CWRU The Liquidity Ratio Measures & the Total Quick Assets Memorandum: Accounting Answers 2021

CWRU The Liquidity Ratio Measures & the Total Quick Assets Memorandum: Accounting Answers 2021

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CWRU The Liquidity Ratio Measures & the Total Quick Assets Memorandum

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2019
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-K
? ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2019
or
? TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from
to
Commission File Number 1-2256
Exxon Mobil Corporation
(Exact name of registrant as specified in its charter)
New Jersey
13-5409005
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification Number)
5959 Las Colinas Boulevard, Irving, Texas 75039-2298
(Address of principal executive offices) (Zip Code)
(972) 940-6000
(Registrant?s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class
Name of Each Exchange
on Which Registered
Trading Symbol
Common Stock, without par value
XOM
New York Stock Exchange
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.
Yes
? No ?
Yes
? No ?
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days. Yes ? No ?
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted
pursuant to Rule 405 of Regulation S-T (? 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit and post such files). Yes ? No ?
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
company, or an emerging growth company. See the definitions of ?large accelerated filer,? ?accelerated filer,? ?smaller reporting company,? and
?emerging growth company? in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Non-accelerated filer
?
?
Accelerated filer
Smaller reporting company
Emerging growth company
?
?
??
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ??
Indicate by check mark whether the registrant is a shell company (as defined by Rule 12b-2 of the Act).
Yes
? No ?
The aggregate market value of the voting stock held by non-affiliates of the registrant on June 28, 2019, the last business day of the registrant?s
most recently completed second fiscal quarter, based on the closing price on that date of $76.63 on the New York Stock Exchange composite tape,
was in excess of $324 billion.
Class
Common stock, without par value
Outstanding as of January 31, 2020
4,232,190,744
Documents Incorporated by Reference: Proxy Statement for the 2020 Annual Meeting of Shareholders (Part III)
EXXON MOBIL CORPORATION
FORM 10-K
FOR THE FISCAL YEAR ENDED DECEMBER 31, 2019
TABLE OF CONTENTS
PART I
Item 1. Business
Item 1A. Risk Factors
Item 1B. Unresolved Staff Comments
Item 2. Properties
Item 3. Legal Proceedings
Item 4. Mine Safety Disclosures
Information about our Executive Officers
1
2
5
6
27
27
28
PART II
Item 5. Market for Registrant?s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Item 6. Selected Financial Data
Item 7. Management?s Discussion and Analysis of Financial Condition and Results of Operations
Item 7A. Quantitative and Qualitative Disclosures About Market Risk
Item 8. Financial Statements and Supplementary Data
Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure
Item 9A. Controls and Procedures
Item 9B. Other Information
31
31
31
31
32
32
32
32
PART III
Item 10.
Item 11.
Item 12.
Item 13.
Item 14.
Directors, Executive Officers and Corporate Governance
Executive Compensation
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
Certain Relationships and Related Transactions, and Director Independence
Principal Accounting Fees and Services
33
33
33
34
34
PART IV
Item 15. Exhibits, Financial Statement Schedules
Item 16. Form 10-K Summary
Financial Section
Index to Exhibits
Signatures
Exhibits 31 and 32 ? Certifications
34
34
35
126
127
PART I
ITEM 1.
BUSINESS
Exxon Mobil Corporation was incorporated in the State of New Jersey in 1882. Divisions and affiliated companies of ExxonMobil
operate or market products in the United States and most other countries of the world. Their principal business involves exploration
for, and production of, crude oil and natural gas and manufacture, trade, transport and sale of crude oil, natural gas, petroleum
products, petrochemicals and a wide variety of specialty products. Affiliates of ExxonMobil conduct extensive research programs
in support of these businesses.
Exxon Mobil Corporation has several divisions and hundreds of affiliates, many with names that include ExxonMobil, Exxon, Esso,
Mobil or XTO. For convenience and simplicity, in this report the terms ExxonMobil, Exxon, Esso, Mobil and XTO, as well as terms
like Corporation, Company, our, we and its, are sometimes used as abbreviated references to specific affiliates or groups of
affiliates. The precise meaning depends on the context in question.
The energy and petrochemical industries are highly competitive. There is competition within the industries and also with other
industries in supplying the energy, fuel and chemical needs of both industrial and individual consumers. The Corporation competes
with other firms in the sale or purchase of needed goods and services in many national and international markets and employs all
methods of competition which are lawful and appropriate for such purposes.
Operating data and industry segment information for the Corporation are contained in the Financial Section of this report under the
following: ?Quarterly Information?, ?Note 18: Disclosures about Segments and Related Information? and ?Operating Information?.
Information on oil and gas reserves is contained in the ?Oil and Gas Reserves? part of the ?Supplemental Information on Oil and
Gas Exploration and Production Activities? portion of the Financial Section of this report.
ExxonMobil has a long-standing commitment to the development of proprietary technology. We have a wide array of research
programs designed to meet the needs identified in each of our business segments. ExxonMobil held over 13 thousand active patents
worldwide at the end of 2019. For technology licensed to third parties, revenues totaled approximately $79 million in 2019.
Although technology is an important contributor to the overall operations and results of our Company, the profitability of each
business segment is not dependent on any individual patent, trade secret, trademark, license, franchise or concession.
The number of regular employees was 74.9 thousand, 71.0 thousand, and 69.6 thousand at years ended 2019, 2018, and 2017,
respectively. Regular employees are defined as active executive, management, professional, technical and wage employees who
work full time or part time for the Corporation and are covered by the Corporation?s benefit plans and programs.
Throughout ExxonMobil?s businesses, new and ongoing measures are taken to prevent and minimize the impact of our operations
on air, water and ground. These include a significant investment in refining infrastructure and technology to manufacture clean
fuels, as well as projects to monitor and reduce nitrogen oxide, sulfur oxide and greenhouse gas emissions, and expenditures for
asset retirement obligations. Using definitions and guidelines established by the American Petroleum Institute, ExxonMobil?s 2019
worldwide environmental expenditures for all such preventative and remediation steps, including ExxonMobil?s share of equity
company expenditures, were $5.2 billion, of which $4.0 billion were included in expenses with the remainder in capital
expenditures. The total cost for such activities is expected to increase to approximately $5.9 billion in 2020 and 2021. Capital
expenditures are expected to account for approximately 35 percent of the total.
Information concerning the source and availability of raw materials used in the Corporation?s business, the extent of seasonality in
the business, the possibility of renegotiation of profits or termination of contracts at the election of governments and risks attendant
to foreign operations may be found in ?Item 1A. Risk Factors? and ?Item 2. Properties? in this report.
ExxonMobil maintains a website at exxonmobil.com. Our annual report on Form 10-K, quarterly reports on Form 10-Q, current
reports on Form 8-K and any amendments to those reports filed or furnished pursuant to Section 13(a) of the Securities Exchange
Act of 1934 are made available through our website as soon as reasonably practical after we electronically file or furnish the reports
to the Securities and Exchange Commission (SEC). Also available on the Corporation?s website are the Company?s Corporate
Governance Guidelines, Code of Ethics and Business Conduct, and additional policies as well as the charters of the audit,
compensation, nominating, and other committees of the Board of Directors. Information on our website is not incorporated into this
report.
The SEC maintains an internet site (https://www.sec.gov) that contains reports, proxy and information statements, and other
information regarding issuers that file electronically with the SEC.
1
ITEM 1A.
RISK FACTORS
ExxonMobil?s financial and operating results are subject to a variety of risks inherent in the global oil, gas, and petrochemical
businesses. Many of these risk factors are not within the Company?s control and could adversely affect our business, our financial
and operating results, or our financial condition. These risk factors include:
Supply and Demand
The oil, gas, and petrochemical businesses are fundamentally commodity businesses. This means ExxonMobil?s operations and
earnings may be significantly affected by changes in oil, gas, and petrochemical prices and by changes in margins on refined
products. Oil, gas, petrochemical, and product prices and margins in turn depend on local, regional, and global events or conditions
that affect supply and demand for the relevant commodity. Any material decline in oil or natural gas prices could have a material
adverse effect on certain of the Company?s operations, especially in the Upstream segment, financial condition, and proved reserves.
On the other hand, a material increase in oil or natural gas prices could have a material adverse effect on certain of the Company?s
operations, especially in the Downstream and Chemical segments.
Economic conditions. The demand for energy and petrochemicals is generally linked closely with broad-based economic activities
and levels of prosperity. The occurrence of recessions or other periods of low or negative economic growth will typically have a
direct adverse impact on our results. Other factors that affect general economic conditions in the world or in a major region, such
as changes in population growth rates, periods of civil unrest, government austerity programs, trade tariffs, security or public health
concerns, or currency exchange rate fluctuations, can also impact the demand for energy and petrochemicals. Sovereign debt
downgrades, defaults, inability to access debt markets due to credit or legal constraints, liquidity crises, the breakup or restructuring
of fiscal, monetary, or political systems such as the European Union, and other events or conditions that impair the functioning of
financial markets and institutions also pose risks to ExxonMobil, including risks to the safety of our financial assets and to the
ability of our partners and customers to fulfill their commitments to ExxonMobil.
Other demand-related factors. Other factors that may affect the demand for oil, gas, and petrochemicals, and therefore impact
our results, include technological improvements in energy efficiency; seasonal weather patterns; increased competitiveness of
alternative energy sources; changes in technology that alter fuel choices, such as technological advances in energy storage that
make wind and solar more competitive for power generation; changes in consumer preferences for our products, including consumer
demand for alternative fueled or electric transportation; and broad-based changes in personal income levels.
Other supply-related factors. Commodity prices and margins also vary depending on a number of factors affecting supply. For
example, increased supply from the development of new oil and gas supply sources and technologies to enhance recovery from
existing sources tend to reduce commodity prices to the extent such supply increases are not offset by commensurate growth in
demand. Similarly, increases in industry refining or petrochemical manufacturing capacity relative to demand tend to reduce
margins on the affected products. World oil, gas, and petrochemical supply levels can also be affected by factors that reduce
available supplies, such as adherence by countries to OPEC production quotas and other agreements among sovereigns, and the
occurrence of wars, hostile actions, natural disasters, disruptions in competitors? operations, logistics constraints or unexpected
unavailability of distribution channels that may disrupt supplies. Technological change can also alter the relative costs for
competitors to find, produce, and refine oil and gas and to manufacture petrochemicals.
Other market factors. ExxonMobil?s business results are also exposed to potential negative impacts due to changes in interest
rates, inflation, currency exchange rates, and other local or regional market conditions.
Government and Political Factors
ExxonMobil?s results can be adversely affected by political or regulatory developments affecting our operations.
Access limitations. A number of countries limit access to their oil and gas resources, or may place resources off-limits from
development altogether. Restrictions on foreign investment in the oil and gas sector tend to increase in times of high commodity
prices, when national governments may have less need of outside sources of private capital. Many countries also restrict the import
or export of certain products based on point of origin.
Restrictions on doing business. ExxonMobil is subject to laws and sanctions imposed by the United States or by other jurisdictions
where we do business that may prohibit ExxonMobil or certain of its affiliates from doing business in certain countries, or restricting
the kind of business that may be conducted. Such restrictions may provide a competitive advantage to competitors who may not be
subject to comparable restrictions.
Lack of legal certainty. Some countries in which we do business lack well-developed legal systems, or have not yet adopted, or
may be unable to maintain, clear regulatory frameworks for oil and gas development. Lack of legal certainty exposes our operations
to increased risk of adverse or unpredictable actions by government officials, and also makes it more difficult for us to enforce our
contracts. In some cases these risks can be partially offset by agreements to arbitrate disputes in an international forum, but the
adequacy of this remedy may still depend on the local legal system to enforce an award.
2
Regulatory and litigation risks. Even in countries with well-developed legal systems where ExxonMobil does business, we remain
exposed to changes in law or interpretation of settled law (including changes that result from international treaties and accords) that
could adversely affect our results, such as:
? increases in taxes, duties, or government royalty rates (including retroactive claims);
? price controls;
? changes in environmental regulations or other laws that increase our cost of compliance or reduce or delay available
business opportunities (including changes in laws related to offshore drilling operations, water use, methane emissions,
hydraulic fracturing or use of plastics);
? adoption of regulations mandating efficiency standards, the use of alternative fuels or uncompetitive fuel components;
? adoption of government payment transparency regulations that could require us to disclose competitively sensitive
commercial information, or that could cause us to violate the non-disclosure laws of other countries; and
? government actions to cancel contracts, re-denominate the official currency, renounce or default on obligations, renegotiate
terms unilaterally, or expropriate assets.
Legal remedies available to compensate us for expropriation or other takings may be inadequate.
We also may be adversely affected by the outcome of litigation, especially in countries such as the United States in which very
large and unpredictable punitive damage awards may occur; by government enforcement proceedings alleging non-compliance
with applicable laws or regulations; or by state and local government actors as well as private plaintiffs acting in parallel that attempt
to use the legal system to promote public policy agendas, gain political notoriety, or obtain monetary awards from the Company.
Security concerns. Successful operation of particular facilities or projects may be disrupted by civil unrest, acts of sabotage or
terrorism, cybersecurity attacks, and other local security concerns. Such concerns may require us to incur greater costs for security
or to shut down operations for a period of time.
Climate change and greenhouse gas restrictions. Due to concern over the risks of climate change, a number of countries have
adopted, or are considering the adoption of, regulatory frameworks to reduce greenhouse gas emissions. These include adoption of
cap and trade regimes, carbon taxes, minimum renewable usage requirements, restrictive permitting, increased efficiency standards,
and incentives or mandates for renewable energy. Such policies could make our products more expensive, less competitive, lengthen
project implementation times, and reduce demand for hydrocarbons, as well as shift hydrocarbon demand toward relatively lowercarbon sources such as natural gas. Current and pending greenhouse gas regulations or policies may also increase our compliance
costs, such as for monitoring or sequestering emissions.
Alternative energy. Many governments are providing tax advantages and other subsidies to support transitioning to alternative
energy sources or are mandating the use of specific fuels or technologies. Governments and others are also promoting research into
new technologies to reduce the cost and increase the scalability of alternative energy sources. We are conducting our own research
both in-house and by working with more than 80 leading universities around the world, including the Massachusetts Institute of
Technology, Princeton University, The University of Texas, and Stanford University. Our research projects focus on developing
algae-based biofuels, carbon capture and storage, breakthrough energy efficiency processes, advanced energy-saving materials, and
other technologies. For example, ExxonMobil is launching an innovative relationship with the U.S. Department of Energy?s
National Laboratory network to bring low-emission energy breakthroughs to commercial scale. Our future results may depend in
part on the success ?

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