TABLE OF CONTENTS

Preface ..........................................................................................................................i
Organization and Content ..........................................................................................ii Explanation of Assignment Material ........................................................................iv Financial Statement Analysis Project .......................................................................v Supplemental Teaching and Learning Packages ...................................................vi Suggested Course Outlines ....................................................................................vii Transition of Assignment Material from Sixth to Seventh Edition .......................ix

Chapters
Chapter 1 Chapter 2 Chapter 3 Chapter 4 Chapter 5 Chapter 6 Chapter 7 Chapter 8 Chapter 9 Chapter 10 Chapter 11 Chapter 12 Overview of Financial Statement Analysis .................................1-1 Financial Reporting and Analysis ...............................................2-1 Analyzing Financing Activities ....................................................3-1 Analyzing Investing Activities .....................................................4-1 Analyzing Investing ActivitiesSpecial Topics ........................5-1 Analyzing Operating Activities.....................................................6-1 Cash Flow Analysis ......................................................................7-1 Return on Invested Capital ..........................................................8-1 Profitability Analysis .....................................................................9-1 Prospective Analysis ..................................................................10-1 Credit Analysis.............................................................................11-1 Equity Analysis and Valuation ...................................................12-1

Comprehensive Case: Applying Financial Statement Analysis..........................CC-1

Preface
This Solutions Manual is a teaching supplement to Financial Statement Analysis, by John J. Wild, Leopold A. Bernstein and K.R. Subramanyam. The purpose of this manual is to help instructors in teaching financial statement analysis. Instructors are encouraged to use the materials in this manual as transparency masters, electronic support, or teaching aids in the classroom. The Preface to this Manual includes the following sections:

Organization of the Book

An explanation of the organization of the book is provided to help instructors in constructing course materials.

Explanation of Assignment Material

We explain the organization of assignment materials, the inclusion of short headings for all Exercises, Problems, Cases, and Web activities, and the importance of assignment materials drawn from practice.

Financial Statement Analysis Project

The structure for a financial statement analysis project is provided. This reinforces the Comprehensive Case chapter in this edition.

Teaching and Learning Supplements

A description of the supplement teaching package supporting this edition is provided.

Suggested Course Outlines

General course outlines are provided for the instructor's convenience in designing course syllabi. We present them for both accounting and accounting-related (finance, investment, lending, consulting) coursessplit by undergraduate and graduate level.

Transition of Assignment Material from 6th to 7th Edition

A cross-reference of assignment materials from the sixth edition to the seventh edition enables the instructor to easily identify previously selected assignment material with the revised and new assignment material in this edition. Assignments from the sixth edition are revised to reflect any new developments in the field.

Acknowledgement Stephen R. Moehrle of the University of Missouri-St. Louis contributed in revising the materials contained in this manual. We gratefully acknowledge his contributionalong with that of Mark P. Bauman of the University of Illinois at Chicago with the prior edition.

Instructor's Solutions Manual

Organization and Content

Flexibility and innovation are increasingly important in financial statement analysis education. This book's design encourages unique teaching strategies in presenting materials. While the book is comprehensive in covering all topics of relevance for financial statement analysis, its organization encourages instructors to choose topics and depth of coverage as desired. Still, this book integrates topics within and across chapters. Readers are told in Chapter 1 how the book's topics are related to each other. One way integration is achieved is by organizing material into three parts: (1) Analysis Overview; (2) Accounting Analysis; and (3) Financial Analysis. Analysis Overview. Part One gives an overview of financial statement analysis. We introduce financial statement analysis as an integral part of the broader framework of business analysis. We examine the role of financial statement analysis in different types of business analysis such as equity analysis and credit analysis. We emphasize the understanding of business activities planning, financing, investing, and operating. We describe the strategies underlying business activities and their effects on financial statements. We also emphasize the importance of accrual accounting for analysis and the importance of conducting accounting analysis to make appropriate adjustments to financial statements before embarking on financial analysis. We apply several popular tools and techniques in analyzing and interpreting financial statements. An important and unique feature is our use of Eastman Kodaks annual report as a means to immediately engage readers and to instill relevance. Two chapters comprise Part One. Chapter 1. We begin the analysis of financial statements by considering their relevance for business decisions. This leads to a focus on users, including their needs and how analysis attends to those needs. We describe business activities and how they are reflected in financial statements. We also discuss both debt and equity valuation. Chapter 2. This chapter explains the nature and purpose of financial accounting and reporting, including the broader environment under which financial statements are prepared and used. We also highlight the importance of accrual accounting in comparison to cash accounting. We identify and discuss myths and truths of these two measurement systems. The importance and limitations of accounting data for analysis purposes are described along with the significance of conducting accounting analysis for financial analysis. Accounting Analysis. Part Two explains and analyzes the accounting measurement and reporting practices underlying financial statements. We organize this analysis around financing (liabilities and equity), investing (assets), and operating (income) activities. We show how operating activities are outcomes of changes in investing and financing activities. We provide insights into income determination and asset and liability measurement. Most important, we discuss procedures and clues for the analysis and adjustment of financial statements to enhance their economic content for meaningful financial analysis. Four chapters comprise Part Two. Chapter 3. Chapter 3 begins the detailed analysis of the numbers reflecting financing activities. It explains how those numbers are the raw material for financial analysis. Our focus is on explaining, analyzing, interpreting, and adjusting those reported numbers to better reflect financing activities. Crucial topics include leases, pensions, off-balance-sheet financing, and shareholders equity. Chapter 4. This chapter extends the analysis to investing activities. We show how to analyze and adjust (as necessary) numbers that reflect assets such as securities, receivables, derivatives, inventories, property, equipment, and intangibles. We explain what those numbers reveal about financial position and performance, including future performance. Chapter 5. Chapter 5 extends the analysis to special investing activitiesintercompany and international. We analyze intercorporate investments and business combinations from the perspective of a parent company. We examine international investments and their reporting implications for financial statements. We show how interpreting and adjusting the disclosures on intercompany and international activities are an important part of analysis. Chapter 6. This chapter focuses on analysis of operating activities and income. We discuss the concept and measurement of income as distinct from cash flows. We analyze accrual

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measures in yielding net income. Understanding recognition methods of both revenues and expenses is stressed. We analyze and adjust the income statement and its components for analysis purposes, including that for non-recurring items such as restructuring charges and asset impairments, and for employee stock options.

Financial Analysis. Part Three examines the processes and methods of financial analysis (including prospective analysis). We stress the objectives of different users and describe analytical tools and techniques for meeting those objectives. The means of analysis range from computation of ratio and cash flow measures to earnings prediction and equity valuation. We apply analysis tools that enable one to reconstruct the economic reality embedded in financial statements. We demonstrate how analysis tools and techniques enhance users decisions including company valuation and lending decisions. We show how financial statement analysis reduces uncertainty and increases confidence in business decisions. Six chapters and a Comprehensive Case comprise Part Three. Chapter 7. This chapter begins our study of the application and interpretation of financial analysis tools. We analyze cash flow measures for insights into all business activities, with special emphasis on operating activities. Attention is directed at company and industry conditions when analyzing cash flows. Chapter 8. Chapter 8 emphasizes return on invested capital and explains variations in its measurement. Attention is directed at return on assets and return on equity. We disaggregate both return measures and describe their relevance. Financial leverage also is explained. Chapter 9. This chapter expands the returns analysis to that of profitability. We emphasize the components of income and the adjustments necessary for its proper evaluation. Attention is directed at sales, cost of sales, taxes, selling, and financing expenses. Profitability-based analysis tools are demonstrated, including their interpretation and application. Chapter 10. We describe forecasting and pro forma analysis of financial statements. We explain the flow of cash through a companys business activities and its implications for liquidity. Both short- and long-term forecasting of cash flows are described, and attention is aimed at effectively applying these analysis tools. Chapter 11. This chapter focuses on credit analysis, both liquidity and solvency. We first present analysis tools to assess liquidityincluding accounting-based ratios, turnover, and operating activity measures. Then, we focus on capital structure and its implications for solvency. We analyze the importance of financial leverage and its effects on risk and return. Analytical adjustments are explained for tests of liquidity and solvency. We describe earnings-coverage measures and their interpretation. Chapter 12. The final chapter emphasizes earnings-based analysis and equity valuation. The earnings-based analysis focuses on earnings quality, earnings persistence, and earning power. Attention is directed at techniques for measuring and applying these concepts. Discussion of equity valuation focuses on forecasting accounting numbers and estimating company value. Comprehensive Case. This case is a comprehensive analysis of financial statements and related notes. We describe steps in analyzing the statements and the essential attributes of an analysis report. Our analysis is organized around key components of financial statement analysis: cash analysis, return on invested capital, asset utilization, operating performance, profitability, forecasting, liquidity, capital structure, and solvency.

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Explanation of Assignment Material

This book contains a rich set of assignment materials. These assignments are sufficiently diverse, and are suited for basic courses as well as for more advanced undergraduate and graduate courses and professional programs. Following each chapter is a comprehensive list of questions and a wide selection of exercises, problems, cases and Web activities. Each assignment is prefaced with a brief caption describing its emphasis. The time required and difficulty of assignment material is generally less for exercises and greatest for cases, with problems somewhere in the middle. Web activities are similar to exercises and problems. Instructors at all levels should note the series of exercises, problems and cases based on the financial statements of Eastman Kodak, Adaptec, Campbell Soup Company, and Quaker Oats Company. Each of these financial statements are reproduced in Appendix A of the book. While these assignments from practice are dispersed among the various chapters to which they relate, there is an integrating feature to them in that they focus on many aspects of the analysis of a single comprehensive financial report. These questions can also be used as a model for the creation of additional assignments or examination materials based on current financial reports selected by the instructor. Additional integrating problems, such as those based on the financial statements of ZETA Company in the Comprehensive Case chapter, are also provided. Problems that draw on and are based on published financial statements have a number of advantages from an educational standpoint. Being based on facts and transactions that actually transpired imparts a sense of reality to the educational process, which heightens reader interest and motivation. Moreover, unlike "created" problems, these financial reports come complete with ambiguities, questionable accounting presentations, and similar features of the reality with which the reader must ultimately deal with in practice. These problems build on the two major foundations of knowledge from where financial statement analysis rests: (1) understanding the complex financial communications embodied in published financial reports, and (2) mastering analytical tools and techniques to draw insights and conclusions. The ability to understand fully the financial communications embodied in financial statements and to derive from it all important information are crucial analytical skills that can be perfected only through practice. [Note on Examination Material: Assignment material at the end of each chapter is abundant and sufficiently varied to provide ample material for examinations. Assignment material can be used as is or can be adapted for examination purposes. It can also be effectively adapted for examinations using published financial statements. The end-of-chapter Questions often provide the basis for many essay-type and multiple choice questions.]

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Financial Statement Analysis Project

The most interesting and challenging projects in financial statement analysis involve the analysis of published financial statements. A financial statement analysis project is a superb means of synthesizing the material covered in the course. Readers can be assigned either individual or group projects, both requirements have merit. One example of a financial statement analysis project assignment is described below (the Comprehensive Case chapter illustrates another project using Campbell Soup):
Company Selection: Select a company from a non-regulated industry where you can obtain financial statements for at least five previous years. A. Part I. Using the financial statements, background information on both the company and its industry, as well as financial measures of other companies in the industry, prepare a comprehensive analysis report covering the following specific points: 1. General (brief) description of the company and its industry. 2. An evaluation of the following areas: a. Short-term liquidity b. Capital structure and solvency c. Cash forecasting and pro forma analysis d. Return on invested capital e. Asset utilization f. Profitability and earnings-based analysis The evaluation should emphasize areas expose a prospective investor or lender (or other user) to significant risk. Considerable analyses must be performed before one can identify areas of significant risk or opportunity, and not all investigations will yield important conclusions. The report is expected to include a clear description of the analyses that yield significant conclusions, as well as some limited discussion on analyses not yielding important conclusions. There must be clear identification and focus on those areas and inferences viewed as most significant. 3. Comment on the usefulness of the financial statement disclosures for the analysis. 4. Explain how the alternative accounting principles used in the financial statements affected the analytical measures used in the report. The analysis project is expected to require a broad variety of financial analysis tools leading to a conclusion regarding the six areas detailed above. The book contains a thorough discussion of all major areas or building blocks of analysis with which this report is concerned. To complete work on the report by the end of the course, you will likely have to read some materials in advance of the class schedule. The Comprehensive Case chapter contains an especially useful discussion about preparing a comprehensive financial analysis report. Part II. The second part of the financial statement analysis project requires an analysis and reconstruction of significant business transactions reflected in the financial statements. Nearly all chapters in the book provide examples of how such analysis and reconstruction can be applied. Examples include the reconstruction of transactions by use of statements of cash flows, reconstruction of income taxes, analysis of cash from operations, and the analytical recasting and adjusting of income statements.

B.

Instructor's Solutions Manual

Teaching and Learning Supplements

This book is supported with a wide array of teaching and learning supplements aimed at the needs of both instructors and students of financial statement analysis. They include:
Instructors Solutions Manual An Instructors Solutions Manual contains complete solutions for Questions, Exercises, Problems, and Cases. It is carefully prepared, reviewed, and checked for accuracy, and is available in both print and electronic forms. It has transition notes to instructors for ease in moving from the sixth to the seventh edition, including crossreferencing of assignment material between both editions. Test Bank The Test Bank contains a variety of test materials with varying levels of difficulty. All materials are carefully reviewed for consistency with the book and thoroughly examined for accuracy. It is available in both print and electronic forms. Chapter Lecture Slides A set of PowerPoint slides is available for each chapter. They can be used to augment the instructors lecture materials or distributed to students as an aid in supplementing in-class lectures. Book Web site [http://www.mhhe.com/fsa] This book has its own dedicated Web site. The site includes links to key Web sites as well as additional support materials for both instructors and students. There is online delivery of PowerPoint slides and other materials. Business Week version of the book includes a short-term subscription to Business Week, the worlds best-selling business magazine, for a nominal fee. eVal Analysis and Valuation CDISBN: 0-07-245376-1 A simple, spreadsheet program, with explanations, to aid students in applying basic valuation models. Analysis Projects Computerized analysis projects are available to aid students in the basics of financial statement analysis. They include (1) Understanding Annual Reports Project ISBN: 0-07-238714-9, and (2) Financial Statement Analysis ProjectISBN: 0-256-19077-1. Casebook Support Some instructors augment the book with additional case materials. While practical illustrations and case materials are abundant in the text, more are available. This includes (1) Primis custom case selection [www.mhhe.com/primis], (2) International Financial Reporting & AnalysisISBN: 0-07-289142-4, (3) Financial Accounting & Reporting ISBN: 0-256-16696-X, and (4) Readings & Notes on Financial AccountingISBN: 0-07-0730067. Financial Accounting Video Library The Financial Accounting Video Library includes short, action-oriented videos for lively classroom discussion of topics, including Ben & Jerrys disclosure practices, the role of International Accounting Standards, and the impact of regulators. (Vols. 1-5: ISBN: 0-256-22142-1; ISBN: 0-256-22143-X; ISBN: 0-256-22144-8; ISBN: 0-256-22690-3; ISBN: 0-256-22122-7). Prerequisite Skills Development There are materials to aid readers in understanding basic accounting and finance concepts: (1) Accounting, Finance & Quantitative CDISBN: 0-07229668-2, and (2) Essentials of Finance & Accounting CDISBN: 0-07-303978-0. Online Resources [http://www.mhhe.com/business/accounting/oscar] Irwin/McGraw-Hill offers additional Internet resources on a number of accounting and analysis-related topics. IEM: Iowa Electronic Markets ISBN 0-256-23307-1 IEM is an interactive, real-money electronics futures market designed as a teaching supplement. Students use real money accounts to trade contracts with payoffs based on actual events like earnings announcements. Visit http://www.biz.uiowa.edu/iem, and log into a free practice session. Customer Service Call 1-800-634-3963 or access http://www.mhhe.com/business.

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Suggested Course Outlines

Organization of courses using this book depends on the instructor's preferences and the readers' background knowledge. Also, the time allocated to the study of financial statement analysis will, of necessity, determine the extent and selection of coverage. Nevertheless, certain commonalities in course content and coverage are evidenced. Accordingly, some guidance is offered based on these commonalities. For the suggested course outlines, the following terms are used:
Intensive coveragemeans full coverage of the subject matter in a chapter, including the assignment of a number of representative end-of-chapter materials comprising varying degrees of difficulty. Selective coveragemeans coverage of a portion of the material in a chapter. Coverage can focus on elementary concepts or on more advanced topics. The assignment material is sufficiently varied to allow for a choice of various levels of difficulties to correspond to the desired level of coverage. Background reading means obtaining a general knowledge of the subject matter in a chapter. It does not normally entail extensive formal class coverage or require the assignment of end-of-chapter material.

Courses Emphasizing Analysis

Courses with students that have sufficient accounting knowledge (such as accounting majors or practicing accountants) can proceed directly to more advanced analysis topics. Guidance for both undergraduate and graduate courses is offered below: Undergraduate (or less advanced) Level Courses or Programs: Chapters Chapters Chapters as intensively covered selectively covered background reading 1, 2, 7, 8, 11 9, 10, 12, Comp. Case 3, 4, 5, 6

Graduate (or more advanced) Level Courses or Programs: Chapters Chapters intensively covered selectively covered 1, 2, 712, Comp. Case 3, 4, 5, 6

Chapters as background reading

Courses Emphasizing Analysis and Accounting

Courses with students that have little accounting knowledge (such as finance, investment, lending, and consulting majors or professionals) typically require additional study or review in accounting before moving to advanced analysis topics. Guidance for both undergraduate and graduate courses for these students is offered below: Undergraduate (or less advanced) Level Courses or Programs: Chapters Chapters Chapters as intensively covered selectively covered background reading 1, 2, 7, 8, 9, 11 10, 12, Comp. Case 3, 4, 5, 6

Graduate (or more advanced) Level Courses or Programs:

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Chapters intensively covered 1, 2, 7-12, Comp. Case

Chapters selectively covered 3, 4, 5, 6

Chapters as background reading

Professional Development, Training and Review Courses

This book is widely used for professional development, training, and review courses and programs. A brief listing of professionals educated using this book include: accountants, actuaries, auditors, bank examiners, bank lenders, business appraisers, chief financial officers, economists, financial planners, planning analysts, management, investment bankers, consultants, investment managers, investment policy consultants, investment sales consultants, investment strategists, management consultants, marketers, options/futures analysts, commodity analysts, portfolio managers, portfolio performance evaluators, portfolio strategists, product/software developers, professors/instructors, quantitative investment analysts, real estate investment managers, securities analysts, securities regulators, securities traders, securities underwriters, stockbroker/registered representatives, valuators of closely held business, valuators of mergers/acquisitions, and venture capital investors. Depending on the areas emphasized (such as equity or credit analysis), the time available, and the training objectives, this book contains a wealth of material for professional programs. Experience shows this book is useful in strengthening and updating professionals' knowledge of financial statement analysis. It is also valuable in exposing professionals to the accounting communications and measurements on which financial statement analysis crucially depends. Financial statement analysis is an interdisciplinary area. It is common to the fields of accounting, finance, economics and many other business and nonbusiness areas. Decisions requiring analysis of financial statements use data reported from the accounting system. Consequently, to most effectively analyze financial statements, an understanding of accounting measurements and disclosures is crucial. Similarly, to most effectively practice in accounting, a thorough and up-to-date understanding of the analysis needs of users is necessary. Accordingly, sound financial statement analysis involves important elements of both accounting analysis and financial analysis.

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Transition of Assignments from 6th to 7th Edition

[ Key: Q = Questions; E = Exercises; P = Problems; C = Cases ]

Chapter 1 6th
Q1 Q2 Q3 Q4 Q5 Q6 Q7 Q8 Q9 Q10 Q11 Q12 Q13 Q14 Q15 Q16 Q17 Q18 Q19

7th
Q9 Q10 Q11 Q12 Q13 Q14 Q15 Q16 Q17 Q18 Q19 Q20 Q21 Q22 Q23 Q24 Q25 Q26 Q27

6th
Q20 Q21 Q22 Q23 Q24 Q25 Q26 E1-1 E1-2 E1-3 E1-4 P1-1 P1-2 P1-3 P1-4 P1-5 C1-1 C1-2 C1-3

7th
Q28 Q33 Q34 Q35 Q36 Q37 Q38 P1-3 P1-4 E1-1 E1-2 P1-5 P1-6 P1-7 P1-8 P1-9 C1-5 C1-6 C1-7

Chapter 2 6th
Q2-1 Q2-2 Q2-3 Q2-4 Q2-5 Q2-6 Q2-7 Q2-8 Q2-9 Q2-10 Q2-11 Q2-12 Q2-13 Q2-14 Q2-15 Q2-16 Q2-17 Q2-18 Q2-19 Q2-20 Q2-21 Q2-22 Q2-23 Q2-24 Q2-25 Q2-26 Q2-27 Q2-28 Q2-29 E2-1 E2-2

7th
Q1-4 Q2-37 Q2-4 Q2-5 P2-9

6th
E2-3 E2-4 E2-5 P2-1 P2-2 P2-3 P2-4 P2-5 P2-6 P2-7 P2-8 P2-9 P2-10 C2-1 C2-2 Supplement B Q B-1 Q B-2 Q B-3 Q B-4 Q B-5 Q B-6 Q B-7 Q B-8 Q B-9 Q B-10 Q B-11 Q B-12 Q B-13 Q B-14 Q B-15

7th
P2-1 P2-2 P2-3 P2-4 P2-5 P2-6 P2-7 E1-15 E1-16 C2-1 C2-3 Appendix 2A Q2-39 Q2-40 Q2-41 Q2-42 Q2-43 Q2-44 Q2-45 Q2-46 Q2-47 Q2-48 Q2-49 Q2-50 Q2-51 Q2-52 Q2-55

Chapter 3 6th Q3-1 Q3-2

7th Q3-1 Q3-2

6th Q3-31 Q3-32

7th Q3-46 Q3-47

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Q3-3 Q3-4 Q3-5 Q3-6 Q3-7 Q3-8 Q3-9 Q3-10 Q3-11 Q3-12 Q3-13 Q3-14 Q3-15 Q3-16 Q3-17 Q3-18 Q3-19 Q3-20 Q3-21 Q3-22 Q3-23 Q3-24 Q3-25 Q3-26 Q3-27 Q3-28 Q3-29 Q3-30 Chapter 4 6th Q4-1 Q4-2 Q4-3 Q4-4 Q4-5 Q4-6 Q4-7 Q4-8 Q4-9 Q4-10 Q4-11 Q4-12 Q4-13 Q4-14 Q4-15 Q4-16 Q4-17 Q4-18 Q4-19 Q4-20 Q4-21 Q4-22 Q4-23 Q4-24 Chapter 5 6th Q5-1 Q5-2 Q5-3 Q5-4

Q3-3 Q3-4 Q3-5 Q3-7 Q3-9 Q3-10 Q3-11 Q3-12 Q3-13 Q3-14 Q3-19 Q3-36 Q3-20 Q3-27 Q3-28 Q3-30 Q3-38 Q3-39 Q3-40 Q3-41 Q3-35 Q3-37 Q3-43 Q3-44 E3-13 Q3-45

Q3-33 Q3-34 Q3-35 Q3-36 E3-1 E3-2 E3-3 E3-4 E3-5 E3-6 E3-7 E3-8 E3-9 E3-10 E3-11 E3-12 E3-13 P3-1 P3-2 P3-3 P3-4 P3-5 P3-6 P3-7 P3-8 P3-9 C3-1 C3-2

Q3-48 Q3-49 Q3-50 Q3-51 E3-1 E3-2 E3-3 E3-4 E3-5 E3-6 E3-8 E3-9 E3-10 E3-11 E3-12 P3-1 P3-2 P3-3 P3-4 P3-5 P3-6 P3-7 P3-8 P3-9 C3-1 C3-2

7th Q4-1 Q4-2 Q4-3 Q4-4 Q4-5 Q4-7 Q4-8 Q4-9 Q4-10 Q4-11 Q4-12 Q4-13 Q4-14 Q4-16 Q4-18 Q4-19 Q4-20 Q4-33 Q4-40 Q4-41 Q4-42 Q4-43 Q4-44 Q4-45 7th Q5-2 Q5-1 Q5-6 Q5-3

6th E4-1 E4-2 E4-3 E4-4 E4-5 E4-6 E4-7 E4-8 E4-9 E4-10 P4-1 P4-2 P4-3 P4-4 P4-5 P4-6 P4-7 P4-8 P4-9 C4-1 C4-2 C4-3 C4-4 C4-5 6th P5-1 P5-2 P5-3 P5-4

7th E4-1 E4-2 E4-3 E4-4 E4-5 E4-7 E4-9 E4-11 E4-16 E4-17 P4-1 P4-2 P4-3 P4-5 P4-6 P4-12 P4-14 P4-16 P4-17 C4-1 C4-3 C4-4 C4-5 C4-6 7th P5-4 P5-5 P5-2 P5-3

Financial Statement Analysis, 7th Edition

Q5-5 Q5-6 Q5-7 Q5-8 Q5-9 Q5-10 Q5-11 Q5-12 Q5-13 Q5-14 Q5-15 Q5-16 Q5-17 Q5-18 Q5-19 Chapter 6 6th Q6-1 Q6-2 Q6-3 Q6-4 Q6-5 Q6-6 Q6-7 Q6-8 Q6-9 Q6-10 Q6-11 Q6-12 Q6-13 Q6-14 Q6-15 Q6-16 Q6-17 Q6-18 Q6-19 Q6-20 Q6-21 Q6-22 Q6-23 Q6-24 Q6-25 Q6-26 Q6-27 Q6-28 Q6-29 Q6-30 Q6-31 Q6-32 Q6-33 Q6-34 Q6-35 E6-1 E6-2 E6-3 E6-4

Q5-4 Q5-5 Q5-8 Q5-9 Q5-10 Q5-11 Q5-12 Q5-13 Q5-7 Q5-14 Q5-16 Q5-15 Q5-17 Q5-19 Q5-18

P5-5 C5-1 C5-2 C5-3 C5-4 Q5-21 Q5-22 Q5-23 E5-1 E5-2 E5-3 E5-4 E5-5 E5-6 Q5-20

P5-1 C5-2 C5-1 C5-4 C5-3 Q5-21 Q5-20 Q5-23 Q5-22 E5-2 E5-1 E5-4 E5-6 E5-3 E5-5

7th Q6-1 Q6-23 Q6-24 Q6-25 Q6-26 Q6-27 Q6-28 Q4-34 Q4-36 Q3-22 Q3-23 Q3-25 Q3-26 Q3-27 Q3-29 Q6-29 Q6-30 Q6-31 Q6-32 Q6-33 Q6-37 Q6-38 Q6-39 Q6-40 Q6-41 Q6-42 Q6-14 Q6-16 Q6-17 Q6-18 Q6-19 E4-14 E4-15 E6-5 E6-6

6th E6-9 E6-10 E6-11 E6-12 P6-1 P6-2 P6-3 P6-4 P6-5 P6-6 P6-7 P6-8 P6-9 P6-10 P6-11 C6-1 C6-2 C6-3 C6-4 Appendix 6A Q6A-1 Q6A-2 Q6A-3 Q6A-4 Q6A-5 Q6A-6 Q6A-7 Q6A-8 Q6A-9 Q6A-10 Q6A-11 Q6A-12 Q6A-13 E6A-1 E6A-2 E6A-3 P6A-1 P6A-2 P6A-3

7th E3-16 E3-17 E6-2 E6-3 P6-2 P4-10 P3-12 P6-4 P6-5 P6-6 P6-7 P6-8 P3-13 P6-1 P4-11 C6-1 C6-2 C4-8 C6-3 Appendix 6A Q6-43 Q6-44 Q6-45 Q6-46 Q6-47 Q6-48 Q6-49 Q6-50 Q6-51 Q6-52 Q6-53 Q6-54 Q6-55 E6-16 E6-17 E6-18 P6-9 P6-10 P6-11

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E6-5 E6-6 E6-7 E6-8 Chapter 7 6th Q7-1 Q7-2 Q7-3 Q7-4 Q7-5 Q7-6 Q7-7 Q7-8 Q7-9 Q7-10 E7-1 E7-2 E7-3 E7-4 E7-5 E7-6 E7-7 E7-8 E7-9 Chapter 8 6th Q11-1 Q11-2 Q11-3 Q11-4 Q11-5 Q11-6 Q11-7 Q11-8 Q11-9 Q11-10 Q11-11 Q11-12 Q11-13 Q11-14 Q11-15 Chapter 9
6th

E6-7 E6-9 E6-1 E6-14

P6A-4 P6A-5 C6A-1 C6A-2

P6-12 P6-13 C6-7 C6-8

7th Q7-2 Q7-3 Q7-4 Q7-5 Q7-6 Q7-1 Q7-8 Q7-9 Q7-10 Q7-7 E7-2 E7-3 E7-4 E7-5 E7-6 E7-7 E7-8 E7-1 E7-10

6th E7-10 P7-1 P7-2 P7-3 P7-4 P7-5 P7-6 P7-7 P7-8 P7-9 P7-10 P7-11 P7-12 P7-13 P7-14 P7-15 C7-1 C7-2 C7-3

7th E7-9 P7-6 P7-7 P7-8 P7-9 P7-10 P7-11 P7-12 P7-13 P7-14 P7-15 P7-1 P7-2 P7-3 P7-4 P7-5 C7-4 C7-5 C7-6

7th Q8-2 Q8-1 Q8-4 Q8-3 Q8-15 Q8-5 Q8-6 Q8-7 Q8-8 Q8-9 Q8-10 Q8-11 Q8-12 Q8-13 Q8-14

6th E11-1 E11-2 E11-3 E11-4 E11-5 E11-6 E11-7 P11-1 P11-2 P11-3 P11-4 P11-5 P11-6 C11-1 C11-2 C11-3
6th

7th E8-2 E8-1 E8-4 E8-3 E8-6 E8-5 E8-7 P8-2 P8-3 P8-1 P8-5 P8-6 P8-4 C8-3 C8-1 C8-2
7th

7th

Q12-1 Q12-2 Q12-3 Q12-4 Q12-5 Q12-6 Q12-7 Q12-8 Q12-9 Q12-10 Q12-11

Q9-2 Q9-1 Q9-4 Q9-5 Q9-6 Q9-7 Q9-8 Q9-9 Q9-10 Q9-11 Q9-12

E12-1 E12-2 E12-3 E12-4 E12-5 E12-6 E12-7 E12-8 E12-9 E12-10 E12-11

E9-2 E9-3 E9-4 E9-5 E9-6 E9-7 E9-8 E9-1

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Financial Statement Analysis, 7th Edition

Q12-12 Q12-13 Q12-14 Q12-15 Q12-16 Q12-17 Q12-18 Q12-19 Q12-20 Q12-21 Q12-22 Q12-23 Q12-24

Q9-13 Q9-14 Q9-15 Q9-16 Q9-17 Q9-18 Q9-19

P12-1 P12-2 P12-3 P12-4 P12-5 P12-6 P12-7 P12-8 P12-9 C12-1 C12-2 C12-3 C12-4 C12-5

P9-2 P9-4 P9-1 P9-3 P9-5 P9-6 P9-7 C9-3 C9-4 C9-5 C9-6 C9-7

Chapter 10
6th 7th 6th 7th

Q9-1 Q9-2 Q9-3 Q9-4 Q9-5 Q9-6 Q9-7 Q9-8 Q9-9 Q9-10 Q9-11 Q9-12 Q9-13

Q10-4 Q10-3 Q10-2 Q10-1 Q10-6 Q10-7 Q10-5 Q10-9 Q10-8 Q10-11 Q10-10 Q10-13 Q10-14

Q9-14 Q9-15 Q9-16 E9-1 E9-2 E9-3 P9-1 P9-2 P9-3 C9-1 C9-2 C9-3 C9-4

Q10-12 Q10-17 Q10-15 E10-2 E10-3 E10-1 P10-2 P10-3 P10-1 C10-2 C10-4 C10-5 C10-6

Chapter 11
6th 7th 6th 7th

Q8-1 Q8-2 Q8-3 Q8-4 Q8-5 Q8-6 Q8-7 Q8-8 Q8-9 Q8-10 Q8-11 Q8-12 Q8-13 Q8-14 Q8-15 Q8-16 Q8-17 Q8-18 Q8-19 Q8-20 Q8-21 Q8-22 Q8-23 Q8-24 Q8-25 Q8-26 Q8-27 Q8-28 Q8-29 Q8-30 Q8-31 Q8-32

Q11-1 Q11-2 Q11-3 Q11-4 Q11-5 Q11-6 Q11-7 Q11-8 Q11-9 Q11-10 Q11-11 Q11-12 Q11-13 Q11-14 Q11-15 Q11-16 Q11-17 Q11-18 Q11-19 Q11-20 Q11-21 Q11-22 Q11-23 Q11-24 Q11-25 Q11-26 Q11-27 Q11-28 Q11-29 Q11-30 Q11-31 Q11-32

C8-4 C8-5 Q10-1 Q10-2 Q10-3 Q10-4 Q10-5 Q10-6 Q10-7 Q10-8 Q10-9 Q10-10 Q10-11 Q10-12 Q10-13 Q10-14 Q10-15 Q10-16 Q10-17 Q10-18 Q10-19 Q10-20 Q10-21 Q10-22 Q10-23 Q10-24 Q10-25 Q10-26 Q10-27 E10-1 E10-2 E10-3

C11-4 C11-5 Q11-33 Q11-34 Q11-35 Q11-36 Q11-37 Q11-38 Q11-39 Q11-40 Q11-41 Q11-42 Q11-43 Q11-44 Q11-45 Q11-46 Q11-47 Q11-48 Q11-49 Q11-50 Q11-51 Q11-52 Q11-53 Q11-54 Q11-55 Q11-56 Q11-57 Q11-58 Q11-59 E11-5 E11-6 E11-7

Instructor's Solutions Manual

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E8-1 E8-2 E8-3 E8-4 P8-1 P8-2 P8-3 P8-4 P8-5 P8-6 C8-1 C8-2 C8-3

E11-1 E11-2 E11-3 E11-4 P11-1 P11-2 P11-3 P11-4 P11-5 P11-6 C11-1 C11-2 C11-3

E10-4 E10-5 P10-1 P10-2 P10-3 P10-4 P10-5 P10-6 P10-7 P10-8 P10-9 C10-1 C10-2 C10-3

E11-8 E11-9 P11-7 P11-8 P11-9 P11-10 P11-11 P11-12 P11-13 P11-14 P11-15 C11-6 C11-7 C11-8

Chapter 12
6th 7th 6th 7th

Q13-1 Q13-2 Q13-3 Q13-4 Q13-5 Q13-6 Q13-7 Q13-8 Q13-9 Q13-10 Q13-11 Q13-12 Q13-13 Q13-14 Q13-15 Q13-16 Q13-17 Q13-18 Q13-19 Q13-20 Q13-21 Q13-22

Q2-56 Q2-57 Q12-1 Q12-2 Q2-59 Q2-60 Q2-61 Q2-62 Q12-3 Q12-4 Q12-5 Q12-6 Q12-7 Q12-8 Q12-9 Q12-10 Q12-11 Q12-12 Q12-13 Q12-14 Q12-15

Q13-23 Q13-24 Q13-25 Q13-26 Q13-27 Q13-28 Q13-29 Q13-30 E13-1 E13-2 E13-3 E13-4 E13-5 P13-1 P13-2 P13-3 P13-4 P13-5 P13-6 C13-1 C13-2 C13-3 C13-4

Q12-16 Q12-17 Q12-18 Q12-19 Q12-20 Q12-21 Q12-22 Q12-23 E12-1 E12-2 E12-3 E12-4 E12-5 P12-1 P12-2 P12-3 P12-4 P12-5 P12-6 C12-1 C12-2 C12-3 C12-4

Chapter CC
6th 7th 6th 7th

Q CC-1 Q CC-2 Q CC-3 Q CC-4 Q CC-5 E CC-1

Q CC-2 Q CC-3 Q CC-1 Q CC-5 Q CC-4 E CC-2

E CC-2 P CC-1 P CC-2 P CC-3 C CC-1 C CC-2 C CC-3

E CC-1 P CC-2 P CC-3 P CC-1 C CC-1 C CC-2 C CC-3

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