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The Financial Statements

Analyzing financial statements - Gary TV

Gary's TV had the following accounts and amounts in its financial statements on December 31, 2010. Assume that all balance sheet items reflect account balances at December 31, 2010, and that all income statement items reflect activities that occurred during the year then ended. Interest expense.............................

Financial statement category and relationships: find amounts

See attached for better formatting... "Indicate in the space provided the category of each item and the financial statement on which the item can usually be found." Category Description: Category Financial Statement Asset (A) Accumulated Depreciation Liability (L) Long term Debt Owners' Equity (OE) Equipment Re

Financial Accounting: classified balance sheet

Please see attached file for better format: (Preparation of a Balance Sheet) Presented below is the trial balance of Vivaldi Corporation at December 31, 2010. Instructions: Cash $ 197,000 Sales $ 7,900,000 Trading Securities (

Figuring Out Contributions Needed To Break-Even

Review the financial statements attached and figure out how to compute break-even from these schedules. Identify specific activity in the attached document where you can apply break-even analysis. Include a discussion of: A unit of measurement for the activity Revenue per unit for the activity Variable costs for the ac

Stockholders' Equity section .

See attached Excel file for full problem. On January 1, 2007, Rothchild Inc. had these stockholders' equity balances. Common Stock, $1 par (2,000,000 shares authorized, 800,000 shares issued and outstanding) $800,000 Paid-in Capital in Excess of Par Value 1,500,000 Retained Earnings 600,000 D

Retained earnings and Other Statements Closed

Can someone explain to me what retained earnings are? Why are these other statements closed at the end of a period? Is that helpful in understanding the company's financial situation?

Simplified balance sheet versus Classified Balance sheet

Balance Sheet clearly reports the assets, liabilities, and stockholders' equity of a company at a specific point in time. The term common used is to present a 'snapshot' of the Assets, Liabilities and Owners' Equity. This 'as of date' should always appear in the heading of the statement to disclose to the potential readers/use

Primary principles of accounting and main financial statements

Describe what you understand to be the primary principles of accounting and the main financial statements of accounting. Describe the value of various metrics in the financial statements for key groups within an organization: executives, shareholders, managers, employees, etc...

Accounting information for different users

Who are the different users of accounting information? What are the differences between managerial and financial accounting? What is the role of the CPA and how does it differ from other accountants? What is the value of the accounting function in your organization, both internally and externally?

Four Basic Financial Statements

What are the four basic financial statements? What do the different financial statements tell you about a company? Which financial statement is the most useful? Why? What types of information is provided to managers in your department and how do managers in your organization use information presented in financial statements?

Cash Flows and Computing Purchases

You are given the following selected, non-ordered balance sheet accounts at December 31 and income statement accounts for the year 2005. 2005 2004 Accounts Receivable $36,000 $30,000 Inventories

Correct cash balance

Imperial Food's checkbook balance on December 31, Year 1 was $122,400. In addition, Imperial held the following items in its safe on December 31: (1) A check for $600 from Brewster, Inc., received December 30, Year 1, which was not included in the checkbook balance. (2) A non-sufficient funds check from Star Company in th

Howards Hammocks: Common size the financial statements

Following are the balance sheets for Howard's Hammocks for December 31, 2009 and 2008. HOWARD'S HAMMOCKS COMPARATIVE BALANCE SHEETS 2009 2008 Cash $130,000 $110,000 Accounts receivable 130,000 120,000 Inventory 225,000 215,000 Prepaid insurance 25,000 30,000 Total current assets $510,000 $475,000 Long-term investments $

Creat a cash flow statement from balance sheet and other amounts

The net changes in the balance sheet accounts of Eusey, Inc. for the year 2011 are shown below: Account Debit Credit Cash $265,600.00 Accounts Receivable $64,000.00 Allowance for Doubtful Accounts $14,000.00 Inventory $287,200.00 Prepaid Expenses $40,000.00 Long-Term Investments $144,000.00 Land $300,000.00 B

E3-11 Prepare Financial Statements for Cavamanlis Co. as of December 31, 2010

Please open attached file to see the whole problem. E3-11 (Prepare Financial Statements) The adjusted trial balance of Cavamanlis Co. as of December 31, 2010, contains the following. Instructions: (a) Prepare an income statement. (b) Prepare a statement of retained earnings. (c) Prepare a classified balance sheet.

PACCAR - Equation approach method

Analysis of transactions, preparation of statements. PACCAR produces Kenworth & Peterbilt trucks. The company's actual condensed balance sheet data for Jan 1, 2006 follows (in millions): Assets Amount Liabilities & Stockholders' Equity Amount Cash & Cash Equivalents $1,699 Accounts Payable $1,152 Receivables

Prefering Tax Book Over Internal Book Depreciation

Why would management prefer tax book depreciation over internal book depreciation for financial statement preparation in accordance with GAAP? Doesn't the use of tax book depreciation understate the pre-tax net income of the company in the early years? If so, how does this benefit the company and the readers of the company'

Prepare a budgeted income statement and balance sheet

64. The Cold Mountain Furnace Company is a retail store with locations across the eastern United States. The company's income statement for its first year of operations, ended December 31, 2009, and its balance sheet as of December 31, 2009 are shown here: Income Statement Sales

Prepare entries and present consolidated statements

Porter Corporation acquired 70 percent of Darla Corporation's common stock on December 31, 20X4, for $102,200. At that date, the fair value of the non-controlling interest was $43,800. Data from the balance sheets of the two companies included the following amount as of the date of acquisition:

The Implications of Corporate Mission & Vision Statements

How does a corporation determine what direction they will take in the marketplace? The first three elements of setting this direction are Mission, Vision and Value Statements. What do these mean? How do they impact decision-making at a corporation?

Fixed Rate Mortgage Statements: Which Are True?

Your family recently obtained a 30 (360 month) $100,000 fixed rate mortgage. Which of the following statements is most correct and why? (ignore taxes and transactions costs). A. The remaining balance after three years will be $100,000 les the total amount of interest paid during the first 36 months. B. The proportion of