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ACCT 5131 Collected Assignment 1

ACCT 5131

Collected Homework Assignment #1

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 Hess Corporation for the year ending December 31, 2017.  Hess’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 millions, except for share and per share amounts.  If a number is in millions, please indicate this by writing out the full number or writing ‘(in millions)’.  Furthermore, you will not need the information before page 46 in Hess’s Form 10-K.

  1. As of December 31, 2017, what amount of Hess’s property, plant, and equipment (at cost) is related to exploration and production? Pg 59

Exploration and Production (in millions):

Unproved properties $520

Proved properties $3,162

Wells, equipment and related facilities $25,550

Total-$29,232

Property, Plant and Equipment

Total – at cost $32,504

Total exploration and production/total property, plant and equipment

29,232/32,504=0.89933547 = 89.9%

  1. What is Hess’s Goodwill at December 31, 2017? Pg 48

$360 (in millions)

  1. Did Hess’s current assets increase or decrease for 2017? By how much? Pg 48

(in millions)

Increased from $4,276 (2016) to $6,157 (2017) = $1,881 increase

  1. What inventory valuation method(s) (FIFO, LIFO, average cost, specific identification) does Hess use? Pg 55

Inventories are valued at the lower of cost or market, cost is generally determined using average actual costs

           

  1. What methods does Hess use to record depreciation and depletion? Pg 54

      Units of production method over proved oil and gas reserves for proved properties

      Units of production method over proved developed oil and gas reserves for oil and gas            production facilities and wells

      Straight-line method based on estimated useful lives for all other plant and equipment

  1. Hess’s Asset Retirement Obligation is based on its obligation to do what? Pg 55

To remove and dismantle long-lived assets and to restore land or the seabed at certain E&P locations

  1. For December 31, 2017, what is the current portion (due within one year) of Hess’s long-term debt? What is the long-term portion (due after one year) of Hess’s long-term debt?

Pg 48/62

            Current maturities of long-term debt $580 (in millions)

            Long-term debt $6,397 (in millions)

     

  1. How many shares of Common Stock has Hess issued at December 31, 2017? Pg 48

315,053,615 shares

  1. What is Hess’s accounts payable at December 31, 2017? Pg 48

$435 (in millions)

  1. Was the auditor’s opinion on Hess’s financial statements unqualified, qualified, adverse, or a disclaimer? Pg 47

Unqualified opinion

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