net sales, cost of goods sold, and gross profit?
o
Sales: $12,866,757.
o
Cost of Goods Sold: $9,173,705
o
Gross Profit: $3,692,759.26
•
What was the corporate tax rate? This should be an item in the notes to the
financial statement. Required disclosure usually explains the Federal Statutory
rate and a reconciliation to the actual tax rate of the company each year.
o
•
•
Read the Statement of Comprehensive Income. Notice the first line is the Net
Income from the Income Statement. Accumulated Other Comprehensive Net
Income (or net loss) is an item in the Statement of Owners’ Equity Section and in
the Balance Sheet. Post the value from the Balance Sheet and comment on
whether this item is increasing or decreasing (take care with the concept of
change and net income or net loss).
o
$91 (in thousands)
o
decreasing
What items appear under Other Comprehensive Income (Loss)?
o
•
For 2016, the corporate tax rate was 37%.
Change in unrealized loss on investments (net of tax): $91 (in thousands)
What is the account and the amount of the bottom line item on the Statement (or
Consolidated Statement) of Comprehensive Income?
o
The account is Comprehensive income, and it is $1,117,563.
What were total current assets?
Figures in “000”
2017
2016
Total Current Assets
$2,813,049
$2,372,195
What were total current liabilities?
Figures in “000”
2017
2016
Total Current liabilities
$1,752,506
$1,602,847
What were total assets and total stockholder’s equity (deficit)?
Figures in “000”
2017
2016
Total Assets
$5,309,351
$4,869,119
Total Stockholder’s Equity
$2,748,017
$2,471,991
Calculate Working Capital and describe how it changed by from last year.
2017 Working Capital: $2,813,049,000 – $1,752,506,000 = $1,060,543,000
2016 Working Capital: $2,372,195,000 – $1,602,847,000 = $769,348,000
The Working Capital has increased from $769,348,000 in 2016 to $$1,060,543,000 in
2017.
If the company has treasury stock, is it increasing or decreasing in value?
The value for treasury stock as at January 30, 2016 is $229,525,000 while the value for
treasury stock as at January 28, 2017 is $272,846,000. The value of treasury stock has
increased.
What is the value for Other Comprehensive Net Income (or net loss), accumulated
deficit, and/or Retained Earnings? How are these values changing?
Figures in “000”
2017
2016
Accumulated Other
$91
Comprehensive Net Income
$182
Retained Earnings
$1,574,982
$1,801,138
Other Comprehensive Net Income has decreased in value from 2016 to 2017.
Retained Earnings have increased in value from 2016 to 2017.
Vertical Analysis of the Income Statement.
2017
2016
Amounts
%
Amounts
%
Sales
$12,866,757
100%
$11,939,999
100%
Cost of goods sold
$9,173,705
71.3%
$8,576,873
71.8%
Gross Profit
$3,693,052
28.7%
$3,363,126
28.2%
Selling, general, and $1,890,408
Administrative.
14.7%
$1,738,755
14.6%
Expenses
Interest expense,
net
$16,488
0.13%
$12,612
0.11%
Operating Income
$1,786,156
13.9%
$1,611,759
13.5%
Taxes
$668,502
5.2%
$591,098
5.0%
Net Income
$1,117,654
8.69%
$1,020,661
8.55%
1. Gross profit margin.
Gross profit margin in 2017 equals 28.7% while gross margin profit in 2016 equals
28.2%. Therefore, gross profit margin increased by 0.5% from year 2016 to 2017.
2. Net Profit Margin.
Net profit margin equals 8.69% in year 2017 while gross profit margin equals 8.55% in
year 2016. Therefore, net profit margin increased by a margin of 0.14% from year 2016
to 2017.
3. Gross profit and net margin values have increased both in dollar value and in
percentages. Notably, the sales figures have increased from year 2016 to 2017
and therefore, sales are increasingly profitable since increase in sales figures
from year 2016 to 2017 has resulted to higher gross profit and net profit margins.
Reference:
https://www.sec.gov/Archives/edgar/data/745732/000074573217000009/rost20170128x10k.htm
Answer the questions below for this year and last year, using your SEC 10-K:
Category: Operating Activities
1. Net income versus total for operating activities: report these values.
Net income in financial year 2017 is $1,117,654 while total for operating activities for the
same period is $1,558,851. On the other hand, net income for financial year 2016 is
$1,020,661 while total for operating activities for the same period is $1,326,252.
2. Items of significance between net income and total for operating activities?
Items of significance between net income and total for operating activities include items
that are added to net income to adjust it for operating cash flows and those which are
deducted from the same. These items include depreciation and amortization, stockbased compensation, tax benefit from equity insurance, deferred income taxes and
changes in working capital (changes in current assets and current liabilities).
3. Is the business providing cash flow from operations?
Yes. The business is providing cash flow from operation since the net value for cash
flow from operations in both year 2016 and 2017 is positive. There is net cash provided
by operation activities.
Category: Investing and Financing Activities
1. Describe significant long term assets (type and amount) purchased, sold, or
retired during the current period as well as last year.
The following significant long term assets were purchased, sold or retired:
a) Property and equipment worth $297,880,000 were purchased in financial year
2017 while property and equipment worth $366,960,000 worth were
purchased in financial year 2016 (these figures represent additions to
property and equipment hence they represent purchases).
b) There was decrease in restricted cash and investments of values $3,338,000
and $4,065,000 in year 2017 and 2016 respectively. This means that
restricted cash and investments were retired.
c) There was purchase of investments in year 2016 of value $718,000. There
was no purchase for the same in year 2017.
d) In 2017, investments of value $1,729,000 were sold while in 2016,
investments of value $1,104,000 were sold.
2. Describe significant financing activities used by your corporation to increase cash
(or other assets): these would be related to long term liabilities and stockholder’s
equity.
The financing that has been employed to increase cash and assets include use of longterm debt and use of equity (common stock). Cash/increase in assets have also been
facilitated by the retained earnings.
Category: Analysis
Overall Cash Flow (total of three sections): Compare this year to last year
Overall, there was increase in cash and cash equivalents by $349,997,000 and
$64,994,000 in year 2017 and 2016 respectively. The cash and cash equivalents at the
end of year 2017 was $1,111,599,000 while cash at the end of year $761,602,000.

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