Question ACC122 Annual Report Project THE BOSTON BEER COMPANY Part 1: Locate the following information. Be sure to provide the location where you found the requested data. 1. What is the Company?s full legal name? 2. What is the address of the main corporate office? 3. What is the Company?s business goal? 4. What products and/or services does the Company sell or produce? 5. Where does the Company sell its products? 6. Ingredients and Packaging: (Form 10K pages 6 & 7) Main ingredients and raw materials used in/for production Country of Origin 7. Competition: a) Who are the largest players in the overall U.S. market for this product and competitors? b) What market category does the Company compete within? c) How large is this market category within the overall U.S. market for this product and competitors? 8. Employees: How many employees worked for the Company at year-end? How many were covered by any collective bargaining agreement? 9. On which market exchange does the Company?s Class A Common Stock trade? What is their trading symbol? 10. If someone wanted to purchase stock in this company without going through a stockbroker who would they contact for instructions and information? 11. What were the market prices for the Company?s Class A Common Stock for Each Quarter? (Form 10K page 21) Q1 Q2 Q3 Q4 High ($) Low ($) 12. Capitalization Concentration: (Form 10K pages 21-22) At year end Class A Class B How many shares were authorized? How many shares were issued? How many shares were outstanding? What was the Par Value ($)? How many shareowners as of February 17 2012? Closing Price as of February XX 2012? 13. Results of Operations: What was the percentage change in total production volume (core brand and non-core brands combined) from the previous year?s results? 14. Financial Statement Audit: Who provided the outside auditor opinion on the Company?s financial statements? Ernst & Young LLP Boston MA What opinion was issued? 15. Current Year Cash Flows: (Form 10K page 39) a) What was the largest use of cash in investing activities? b) What was the smallest source of cash in financing activities? c) What was the net change in cash and cash equivalents from the prior year? 16. How does the Company value inventory? 17. How does the Company compute depreciation? What estimated useful lives are used? 18. Internal Controls: Who provided the outside opinion of the Company?s internal controls? What was the opinion rendered? 19. Whose signature(s) is(are) attached to the Form 10-K report and what title(s) did the signer(s) provide? (Form 10K page 71) Name Title 1 2 3 4 5 6 7 8 Part 2: Financial Statement Comparisons: Note: You must compute the $ and % changes between years. They aren?t given. Item Amount in Thousands of US Dollars % Change 2010 to 2011 On what page of the 10K did you find this? 2011 2010 Change 2010 to 2011 Current Assets Total Assets Current Liabilities Total Liabilities Common Stock (Class A + Class B) AdditionalPaid in Capital Retained Earnings Dividends Declared Total Stockholders? Equity Net Revenue Gross Profit Operating Expenses Operating Income Interest Expense Other Expense Net Income Before Income Tax Income Tax Expense (?Provision?) Income Taxes Paid Net Income Amount in US Dollars Net Income per Share (Basic) Weighted Average Number of Shares (Basic) Part 3: Ratio Analysis: Ratio Name 2011 Value Show your work or the page of the 10K where you found this value. Gross Margin Percentage Earnings Per Share of Common Stock Price-Earnings Ratio Dividend Payout Ratio Dividend Yield Ratio Return on Total Assets Return on Common Stockholders? Equity Ratios (continued) 2011 Value Show your work or the page of the 10K where you found this value. Book Value Per Share Working Capital Working Capital as a % of Total Assets USE THIS FORMULA Current Assets ? Current Liabilities = answer X 100 = Answer Total Assets Current Ratio Acid-test Ratiosame as Quick Ratio Accounts Receivable Turnover Average Collection Period Ratios (continued) 2011 Value Show your work or the page of the 10K where you found this value. Inventory Turnover Average Sale Period Times Interest Earned Debt-to-equity Ratio Part 4: Compare the Company to the Overall Industry: Input your computed values from above and compare them Company to the overall Industry. Prepare a short commentary about this analysis and post it to the next page. ? What does this comparison say about the Company? ? How are they financing operations? Is this effective or in-effective? ? Would you invest in the Company? Why or Why Not? Ratio Name SAM Industry Average * Difference Gross Margin Percentage 44.80% Return on Total Assets 13.1% Working Capital as a % of Total Assets 11.50% Current Ratio 1.50 Acid-test Ratio 0.60 Accounts Receivable Turnover 21.7 times Average Collection Period 16.82 days Inventory Turnover 6.9 times Average Sale Period 52.90 days Times Interest Earned 6.6 times Debt-to-equity Ratio 254.61%
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