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Week 6 Project Essay

1735 words - 7 pages

Snyder’s-Lance is a snack manufacturing company that has recently acquired new companies to grow their brand of product. They produce pretzels, chips, crackers and a wide variety of other snacks.
Snyder’s Lance auditing firm is KPMG LLP independent auditing firm. They provide a clean opinion on the financial statements. They are objective supporting their findings with evidence. The company grew over 50% from 2011. During 2012 Snyder’s-Lance acquired Snack Factory LLC for $343.4 million dollars. A rapidly growing Pretzel Crisps brand. “The results of Snack Factory's operations since the acquisition date are included in the Company’s consolidated financial statements as of and for ...view middle of the document...

The completion of the conversion to an IBO distribution structure also reduced net revenue by approximately $53 million compared to 2011. 2011 net revenue is not comparable to prior years as a result of the Merger and the conversion to an IBO distribution structure. Additionally, 2011 net revenue included approximately $8 million from the Greer acquisition in August 2011. 2010 net revenue included approximately $49 million as a result of the Merger with Snyder’s in December 2010 and approximately $18 million from the acquisition of Stella D’oro in October 2009. In addition, 2010 was a 53-week year. There was approximately $11 million of incremental net revenue related to the additional week. 2009 net revenue included approximately $27 million from both Archway (acquired in December 2008) and Stella D’oro. 2008 net revenue included approximately $15 million from Brent & Sam’s (acquired in March 2008). 2012 pre-tax income was significantly impacted by approximately $6 million in severance costs and professional fees, approximately $12 million in impairment charges and approximately $22 million in gains on the sale of route businesses.” Net income for Snyder’s-Lance has continuously increased in prior years. In 2010 there was an increase but not at large as previous years and that is because of the merger with Lance. Snyder’s-Lance has comprehensive income from Foreign currency translation adjustment. Snyder’s-Lance uses the indirect method for cash flow because they start with their net income of $59,510,000. Cash decreased in 2010 and 2011 due to acquiring new companies. Business acquisitions and purchase of fixed assets.
1. What is the amount of property and equipment on the balance sheet for the two most recent years? What is the amount of depreciation expense? What amounts are on the cash flow statement for the most recent year that relate to depreciation, gains and sales of property and equipment, and purchases and sale of property of equipment? What amounts are permitted for inclusion in the capitalized cost of property and equipment?
2013 2012
Property, Plant & Equipment, Gross 349.26M 665.23M
Accumulated Depreciation & Depletion - 333.85M
Sale of Property, Plant & Equipment 9.45M 9.32M
Purchases of Property, Plant & Equipment -74.58M -80.30M
2. Looking at the footnote disclosures of the company, what are the individual components of property and equipment? For example, what are the amounts for land, building, equipment, accumulated depreciation, and so forth? How do companies account for nonmonetary exchange and dispositions of property and equipment?
“Depreciation of fixed assets is computed using the straight-line method over the estimated useful lives of the assets. The estimated useful lives used in computing depreciation are based on estimates of the period over which the assets will provide economic...

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