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Review of financial statement

See attached Excel file.

The income statement for the year ended December 31, 2006, the balance sheets for December 31, 2006, and 2005, and the statement of retained earnings for the year ended December 31, 2006, for Conica, Inc. are attached.

Briefly discuss the form and informational content of each of these statements.

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Review of basic financial statements:
Briefly discuss the form and informational content of each of these statements.

Review of Income statement:

Income statement clearly depicts the revenue from sales, cost of goods sold and the resultant Gross profit. With respect to operating expenses, it is not descriptive. The term used was General and Administrative expenses .It does not bifurcate the administration expense, marketing selling expense and other expenses which are material in nature. Since interest is charge against profit and an ...

Solution Summary

The answer describes the review of form and informational content of income statement,balance sheet and statment of retained earnings.

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