Arctic Cat and Polaris are the leaders in their field. Arctic Cat and Polaris produce all sorts of outdoor-sport all terrain vehicles. Team B will outline what these companies produce, when they were established, who audits their financial statements, and which FASB position is most relevant to each company. Additionally, in this paper, Team B will compare both companies for their financial and ethical soundness by examining the companies financial and income statements.
Polaris is a billion dollar manufacturer of snowmobiles, all-terrain vehicles, motorcycles, and the Polaris Ranger. Polaris was started in 1954, and the first snowmobile was built in December of 1955. The snowmobile provided mobility on snow-covered land. Farmers and utility workers were able to finally reach areas that were inaccessible in the winter. Before the snowmobile, Polaris only manufactured farm equipment. (Tiller, 2006).
Arctic Cat has been making snowmobiles for over 40 years. Their headquarters is based in Thief River Falls, Minnesota and they manufacture all-terrain vehicles and snowmobiles.
Through a network of independent dealers throughout the US and Canada, Arctic Car markets it products. (Arctic Cat, retrieved 12/09/06).
Both Arctic cat and Polaris prepare their own financial statements using a 10-K form, by using Edgar Online services, which are then audited by independent auditors. Arctic Cat was audited by Grant Thornton LLP in 6/13/2005. (ERDGAR Online Inc, 2006). Polaris was audited by Ernst & Young LLP in 3/1/2006, after preparing their financial statements. (EDGAR Online Inc, 2006). Both companies were certified to have ethical account practices.
The financial statements from the 10-K form are the Consolidated Balance Sheets, Consolidated Statements of Earnings, Consolidated Statements of Shareholder's Equity, and Consolidated Statements of Cash Flows. The Consolidated Balance Sheets for Arctic Cat show an increase in total current assets from March 2005 to March 2006, with...