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Financial Statements

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Easton Real Estate Case

Introduction: Sam Easton a fondé et dirige une agence immobilière à Dallas et a sous ses ordres 8 agents immobiliers. Le contexte est celui d’un secteur immobilier en crise : baisse de la demande et augmentation de l’offre donc de grandes difficultés pour les agents immobiliers à conclure des ventes. Easton Realty Company est accusée d'avoir sous-évalué deux biens immobiliers afin de les vendre plus rapidement, à la suite de la parution dans un journal local de statistiques sur les prix moyens dans la région. Cela a fait penser à ces deux clients que leurs maisons ont été vendues à un prix trop faible par Easton. La première maison se situe à Fort Worth, est âgée de 9 ans, a une superficie de 1848m² et a été vendue à $79 500. La seconde maison se situe à Arlington, est âgée de 4 ans, a une superficie de 2 190m² et a été vendue à $88 500. Nous allons donc déterminer si l’agence a bel et bien sous-évalué le prix de ces deux maisons par rapport à leurs concurrents et par rapport au prix du marché. En effet, Sam a obtenu des données statistiques sur les ventes de biens immobiliers des quatre derniers mois, en fonction des 3 secteurs (Arlington, Fort Worth et Dallas), du prix de vente, de la surface, du nombre de chambres, de l’ancienneté du logement et de l’agence qui a réalisé la vente.
Il s’agit donc de créer de nouvelles statistiques lui permettant de prouver que ces deux ventes n’ont pas été sous-évaluées par ses agents.

Problématique :
Les données fournies par McCloskey vont nous permettre à travers différentes analyses de comprendre les variables explicatives du prix de vente des logements lors de ces quatre derniers mois. Il faut donc montrer que le prix de vente ne représente pas un écart significatif par rapport au prix de logements comparables vendus par des agences concurrentes.
Par conséquent, nous allons expliquer les différences de prix observés par une analyse statistique.
Il s’agit d’évaluer l’influence de chaque variable (âge, superficie, nombre de chambres, région, agence de vente) sur le prix de vente des maisons.

I/ Analyse exploratoire univariée

A. Etude du prix

Statistiques | Prix | Nombre d’observations | 518 | Minimum | 51800,00 | Maximum | 14910,00 | Effectif du min | 1 | Effectif du max | 1 | Amplitude | 97300,00 | 1er Quartile | 79900,00 | Médiane | 92100,00 | 3ème Quartile | 105475,00 | Moyenne | 93455,02 | Variance n | 321988343,53 | Variance n-1 | 322611144,97 | Ecart type n | 17944,03 | Ecart type n-1 | 17961,3793 |

Interprétation :
Il n’y a qu’un seul point en dehors du « box plot », celui de coordonnées 149 100.
La moyenne que l’on trouve ($93 455) est bien en dessous de celle indiquée par le journal qui était de $104 250. Cela remet en cause les statistiques du journal et donc par conséquent les plaintes des deux clients. Selon le box, la majorité des biens immobiliers ont été vendus entre $80 000 et $105 000.
Enfin, l'histogramme suivant a été obtenu toujours à l'aide du logiciel XLStats:

Interprétation :
La médiane, de $92 100 est très proche de la moyenne, ce qui signifie que les prix sont répartis de façon homogène autour de cette moyenne. Malgré tout, on observe une dispersion élevée autour de cette moyenne avec un écart type de $17 944.
La pertinence de la moyenne des prix est donc à relativiser.

B. Etude de la superficie

Statistiques | Surface | Nombre d’observations | 518 | Minimum | 1067,00 | Maximum | 2872,00 | Effectif du min | 1 | Effectif du max | 1 | Amplitude | 1805,00 | 1er Quartile | 1638,00 | Médiane | 1821,50 | 3ème Quartile | 2091,75 | Moyenne | 1870,07 | Variance n | 114817,16 | Variance n-1 | 115039,24 | Ecart type n | 338,85 | Ecart type n-1 | 339,17 |

Interprétation :
On observe un point en dehors du box plot: celui de coordonnées 2872 m².
La surface moyenne obtenue (1870 m2) est assez proche de celle publiée par le journal et on observe également que la plupart des biens vendus se situent entre 1600 et 2000 m².

C. Etude des agences

Echantillon | Effectif par agence | Fréquence par agences (%) | Autres agences | 469,0000 | 90,5405 | Easton | 49,0000 | 9,4595 |

Interprétation :
L’agence Easton Realty ne représente que 9% du marché immobilier de la région en volume. Il s'agira donc de comparer les prix d'Easton par rapport aux autres agences de la région.

D. Etude de l’âge de la maison

Age | Effectif par modalité | Fréquence par modalité (%) | Fréquence cumulée | 1 | 2 | 0,39% | 0,39% | 2 | 18 | 3,47% | 3,86% | 3 | 28 | 5,41% | 9,27% | 4 | 71 | 13,71% | 22,97% | 5 | 76 | 14,67% | 37,64% | 6 | 99 | 19,11% | 56,76% | 7 | 84 | 16,22% | 72,97% | 8 | 69 | 13,32% | 86,29% | 9 | 44 | 8,49% | 94,79% | 10 | 17 | 3,28% | 98,07% | 11 | 8 | 1,54% | 99,61% | 12 | 1 | 0,19% | 99,81% | 13 | 1 | 0,19% | 100,00% |

Interprétation :
On observe d'abord que la grande majorité (77,03%) des biens a entre 4 et 8 ans. L’âge moyen des biens est de 6,2 ans. La première maison, âgée de 9 ans, ne se situe donc pas dans la moyenne d’âge des maisons vendues ; la deuxième maison paraît jeune (4 ans) par rapport aux autres.

E. Etude de la répartition géographique

Interprétation :
Presque la moitié des biens vendus l’ont été à Dallas. Ces informations ne sont pas suffisantes car nous savons que le bien du 1er client se situe à Fort Worth et celui du 2nd à Arlington.

F. Etude du nombre de chambres

Echantillon | Modalité | Effectif par modalité | Fréquence par modalité (%) | bedrooms | 2 | 82,0000 | 15,8301 | | 3 | 309,0000 | 59,6525 | | 4 | 127,0000 | 24,5174 |

Interprétation :
La majorité des biens immobiliers vendus contient trois chambres, de même que les maisons des deux plaignants. Cependant on ne possède pas d’informations sur cette variable dans l’étude publiée dans le journal : cela fragilise encore plus la pertinence des deux plaintes.

G. Etude du mois de vente

Echantillon | Effectif par mois | Fréquence par modalité (%) | March | 140 | 27,0270 | April | 131 | 25,2896 | May | 127 | 24,5174 | June | 120 | 23,1660 |

Interprétation :
On ne constate pas d’écart criant entre les différents mois de vente. On constate cependant un nombre de ventes très bas au mois de juin. On ne peut rien conclure pour l’instant car on ne dispose pas d’information sur les prix pratiqués durant ce mois.

Conclusion générale :
Les analyses univariées nous ont permis d’étudier les données des quatre derniers mois de vente en détaillant l’influence de chaque variable explicative sur les ventes des agences de la région Dallas-Fort Worth. On a déjà pu émettre des conclusions sur les deux plaintes.
Cependant, il ne faut pas oublier que les ventes réalisées par Easton ne représentent que 9% des ventes totales (contre 91% pour les autres agences): le peu de données que nous avons sur les ventes d’Easton nous invite donc à relativiser les écarts à la moyenne que nous pourrions constater.

II/ Analyse bivariée

Dans cette partie, on comparera à chaque fois le prix/m² pratiqué par l’agence Easton et les autres agences de la région. On se concentre donc sur les variables explicatives suivantes : la localisation, le nombre de chambres, l’ancienneté et le mois de vente.

A. Comparaison du prix/m² et de la localisation

Moyenne de prix/m² | | | | | | Dallas | Fort Worth | Arlington | Moyenne générale | Autres agences | 56,81 | 46,01 | 43,08 | 50,86 | Easton | 56,31 | 45,16 | 42,51 | 45,94 | Moyenne générale | 56,80 | 45,88 | 43,00 | 50,40 |

Interprétation :
Les prix pratiqués par Easton sont plus bas que ceux des autres agences : la localisation des biens immobiliers n’influe pas. Il y a de plus une forte différence entre le prix pratiqué par Easton à Fort Worth et celui pratiqué par les autres agences dans ce même quartier : la maison du premier plaignant se situant à Fort Worth, cette information pourra peut-être s’avérer utile par la suite.

B. Comparaison du prix/m² et du nombre de chambres

| 2 | 3 | 4 | Moyenne générale | Autres agences | 53,72 | 51,04 | 48,47 | 50,86 | Easton | 49,53 | 46,43 | 43,64 | 45,94 | Moyenne générale | 53,52 | 50,56 | 47,98 | 50,40 |

Interprétation :
On fait la même remarque que précédemment : Easton semble vendre moins cher que ses concurrents. L’écart est très grand : par exemple, pour une maison de 4 chambres, Easton vend à $43.64 le m², tandis que les autres agences vendent en moyenne à $48.47 le m².
Easton Realty reste quand même conforme au marché : lorsque le nombre de chambres augmente, le prix au m² diminue.

| 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | Easton | 39,39 | 56,23 | 51,69 | 51,74 | 50,54 | 50,13 | 50,70 | 50,75 | 50,52 | 48,81 | 52,77 | 53,9 | 44,07 | Autres agences | | 44,80 | | 46,59 | 46,30 | 47,98 | 44,97 | 45,12 | 44,46 | 41,18 | 46,10 | | | Moyenne générale | 39,39 | 54,96 | 51,69 | 51,16 | 49,98 | 49,91 | 50,15 | 50,50 | 49,83 | 47,91 | 51,94 | 53,9 | 44,07 |

C. Comparaison du prix/m² et de l’âge de la maison

Moyenne générale :
-Pour Easton : $50,86
-Pour les autres agences : $45,94

Interprétation :
Lorsqu’on utilise l’ancienneté des biens immobiliers comme variable explicative, on constate que l’agence Easton Realty pratique des prix supérieurs à ceux de la concurrence et ce, pour tous les âges.
Cela remet en cause toutes les conclusions établies jusqu’ici, bien que l’échantillon soit faible (9% de part de marché pour Easton).

D. Comparaison du prix/m² et du mois de vente

| | | | | | | Mars | Avril | Mai | Juin | Moyenne générale | Autres agences | 53,64 | 51,61 | 49,03 | 48,60 | 50,86 | Easton | 46,62 | 47,26 | 46,24 | 44,09 | 45,94 | Moyenne générale | 53,09 | 51,25 | 48,74 | 48,07 | 50,40 |

Box plot de la répartition du prix/m² pour les quatre mois

Interprétation :
Tout au long de ces quatre mois, on peut voir que le prix moyen du m² baisse régulièrement dans la région puisqu’il passe de $53,09 à $48,07. Pendant ce temps là, le prix pratiqué par Easton Realty Company reste globalement constant autour de $46 les trois premiers mois avant de baisser à $44 au mois de juin. Il y a une tendance d’uniformisation des prix et de réduction des écarts, comme le montre ce box plot.
On peut aussi remarquer que le prix pratiqué par les autres agences reste en moyenne entre 4 et 5 points supérieurs à celui pratiqué par Easton ($50,86 pour les autres agences contre $45,94 pour Easton). Les deux plaignants pourraient alors avoir raison à propos de la sous-évaluation de leurs biens par Easton Realty.

III/ Modèle de régression linéaire

* Régression linéaire du prix en fonction de la surface

Interprétation :
Le nuage de points est très resserré autour de la droite de régression linéaire. Il y a donc bien une relation entre le prix et la surface du bien à vendre.
On trouve les coefficients suivants :

R²= 0.5070 et un coefficient de corrélation linéaire r²= 0.712

Le coefficient de corrélation linéaire est peu éloigné de 1 donc on en conclue que les deux variables sont fortement corrélées (elles auraient été complètement dépendantes si R² était égal à 1). Néanmoins d’autres facteurs doivent être pris en compte pour expliquer le prix.

* Répartition du prix/m² en fonction de la localisation

Interprétation :
Le prix pratiqué dans la région de Dallas est nettement plus élevé que dans les quartiers de Fort Worth et d’Arlington. Ceci peut expliquer les prix bas auxquels les maisons des deux plaignants ont été vendues.

Conclusion générale

Les deux maisons concernées possèdent des caractéristiques très différentes donc doivent être étudiées séparément. Cependant le contexte économique a pu influer sur la vente de ces deux biens donc il convient de rappeler les deux points suivants : - On constate donc une baisse générale des prix dans le secteur immobilier. * Les prix pratiqués par Easton Realty sont de manière générale inférieurs à ceux de la concurrence, quelque soit le mois, le quartier ou le nombre de chambres. * Le mois de juin a fait preuve de fortes chutes des prix et ce, dans tous les quartiers, quel que soit le type de maison.

La maison de Fort Worth :
Il s’agit d’une maison de 1848 m², qui a 9 ans, et qui est évaluée à $43 le m².
La taille moyenne des maisons dans cette région est de 186m², à $45 le m². La différence ne semble donc pas aussi importante qu’on aurait pu le croire à travers nos analyses. De plus, cette différence peut être expliquée par l’ancienneté du bâtiment. Par ailleurs, la moyenne du prix par sqfoot pour des maisons de 9 ans est de 45$ au mois de Juin, ce qui renforce l’idée que la différence est minime.

On peut avancer grâce à tous ces chiffres que la maison n’est pas particulièrement sous-évaluée.
Pour ce qui est de la maison de la maison d’Arlington, les mêmes éléments s’appliquent. (agence qui vend moins cher et prix plus faible au mois de Juin). Néanmoins, on remarque clairement que la région d’Arlington aussi, offre des prix nettement inferieurs aux 2 autres catégories (40,97$ contre 45$ pour les autres).

Les deux maisons de Fort Worth et d'Arlington n'ont pas été sous-évaluées. L'agence immobilière Easton Realty Company n'a pas fait preuve de déloyauté.

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...Financial Statements Paper Angela Carson Acc/280 Principles of Accounting Stephen Willden October 4, 2010 The purpose of accounting is to help users of financial information to understand how a company or individual is functioning in the economy. Accounting takes the financial information of an organization and it identifies records and communicates its economics to the interested parties. There are four basic financial statements. The income statement shows the revenues, expenses and income of a company over a specific period of time. The retained earnings statement summarizes the changes in earnings over a specific period of time. The balance sheet shows a report of assets, liabilities and equity for an exact point in time. The last would be the statement of cash flows which summarizes cash flows in and out of a company over a specific amount of time. The four basic financial statements are interrelated with one another. They should be prepared in a specific sequence. Net income, which is the income statement, is completed first. The net income is needed to help determine the ending balance in retained earnings. The retained earnings statement provides information if there was an increase or decrease during the specific period of time. The end balance from the retained earnings statement is used to prepare the balance sheet. This is where the basic accounting equation, Assets equal Liabilities plus Equity, is used to calculate the balance sheet. The balance sheet......

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Financial Statements

...Financial Statements Genesis Ruiz Acc/290 June 14, 2012 Mary Larsen Financial statements When people think of business they think of money. Business is not about just money there is a lot more to it. Money is business but what happen when you go deeper into financial statements. Financial statements are a collection of reports about an organization's financial results and condition. Financial statements are useful to determine the balance sheet, income statement sheet, statement of stockholders equity, and cash flow statement. Financial statement helps conclude if the business has the potential to pay back its debts, track financial results as well to derive financial ratios. Investigate the details of certain business transactions, and determine the ability of a business to generate cash, and the sources and uses of that cash. Financial statement in a business is not just one thing but there are four basic financial statements. It all begins with the balance statement. Balance sheet statement review business assets, liabilities and shareholders' equity at a precise instant in time. It gives investors an idea as to what the company owns and owes, as well as the amount invested by the shareholders. Second statement is the incomes sheet of the actions a company's financial operation over a precise accounting time. On the other hand is the cash flow statement. Cash flow statements illustrate the total of increase or decrease in cash......

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Premium Essay

Financial Statements

...Financial Statements ACC/280 July 23, 2011 Cary Schulz, Facilitator Financial Statements Accounting is a critical aspect of any organization; without accounting a business will not be successful. This paper will inform one of the purposes of accounting; the four basic financial statements; how the basic financial statements are interrelated; and why they are useful for managers, investors, creditors, and employees. Accounting is crucial for every business. Purpose of Accounting Accounting is the information system that records, identifies, and communicates an organization’s economic events to interested users (Weygandt, Kimmel, & Kieso, 2008). The definition of financial accounting is the field of accounting that treats money as a means of measuring an organization’s economic performance as opposed to a factor of production. This is comparable to cost accounting (Walden University, 2011). Financial accounting involves the entire system of controlling and monitoring money as it comes in and out of the organization as liabilities and assets; as well as revenues and expenses (Walden University, 2011). Financial accounting pulls together and summarizes the financial data to produce financial reports, such as a balance sheet and income statement for an organization’s investors, lenders, management, tax authorities, suppliers, and other stakeholders (Walden University, 2011). Financial accounting provides financial and economic data for creditors, investors,......

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