1Z0-931 Autonomous Database

ACCT 5131

Collected Homework Assignment #1

Summer 2018

See the Course Schedule in the syllabus for the due date.  Put your answer underneath each question.  You may either type your answers in a Word file or write them neatly.  However, to receive credit, your writing must be readable and your work must be easy to follow. 

Retrieve the Form 10-K for Papa John’s International for the year ending December 25, 2016.  Papa John’s Form 10-K can be accessed through the SEC EDGAR database at http://www.sec.gov/edgar/searchedgar/webusers.htm.  The UHCL library subscribes to the SEC EDGAR database.

Hints: You will need to search the financial statement footnotes to find some of the information. Also, the financial statements are in thousands, except for per share amounts.  Furthermore, you will not need the information before page 48 in Papa John’s Form 10-K.

1. As of December 25, 2016, what is Papa John’s allowance for doubtful accounts on its accounts receivable? On its notes receivable?

Accounts receivable: $59,586

Notes receivable: $3,417

2. What are Papa John’s deferred income tax assets at December 25, 2016?

769

3. Did Papa John’s current assets increase or decrease for 2016? By how much?

Decreased by 7,015

4. What inventory valuation method(s) (FIFO, LIFO, average cost, specific identification) does Papa John’s use?

FIFO

5. What are the estimated useful lives that Papa John’s uses to depreciate its property and equipment? List the type of property and equipment and its estimated useful life.

Depreciation is recorded using the straight-line method over the estimated useful lives of the assets (generally five to ten years for restaurant, commissary and other equipment, 20 to 40 years for buildings and improvements, and five years for technology and communication assets). Leasehold improvements are amortized over the terms of the respective leases, including the first renewal period (generally five to ten years).

6. As of December 25, 2016, what are Papa John’s future expected gross lease costs for each of the following time periods: 2017, 2018, 2019, 2020, 2021, and thereafter?

2017: $40,978

2018: $37,135

2019: $ 30,415

2020: $22,497

2021: $16,424

Thereafter: $54,413

7. List the individual items and corresponding amounts that are included in Papa John’s Other Long-Term Liabilities at December 25, 2016.

Deferred compensation plan: $22,047

Insurance reserves: $18,450

Accrued rent: $6,337

Other: $6,259

Total: $53,093

8. How many shares of stock are a part of Papa John’s Treasury Stock at December 25, 2016?

7,383 shares

9. What are Papa Johns’ taxes payable at December 25, 2016?

8,540

10. Was the auditor’s opinion on Papa John’s financial statements unqualified, qualified, adverse, or a disclaimer?

Unqualified