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Reformulation

Reformulation. Costco Zhengyan (Aileen) Huang. Step 1: Data. Get data from 2013 10-k and 2012 10-k Make sure 2012 data is the same. A Minor difference. 2013 10-k. 2012 10-k. Step 2: Net Enterprise Assets. Cash

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Reformulation

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  1. Reformulation Costco Zhengyan (Aileen) Huang

  2. Step 1: Data • Get data from 2013 10-k and 2012 10-k • Make sure 2012 data is the same

  3. A Minor difference 2013 10-k 2012 10-k

  4. Step 2: Net Enterprise Assets

  5. Cash • A greater percentage of inventory is financed through payment terms rather by working capital • 1.5% of sales • Receivables • Receivables from governmental entities, tax-related items: $228m • Leave it as enterprise assets • Merchandise inventories • Deferred income taxes • Capital lease • Assets recorded under capital leases: $201m, $187m and $170m • Leave it as enterprise assets • Other assets • Receivables from governmental entities: $128m, $225m and $216 • Incl. amount deposited with taxing authorities  excess cash

  6. Accounts payable • Accrued salaries and benefits • Accrued member rewards • Accrued sales and other taxes • Deferred membership fees • Other current liabilities • Insurance liabilities • Classified based on nature • Wholly owned captive insurance subsidiary • Compensation, property damage and health care benefits Operation related

  7. No preferred stock issued • Noncontrolling interest NFL

  8. Step 3: Enterprise Profitability after Tax

  9. Revenue, operating expenses  operating income • Other income (expenses) • Allocation of income tax • Effective tax rate • Foreign-currency translation gains • Forward foreign-exchange contracts • Primarily related to merchandise inventory expenditures • No speculative transactions • Included in EPAT

  10. Foreign-currency translation adjustment • Global operation • No passive investment income (expenses) noted

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