You should answer all of the questions listed below as they relate to the financial statements...

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Accounting

You should answer all of the questions listed below as theyrelate to the financial statements of any U.S. public company ofyour choice in its latest annual report. Please use the Securitiesand Exchange Commission web site as your primary source forfinancial statements. All publicly traded U S companies have theirannual reports called the 10-K available through the Securities andExchange Commission web site. http://www.sec.gov/
COMPANY: Delta Airlines Inc. (DAL)
Instructions for use of the site are as follows: About half waydown the home page is a box titled Search EDGAR, free access toover 21 million filings. Enter the company name [(DeltaAirlines Inc. (DAL)] or ticker symbol. That brings up apage called EDGAR Search Results. In the line "filter results"enter "10-K" in filing type and hit search. That will bring uprecent company annual reports. Note: You have a choice of"Documents" or "Interactive Data." Both contain all theinformation. "Interactive Data" uses Excel and provides the bestaccess to information for questions 1, 2, and 3. "Documents"provides information that is easy to read for questions 4 through8. After you click on Documents, click on the red letters andnumbers to the right of the "10-K" heading.
Also, you can find the financial statements of any U.S. publiccompany by visiting Morningstar, Yahoo Finance or MSN Money, andusing the stock market symbol for your chosen company (which can belooked up on Morningstar, Yahoo Finance or MSN Money). Please beaware that sometimes these services omit some numbers in order tofit their preferred formats. Many companies have links to theAnnual Report as filed with the SEC. It can be found on theInvestor relations page of the company web site.
1) What 3 items of important information does the incomestatement reveal about the financial
performance of the company over the last three years?
2) What 3 items of important information does the balance sheetreveal about the financial position of
the company over the last two years?
3) Can you identify the major sources of funding used by thecompany from the information presented in the company's annualreport? Please look at the Statement of Cash Flows, formerly calledthe Source and Uses of Funds Statement.
4) Who is responsible for:
-the issuance, and
-the content
of the company financial statements? (Note: this information maybe difficult to find. Look for statements by management and theindependent auditing firm.)
5) What assurance, if any, is there that the financialstatements are in compliance with GAAP, and are free of materialmisstatements?
6) Of what use, if any, are the notes to the financialstatements? Give an example of something learned from the footnotesof your company.
7) What can you learn from the Business Section of the 10-K?Give two facts learn from reading this section.
8) What can you learn from the Management Discussion andAnalysis of Financial Condition and Results of Operations(MD&A)? Give two facts learned from reading this section.

Answer & Explanation Solved by verified expert

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Hey there in this question we have to download the finacial statemetns of the given compnay Delta Airlines Inc from the SEC Website and then answer the questions based on its financial statements Now i have downloaded the same and i will also try to add those extracts in the solution belpow however it is advisable that you download the same too and then answer OKay Let us start now 1 What 3 items of important information does the income statement reveal about the financialperformance of the company over the last three years The first thing that income statement reveals and is important is 1 Operational Revenue I it is a financial See Answer

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You should answer all of the questions listed below as theyrelate to the financial statements of any U.S. public company ofyour choice in its latest annual report. Please use the Securitiesand Exchange Commission web site as your primary source forfinancial statements. All publicly traded U S companies have theirannual reports called the 10-K available through the Securities andExchange Commission web site. http://www.sec.gov/COMPANY: Delta Airlines Inc. (DAL)Instructions for use of the site are as follows: About half waydown the home page is a box titled Search EDGAR, free access toover 21 million filings. Enter the company name [(DeltaAirlines Inc. (DAL)] or ticker symbol. That brings up apage called EDGAR Search Results. In the line "filter results"enter "10-K" in filing type and hit search. That will bring uprecent company annual reports. Note: You have a choice of"Documents" or "Interactive Data." Both contain all theinformation. "Interactive Data" uses Excel and provides the bestaccess to information for questions 1, 2, and 3. "Documents"provides information that is easy to read for questions 4 through8. After you click on Documents, click on the red letters andnumbers to the right of the "10-K" heading.Also, you can find the financial statements of any U.S. publiccompany by visiting Morningstar, Yahoo Finance or MSN Money, andusing the stock market symbol for your chosen company (which can belooked up on Morningstar, Yahoo Finance or MSN Money). Please beaware that sometimes these services omit some numbers in order tofit their preferred formats. Many companies have links to theAnnual Report as filed with the SEC. It can be found on theInvestor relations page of the company web site.1) What 3 items of important information does the incomestatement reveal about the financialperformance of the company over the last three years?2) What 3 items of important information does the balance sheetreveal about the financial position ofthe company over the last two years?3) Can you identify the major sources of funding used by thecompany from the information presented in the company's annualreport? Please look at the Statement of Cash Flows, formerly calledthe Source and Uses of Funds Statement.4) Who is responsible for:-the issuance, and-the contentof the company financial statements? (Note: this information maybe difficult to find. Look for statements by management and theindependent auditing firm.)5) What assurance, if any, is there that the financialstatements are in compliance with GAAP, and are free of materialmisstatements?6) Of what use, if any, are the notes to the financialstatements? Give an example of something learned from the footnotesof your company.7) What can you learn from the Business Section of the 10-K?Give two facts learn from reading this section.8) What can you learn from the Management Discussion andAnalysis of Financial Condition and Results of Operations(MD&A)? Give two facts learned from reading this section.