Balance sheet

All posts tagged Balance sheet

Analyzing the Statement of Cash Flows

Published December 11, 2013 by Mayrbear's Lair

financial-statement-forms

Business owners do not want to run into cash flow problems while running their businesses. It can hold up payroll, delay paying debts, and ruin a company’s reputation. Tracy and Tracy (2012) posit that when suppliers and creditors find out about cash problems, a company’s credibility tends to drop. Running out of cash is not just a life changing event for an organization it can be the end of a company’s life (Tracy & Tracy, 2012).  To prepare a statement of cash flow the re-arranging of data provided on a company’s balance sheet is required. A balance sheet must always balance out; cash flow statements, in the meantime, provide data about cash receipts and payments to the company and how they relate to the company’s operations, investments and financing activities. Fraser and Ormiston (2010) explain that the company’s balance sheet reflects bookkeeping totals at the end of an accounting period and that cash flow statements use those balances to identify changes during that specific accounting period (Fraser & Ormiston, 2010). In short, cash statements calculate all the changes that occur in the balance sheets by segregating the cash inflows and outflows and are used as a tool to analyze a firm’s operating, financing, and investing activities.

Techno Company Cash Flow Statement

Techno Cash Flow

Net income differs from operating cash flows for various reasons. One reason includes non-cash expenses that occur from the depreciation and amortization of intangible assets. To illustrate these concepts we will examine the Techno Company’s cash flow statement for the 2008 and 2009 accounting period (pictured above). The statement reports net income figures of around $242 (in the thousands) for 2008 and $316 in 2009. However after including depreciation, amortization, and deferred taxes those balances elevated to around $328 in 2008 and $400 in 2009. This is because depreciation and amortization do not require cash outlays and are considered indirect methods of calculating cash flow. In other words, they reduce income, but have no effect on net cash flows. Another reason net income differs from operating cash flows is due to the various time differences that exist between the recognition of revenue and expense, as opposed to the actual occurrence of cash inflows. For example, in examining Techno’s cash flow activities, the 2009 accounts receivable figures reveal an increase from the 2008 figures and are calculated as deductions. This indicates that further revenue from sales was included in the net income figures than had been collected from consumers in the form of cash. Another reason the net income figures are different from operating cash flows is because of the non-operating gains and losses that are also calculated into these figures. In this respect, the related cash flows are recognized as a result of the investment and financing activities, and not from operating activities. Techno’s cash flow amounts shows that their gains have been deducted from the net income amounts and that their losses were added to the net income figures to determine their operating cash flows.

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Cash managers today must know how to extend credit and collect cash efficiently. Frielob and Plewa (1995) suggest that today’s cash managers must not only deal with the traditional areas of collection and disbursement, they are also immersed in the company’s investment decisions, banking relationships and forecasting. In other words, they are closely scrutinized and judged on how well they manage a company’s earnings and cash flow (Friedlob & Plewa, 1995). In examining Techno’s cash flows for years 2008 and 2009, we can see that during this accounting period the company generated enough cash from operations to cover their investing activities and they increased their cash account by 141%. This reveals an effective cash management system that exhibits the firm: (a) was capable of generating future cash flows, (b) was able to meet their cash obligations, (c) successfully produced and managed their investments, and (d) had effective financing and investment strategies. In analyzing Techno’s financial and cash flow statements we can assess the solvency of the business to help us evaluate their ability to generate positive cash flows that pay their dividends while they continue to experience financial growth.

References:

Fraser, L., & Ormiston, A. (2010). Understanding financial statements. Pearson Education.

Friedlob, G., & Plewa, F. (1995). Understanding cash flow. New York, NY: John Wiley & Sons, Inc.

Tracy, J., & Tracy, T. (2012). Cash flow for dummies. Hoboken, NJ: John Wiley & Sons, Inc.

The Statement of Cash Flows

Published December 9, 2013 by Mayrbear's Lair

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In order to operate a company successfully, leaders must implement cash flow management systems. This helps them work with banks and financial institutions more effectively to collect, borrow, and invest their revenue to conduct business efficiently and profitably. Tracy and Tracy (2012) assert that for owners, one of the most important elements in running a business is maintaining an adequate cash balance to make sure the company does not run out of money. To control cash inflow and outflow, managers devise systems to monitor and control these components. Cash flow statements provide information that lists how a company generated their cash and how they dispersed it. In this context, cash flow refers to the generating of incoming cash and the allocation of outgoing cash (Tracy & Tracy, 2012). Another way to look at the company’s cash flow is to consider it the bloodline of the company’s business affairs. In other words, a company’s cash needs to be in continuous circulation to avoid casualties. The first rule of thumb is to make sure it does not run out, the same way a person does not run out of blood, in spite of devising short term cash flow life-support solutions. In short, without some kind of effective cash management strategy in place, the outcomes can become extremely detrimental for a firm.

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Income statements reveal changes that transpire in the financial condition of an organization during a certain time frame but they do not explain all the changes that occur.  For example, Friedlob and Plewa (1995) purport that working capital accounts like inventory or accounts receivable have an impact on the company’s liquidity, however, this information does not appear on an income statement. Furthermore, a company’s financial condition can change considerably if their mortgage gets paid off or stock is issued in exchange for land. These are all examples of activities that do not affect the income statement (Friedlob & Plewa, 1995). To help identify these issues, cash flow statements provide information to analysts that disclose how changes in working capital affects cash from operations that produced income including: (a) delivering or producing goods for sale, (b) providing services, and (c) other transactions or events. In short, cash flow statements provide valuable information that discloses how a company managed cash inflows so that analysts can determine how they sought or granted credit, how they collected their revenue and whether it was allocated effectively.

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Cash flow statements reveal how well a company managed the earning potential of their cash. In order to continue operating, companies must have enough cash to run their business. This includes having enough revenue to purchase inventory to satisfy consumer needs, pay their debts and operating expenses, as well as meet the requirements of their investment activities.  Fraser and Ormiston (2010) explain that investing activities are also included on cash flow statements and provide valuable information on: (a) the purchase and sale of securities that are not cash equivalents and productive assets with long term benefits; and (b) lending money and loan collection revenue. Financing actions listed, on the other hand, include the borrowing of funds from creditors and paying off debt principals while obtaining resources from owners that provide them with returns on their investment (Fraser & Ormiston, 2010). This information is significant to creditors, investors, and cash managers who are concerned with liquidity. Effective cash management systems help companies avoid cash flow issues to ensure they are generating a healthy stream of cash required to operate efficiently and earn a profit. An income statement alone does not report how much of sales revenue collected were in the form of cash during a specific accounting period. In addition, the bottom line profit numbers on income statements do not indicate the increase of cash for making a profit. In reality, a company’s cash flow can be about the same, or alternatively can be considerably higher or lower than the profit figures  that are reported on income statements. It is for this reason that analysts look to cash flow statements to get a better picture of how a company utilized their working capital.

References:

Fraser, L., & Ormiston, A. (2010). Understanding financial statements. Pearson Education.

Friedlob, G., & Plewa, F. (1995). Understanding cash flow. New York, NY: John Wiley & Sons, Inc.

Tracy, J., & Tracy, T. (2012). Cash flow for dummies. Hoboken, NJ: John Wiley & Sons, Inc.

Income Statements

Published December 4, 2013 by Mayrbear's Lair

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Corporations exist for the benefit of their shareholders. Comprehending financial statements is an essential skill that can help investors and creditors make more effective decisions with respect to investment management and commercial lending. Alvarez and Fridson (2011) explain that because corporate financial statements are difficult to understand strategists must have a comprehensive knowledge of how to read the data that is contained within these financial statements. The objective of these reports is not to educate the public about a firm’s financial situation. Their goal rather, is to maximize the wealth of their shareholders. In other words, financial statements serve to help leaders develop more effective methods to maximize shareholder wealth while reducing the cost (or interest rate) at which they can borrow and in turn, sell shares of stock at higher rates to generate more wealth for the shareholders (Alvarez & Fridson, 2011). In short, the main objective of financial reports is to help corporations acquire inexpensive capital.

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Financial report Income statements provide a picture that helps analysts determine a company’s profitability. Ittelson (2009) postulates that in order to understand the information that is contained within these statements the reader must first have a better understanding of the item terms they contain. For instance, the terms sales and revenue are identified as the income statement’s top line and are used to measure the capital a company receives from their consumers. The terms profitsearnings, and income on the other hand, are used to measure the company’s bottom line and reflects the amount of capital that is left over as revenue after expenses are deducted. Simply put, revenue is the top line of the income statement while income is considered the bottom line (Ittelson, 2009). Understanding the these terms more clearly can help make it easier for individuals to extract information that is pertinent to them.

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Sales, in the meantime, are considered a major source of revenue for a firm and income statements are utilized to provide analysts a means to measure and assess a company’s operating performance because they help paint a better picture of a firm’s earnings. Fraser and Ormiston (2010) explain for instance, that earnings on income statements provide data for several years. This allows strategists to observe and compare changes and trends that occur over a given period of time (Fraser & Ormiston, 2010). For example, there are two significant causes that can effect changes in sales numbers: (a) price increases and (b) liquidity of sales units. When a company’s sales increase for instance, analysts must determine whether the change occurred due to price increases, volume activity changes, or a combination of both. In other words, strategists use this information to determine whether sales figures are increasing due to price hikes, the movement or liquidity of large volumes of units, or whether it resulted from of a combination of both factors. Generally, as a rule, higher earnings result from moving large units of stock. Another reason could be that higher prices were implemented to keep up with the expanding rates of inflation. Sales figures can also become affected by a cost flow assumption that some accountants used to value inventory. For example, some companies use the last-in, first-out (LIFO) method to report sales and inventory. This strategy allows the last purchases a company makes during the year appear as an expense on their income statements and is reflected on the statement to show higher-quality production earnings. Because of these kinds of strategies, income statements must be assessed accurately to help analysts determine the true picture of the revenue, expenses, and earnings of an organization with an awareness of the imperfections of the accounting system implemented by the manipulation of bookkeepers intended on distorting a firm’s economic reality to impress potential investors.

References:

Alvarez, F., & Fridson, M. (2011). Financial statement analysis: A practioner’s guide. Hoboken, NJ: John Wiley & Sons, Inc.

Fraser, L., & Ormiston, A. (2010). Understanding financial statements. Pearson Education.

Ittelson, T. (2009). Financial statements: A step-by-step guide. Amazon Digital Services, Inc.

Eastman Kodak Balance Sheet Analysis

Published December 2, 2013 by Mayrbear's Lair

Accounting.

A corporation’s balance sheet provides significant data about a company’s assets and liabilities and divulges the true nature of their financial condition. Makoujy (2010) contends that balance sheets are the financial statements which provide an overview of a company’s assets, liabilities, and stockholders’ equity. These documents disclose how much capital is brought into an organization and how it is allocated to satisfy the firm’s liabilities and owner’s equity commitments (Makoujy, 2010). This information is important for helping investors deduce a company’s risk levels by analyzing the profit and loss measurements they provide. It also gives creditors an indication of a firm’s financial condition from the short-term liquidity ratios they disclose. The focus of this research continues with the analysis work centered on the Kodak Company’s financial condition provided from their 2007 Annual Report. This study will take a closer look at the report’s balance sheets to reveal how strategists determine the firm’s net financial position by the information provided in the statements that summarize Kodak’s assets, liabilities, and owner’s equity. The research will disclose how the data from the balance sheets help investors and creditors in their financial decision making by examining the figures that revealed the truth about Kodak’s operating condition and overall net worth during that given point in time. The findings of this research, from evaluating the information provided in the Kodak Company’s balance sheet statements, will determine that the company’s overall financial condition and their stability as a business during that time was below par.

The Balance Sheet’s Function

The true nature of a company’s balance sheet that is provided their annual reports, serves to summarize the company’s assets, liabilities, and shareholder equity during a specified period of time. To understand these concepts more clearly, it is important to comprehend that all the possessions of a company (assets) are either owned free and clear (equity) or were purchased by acquiring debt (liability). To measure a company’s performance levels, Skonieczny (2012) asserts that their balance sheets must follow one important equation in that the total amount of assets must equal the total amounts of both the company’s liabilities and equity or net worth. In other words, the accounting figures of a balance sheet must mathematically balance out by adhering to the following equation:

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For example, when the Kodak Company makes a down payment for property, equipment, or any other expenditure meant to help with the operation of the firm, that payment would be classified as an example of equity. In the meantime, the mortgage payments on their facilities are considered a form of debt (Skonieczny, 2012). Balance sheets can be intimidating and difficult to comprehend for those who are not proficient in mathematics or are untrained and lack bookkeeping skills. To help those that are unfamiliar traverse safely through these accounting waters, one efficient instrument that is used for scrutinizing a balance sheet is the common-size balance sheet. Common-size balance sheets provide the same information only rather than disclosing the actual figures, the values are provided as percentages with a common denominator. This strategy enables investors and creditors to compare account sizes as percentage rates over a period of time. This kind of balance sheet is also ideal for helping investors identify and observe trends.

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Kodak Company’s Annual Report Findings

Even though they may be difficult to comprehend, balances sheets provide vital information that creditors use to measure a company’s short-term liquidity. Fraser and Ormiston (2010) postulate that the information provided on the balance sheet with respect to a company’s inventory is an important element in the examination of a company’s liquidity. This component is significant, for instance, because creditors can determine the ability of an organization to meet currency needs as they arise (Fraser & Ormiston, 2010). In addition these figures can offer insight as to how well a company is performing during a certain period in time. For instance, Kodak’s balance sheet (Exhibit A) indicates that in 2006 their current assets (including cash equivalents, short term investments, accounts receivable and inventories) totaled about $5.5 million, while in 2007 that figure rose to $6. However, the total assets reported in 2006 were much higher ($14.3 million) than they were in 2007 where it dropped down about a million dollars ($13.6 million). This indicates that the long-term assets values increased during that time period which may have resulted from the accumulated depreciation values.

Shareholders are interested in a company’s balance sheet because it provides valuable information that can help them determine a company’s risk levels. For example, Kodak’s balance sheet (Exhibit A) indicates that in 2007, their assets totaled about $14 million while their liabilities reflected a total amount of about $11 million. To help investors ascertain the ratio measurements they may look to a common-size balance sheet to give them a simpler overview of their financial condition. Using this strategy analysts would conclude that during that given period, the Kodak Company committed a substantive percentage (around 78%) of their total assets on meeting their debt obligations leaving only 22% that was allocated towards shareholder equity. Those figures are a slight improvement however, from 2006, whose figures during that year disclosed that the company committed 90% of their total assets to meet their debt requirements. To investors and creditors these figures represent a high level of risk and a clear indication that although they were making progress, the Kodak Company was still not in a healthy financial condition during this period in time.

Conclusion

Balance sheets measure a firm’s profitability and provide shareholders important information on current and future risk levels. It is for this reason that stockholders and owners require a system to help them measure a company’s performance levels in a periodic manner. The balance sheets help provide investors and creditors with information that allows them to determine whether a company is operating in a profitable manner which also helps them predict whether stock prices will rise or fall. A closer examination of the Kodak Company’s balance sheets indicates the risks they took were considerable. However, it also revealed that their strategies and cutbacks were slowly proving effective which allowed them to keep the company operational. In conclusion, the findings of this study’s assessment with respect to the Kodak Company’s balance sheet provided from their 2007 Annual Report, deduced that although the Kodak Company was making a valiant effort to maintain operations, they were still struggling in their efforts to achieve profitable goals during that given time.

Exhibit A

Kodak Balance Sheet Exhibit A Assignment 2

(Kodak, 2008)

References

(2008). Kodak. Washington: Securities and Exchange Commission.

Fraser, L., & Ormiston, A. (2010). Understanding financial statements. Pearson Education.

Makoujy, R. (2010). How to read a balance sheet: The bottom line. New York, NY: McGraw-Hill.

Skonieczny, M. (2012). The basics of understanding financial statements. Schaumburg, IL: Investment Publishing.

Understanding the Balance Sheet

Published November 25, 2013 by Mayrbear's Lair

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Making investments in a company’s stock is a significant event in an individual’s life because an uninformed decision can become quite costly. To make the most informed decisions, individuals should conduct extensive research to help them make choices they feel secure about. To achieve this, many people can look to a company’s annual report for more insight into their financial condition. Roth (2008) explains that a company’s financial statements contained within their annual report are a significant asset to help individuals who are looking to make a sound investment in a company’s stock. They help people make better assessments by learning about a company’s strategies, financial health, and even information about their behavioral and moral values (Roth, 2008).  For this blog post, we will address our fictitious friend Liz who is confused about the true state of the Target Corporation’s financial condition (See Exhibit A below). This is a brand she is considering investing in because of her emotional attachment to it. However, the figures her buddy Tom disclosed upon reviewing their balance sheet suggested that investing in Target was not a sound idea because of the substantial percentage amount (74%) they invested of their total assets as risky obligations. Tom’s percentage rate caused Liz confusion because her calculations arrived at a different figure which was lower and amounted to 65%.

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To help Liz with her confusion, we must explain how Tom arrived at his position. First, let’s analyze how Liz calculated her figures. For example, at the end of their fiscal year in February, 2008, the Target Corporation had liabilities (including current and long-term) that rounded off to about $29 million, while their asset totals came to about $45 million. To help Liz better understand these debt structure figures, she looked to a common-size balance sheet formula to translate these numbers into percentages. By taking the $29 million liabilities figure and dividing it by the $45 million asset figures, Liz came up with 65% as amount of debt Target has accrued. Tom, however, arrived at a figure that was nearly 10% higher which confused Liz because her math equations incontrovertibly added up.

Calculating-Percentages

What Liz did not take into consideration in her calculations, however, were the company’s commitments and contingencies contained within the notes of the report.  Fraser and Ormiston (2010) suggest that even though the balance sheet may not reflect a dollar amount in this category, this disclosure is intended to draw attention to the information that is located in the notes of the financial statements. These notes are significant because they list the commitments of a company’s contractual obligations that may still have an adverse effect on their financial outlook. Because companies engage in complicated financial reporting procedures that include such things as product financing, sales of receivables with recourse, limited partnerships and joint-ventures, that are not required to be included on the balance sheets, they are however, provided in the notes (Fraser & Ormiston, 2010). These are complicated components that are difficult to comprehend but play an important role in painting a full picture of the company’s operations. In other words, there are other factors that are not reported on a company’s balance sheet with unpredictable outcomes that can have an effect on Target’s future liabilities. In other words, Liz also needed to include in her calculations the figures provided in the commitments and contingency notes as well. These notes revealed for instance, that Target also had further contractual obligations and operating leases that extended beyond the year 2008 which included lease payments of $1,721 million with options that could extend the terms of the lease. Their contractual obligation payments also consisted of interest rates and a $98 million commitment in legally binding lease payments for the planned openings of future facilities that were scheduled to occur in 2008 or later. Tom arrived at his additional 10% figure because he factored in the information of these provisions to his equations and Liz did not.

Exhibit A

Target Example

References:

Fraser, L., & Ormiston, A. (2010). Understanding financial statements. Pearson Education.

Roth, R. (2008). The writers guide to annual reports. Atlanta, GA: Booksurge.com.

The Balance Sheet

Published November 22, 2013 by Mayrbear's Lair

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What is a Balance Sheet?

Balance sheets are financial statements contained within a company’s annual report. The information provided on a balance sheet reveals what a company owns, how much it owes and what remains in the form of equity for its shareholders. Skonieczny (2012) explains that a company’s balance sheet discloses their financial position on a particular day like the end of the year or the first quarter and are based on the following important equation:

assets = liabilities + equity

The reason it is called a balance sheet is due to the fact that the accounting equation has to balance out at all times (Skonieczny, 2012). This means that the assets must always be an equal amount that reflects the companies liabilities and equity. In other words, all possessions (assets) are either owned free and clear (equity) and were purchased by acquiring debt (liabilities). For example, a down payment on a company building is an example of equity, while the monthly payments are an example of debt. The information provided on a balance sheet is comprised of the company’s: (a) assets, including current assets, long and short term investments, property, plant and equipment, plus any other tangible and intangible assets; (b) liabilities such as accounts payable, salaries, interest and taxes paid, bank notes, loans, mortgage obligations and other debts; and (c) stockholder’s equity including capital stock and retained earnings.

BALANCE-SHEET

What is a common sized balance sheet?

Makoujy (2010) asserts that an expense occurs when value is lost and that balance sheets help strategists understand not only what a company possesses during a certain period of time, but how much it has grown or lost during that time (Makoujy, 2010). In the meantime, common-size balance sheets are helpful instruments that allow companies to assess their financial situation. Fraser and Ormiston (2010) explain that a common-size balance sheet specifically serves as a tool designed for vertical ratio analysis as a means of measuring and comparing various components that have a common denominator (Fraser & Ormiston, 2010). In other words, it is a kind of balance sheet that shows each dollar amount as a percentage of a common number. This allows analysts to compare account sizes over time as the balance sheet grows and the figures change. They are also effective for identifying and observing trends.

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How to create a common sized balance sheet?

To create a common-sized balance sheet, analysts must convert each asset, liability, and shareholders’ account to a percentage amount so that the balance sheet reflects that the total assets are equal to the total liabilities and shareholders’ equity figures. To create a common-sized balance sheet the amount of total assets must be determined first, like $100,000 for instance. Next the amount of each asset is divided by the amount of total assets. Then each result amount is multiplied by 100 to establish the common-size percentage for each asset. If the company’s cash account, for example, is $30,000, you would divide $30,000 by $100,000 to obtain a figure of 0.3. You would then multiply that 0.3 figure by 100 to arrive at 30% as the common-size percentage for the cash account. In other words, the company’s cash account makes up 30% of the total assets. The same formula is applied to determine the percentage amounts of the company’s liabilities and shareholders’ equity which amount should total the $100,000 figure to balance out the total assets.

Monday’s post will focus on understanding how investors use the information on a balance sheet to determine whether a company would make a good investment. Until then … have a great weekend everyone!

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References:

Fraser, L., & Ormiston, A. (2010). Understanding financial statements. Pearson Education.

Makoujy, R. (2010). How to read a balance sheet: The bottom line. New York, NY: McGraw-Hill.

Skonieczny, M. (2012). The basics of understanding financial statements. Schaumburg, IL: Investment Publishing.

 

The Eastman Kodak Company 2007 Annual Report – Initial Analysis Part 1

Published November 18, 2013 by Mayrbear's Lair

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A corporation’s annual report helps provide shareholders a glimpse into that company’s overall performance and financial effectiveness. Strategic analysts use this information to measure profit and loss as well as help forecast a company’s financial health by examining the significant data and financial ratios that are provided from these reports. Roth (2008) explains their purpose simply in that the job of a company’s annual report is to share their story as a unified message (Roth, 2008). To better comprehend a company’s financial health from their corporate annual reports, the focus of my ongoing research efforts throughout this six week journey will examine the various components contained within these financial tomes to help determine whether a company is sustainable or not. As an example to illustrate these concepts step-by-step, my analysis will include an ongoing examination of the 2007 Annual Report of the troubled Eastman Kodak Company – the photo imaging firm that was established in the late 1800s by George Eastman. To help present a clearer picture of the company’s activities and overall functionality, the study will draw information from the financial statements to evaluate such elements as assets, liabilities, and stockholders’ equity to help determine Kodak’s viability as a business. The findings of this research will disclose how the data obtained from the company’s annual report reveals significant information that can help strategists determine, plan, and forecast the firm’s overall performance and financial health.

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A Brief History of Kodak

The true nature of a company’s image can be ascertained through a comprehensive analysis that is provided by their annual reports. Fraser and Ormiston (2010) purport that in order to comprehend how to navigate through the vast amount of data provided in the annual reports, familiarity with accounting is helpful (Fraser & Ormiston, 2010). For the purpose of this research, to better understand where the Eastman Kodak company was headed, it is important to first understand how they emerged as a major player in the photo imaging industry. Kodak initially became successful when they introduced their first camera, a small easy-to-use device with film that took up to 100 photos. Soon after, they added the home movie camera, film, and projectors to their product line. By the early 1930s, Kodak dominated the marketplace when they introduced and released an innovative component called Kodachrome, a new technology that added the richness of color to their film products in 1935 (Eastman Kodak Company, 2013). This was a hugely successful entrepreneurial maneuver, one that secured their position at the top of their industry. Since that time they continued to expand with additional imaging technology items and services they added to their product line including inkjet printers, digital photo frames, printing kiosks, online imaging services, and scanners, to name a few.

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For many decades Kodak enjoyed enormous success and dominated the marketplace. However, over confident leadership, poor strategic planning, and a complacent attitude may have been the cause of their slow demise. Part two of this post will dive further into what may have caused Kodak’s financial problems and examine their report to give us clues.

Until then ….

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References

(2008). Eastman Kodak Company 2007 Annual Report. U.S. Federal Government, Securities and Exchange Commission. Washington: Securities and Exchange Commission.

Eastman Kodak Company. (2013). Retrieved November 1, 2013, from cobrands.hoovers.com: http://cobrands.hoovers.com/company/Eastman_Kodak_Company/rfhiff-1-1njhxk.html

Fraser, L., & Ormiston, A. (2010). Understanding financial statements. Pearson Education.

Friedlob, G., & Welton, R. (2008). Keys to reading annual report. Hauppauge, NY: Barron’s Educational Series.

Mattioli, D., & Spector, M. (2011, October 25). Eastman Kodak Seeks Rescue Financing. The Wall Street Journal, 4.

Mourdoukoutas, P. (2013, November 2). Can Eastman Kodak rise again? Retrieved November 3, 2013, from forbes.com: http://www.forbes.com/sites/panosmourdoukoutas/2013/11/02/can-eastman-kodak-rise-again/

Roth, R. (2008). The writers guide to annual reports. Atlanta, GA: Booksurge.com.

Snyder, P. (2013). Is this something George Eastman would have done? New York, NY: CreateSpace Independent Publishing.