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Financial Notes

In: Business and Management

Submitted By jarmar09
Words 1264
Pages 6
Table of Contents
Note 1 2
Significant Accounting Policies 2
1. Principles of Consolidation 2
2. Use of estimates 2
3. Pre-Opening Costs 2
4. Advertising Costs 2
5. Long-Term assets 2
6. Self-insurance reserves 3
7. Income taxes 3
8. Operating, Selling, General and Administrative Expenses 3
9. Cost of sales 3
10. Payments from suppliers 3
Note 2 4
Inventory - 4
Note 3 4
Property, Plant, Equipment - 4
Note 4 4
Contingencies and Liabilities - 4
Note 5 4
Mergers and Acquisitions – 4
Note 6 5
Lease Obligations - 5
Note 7 5
Earnings Per Share – 5
Note 8 5
Change in accounting principles- 5
Note 9 5
Long-term debt- 5
Note 10 6
Employee Pension Obligations- 6

Note 1

Significant Accounting Policies

1. Principles of Consolidation
The Consolidated Financial Statements contain the reports of the company and all of its subsidiaries for the fiscal years ending January 31 of 2014 and 2013. All matters with intercompany accounts and contracts have been excluded in consolidation. Matters in unconsolidated partners, which are less than 50% owned do not reach consolidation requirements.
2. Use of estimates
The Consolidated Financial Statements have been arranged within the confines of U.S. GAAP. Those principles necessitate our administration team to make predictions impacting the stated quantities on the balance sheet. Actual results may vary from predictions of administration team.

3. Pre-Opening Costs
The expense of start-up endeavors, containing organizational costs, associated with store openings, remodeling, relocating, and expansions. These costs are expensed in the operating, selling, and general expenses in the Income Statements.

4. Advertising Costs
Advertising Cost is expensed as incurred and was $2.5 billion for fiscal 2014. These expenses are primarily made up of print, television and digital ads and are…...

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