10-k: Elaborate on your responses, ask and answer additional questions that derive from the basic question being asked. The objective for reviewing financial statements is to be able to make some judgment about how well the company is being managed. Is the company acting in a manner to achieve its stated objectives?

Income Statement: Numbers look fine. Isn’t excel great for crunching numbers?

Why do you thing the course designers chose to ask Q1? Are there more significant changes you might have considered? Q2: does the write off of goodwill suggest management made a back acquisition decision? Q3: can you tell what Choice did with their tax “windfall”?

Q5: Use numbers in your comments.

Try to ask and answer additional questions that derive from those that are specifically asked.

Balance Sheet: Q1: what benefit is the franchisor likely to realize from the loans to franchisees? Are the loans consistent with Choice’s goal of returning value to shareholders?

Q3: Your number is incorrect. Add CS at par + Additional Paid In Capital + Accumulated Other Comprehensive Income + Retained Earnings. How is this information useful?

Q4: To understand trends both the dollar amount and the percentage change are important. You pointed to plant and equipment and retained earnings. How are these accounts critical to Choice and to its expectations for returning value to shareholders? Use the numbers in your commentary.

SCF: Q1: did Choice compromise its financial integrity with this acquisition? Cash balance took a substantial hit and more money was borrowed to finance the acquisition.

Q2: You might want to consider the advisability of the stock repurchase plan in light of the goals of the business; does this plan put the business at risk? What do you make of the negative equity balance?

Ratio Analysis: Q2: The market capitalization is the current value. What was it at the end of 2018? Total Debt has three things: Current portion of LT debt + LT debt + LT portion. All found on the 2018 balance sheet.

The other ratios are computed correctly. Add commentary explaining what these ratios mean in general and what they mean for Choice.

Remember to elaborate. Explore questions that extend beyond the basic questions being asked to demonstrate critical thinking and mastery of the material.

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