Question

Required:       Answer the following questions based on your examination of the Columbia Sportswear Company 2017 10-k.                                         

1. What is a “classified” balance sheet ?

1. A balance sheet that classifies its year-end as 12/31.
2. A balance sheet that only displays total assets.
3. A balance sheet that separates assets and liabilities into current and non-current sections.
4. A balance sheet that has a restricted audience.

2. Does Columbia Sportswear Company have a classified balance sheet?

1. No
2. Yes

3. What does “cash equivalent” mean?
   1. Cash and short-term, highly liquid investments with original maturities of three months or less at           date of purchase.
   2. Cash and short-term, highly liquid investments with maturities of three months at the balance sheet       date.
   3. All of the above.
   4. None of the above.

4. What is an “accumulated deficit?”

1. This occurs when a company has generated more losses than profits for a given year.
2. This occurs when a company has generated more losses over its life than profits.
3. This occurs when a company pays dividends during a given year.
4. This occurs when a company pays dividends every year.

5. What is the dollar amount (in thousands) of the retained earnings or accumulated deficit in 2017 for the Columbia Sportswear Company?

1. $1,560,820
2. $1,585,009
3. $1,399,800
4. $1,529,636

6. Where can Columbia Sportswear Company’s 2017 Accumulated Other Comprehensive Loss NOT be found?

1. Consolidated Balance Sheet
2. Consolidated Statements of Equity
3. Consolidated Statements of Comprehensive Income

Answer 1

Ans-1- The correct option is c)-A balance sheet that separates assets and liabilities into current and non -current sections.

2-The correct option is b)-Yes

3- The correct option is a)- Cash and short-term highly liquid investments with original maturities of three months or less at date of purchase.

4- The correct option is a)-This occurs when a company has generated more losses than profits for a given year.

5- The correct option is c)-Consolidated Statements of Comprehensive Income