Explore BrainMass

The Financial Statements

Statement of Cash Flows and Associated Calculations

See the attached file. Calculate the following: Direct Cash Flow Statement: Cash Flow from Operations: Cash Flow used in Investing Activities: Cash Flow from Financing Activities: Change in Cash Indirect Cash Flow Statement: Cash Flow from Operations: Cash Flow Used in Investing Activities:

Key characteristics of a Vision or Mission Statement

What are some of the key characteristics that comprise a desirable vision beyond those typically present in a mission statement? How has vision specifically taken shape in your workplace experience? Describe whether or not it has been a successful guideline by which decisions and actions are made within that organization

Financial Statements: Understanding interaction between statements

Financial Statements: Balance Statement Income Statement Statement of Owner's Equity Statement of Cash Flow 1. In what ways do the elements of the four financial statements interact with one another? 2. How might changing one of the financial statements affect the other financial statements? 3. Why is it essent

Fundamental Transaction Analysis and Preparation of Statements

Three former software engineers have decided to pool a variety of work experiences by opening a store near a college campus to sell wireless equipment to students. The first products were Blackberries and Nokia cell phones. The business has been incorporated as Campus Wireless. The following transactions occurred during October:

Financial Statement

1. Identify various financial statement users and discuss how the decisions these users make based on the financial statements might affect their wealth? 2. Since management prepares the company's financial statement, they may engage in certain brhaviours to alter the appearance of the statements and, possibly, mislead finan

Financial Statement Analysis

Below are accounting questions/calculations regarding financial statement analysis. If you could also provide the calculations used to get the solutions, I would really appreciate it! Thanks! -------------- Exercise 17-13 (Algorithmic) Ratio of liabilities to stockholders' equity and number of times interest charges are

Post Balance Sheet events: Adjust, disclose or ignore?

(Post-Balance-Sheet Events) For each of the following subsequent (post-balance-sheet) events, indicate whether a company should (a) adjust the financial statements, (b) disclose in notes to the financial statements, or (c) neither adjust nor disclose. 1. Settlement of federal tax case at a cost considerably in excess of t

Disclosure in the financial statements for insider trading by CEO

The first place the auditor in charge should go on arriving at a company is to visit the CEO. This is important to touch base with the CEO and get any comments the CEO may have. I know of one case where this visit provided the auditor some important information that would not be known for at least a month. The CEO admitted in

Keystone Corp: Discuss post balance sheet events effects on financial statements

Post-Balance-Sheet Events Keystone Corporation issued its financial statements for the year ended December 31, 2010, on March 10, 2011. The following events took place early in 2011. (a) On January 10, 10,000 shares of $5 par value common stock were issued at $66 per share. (b) On March 1, Keystone determined after nego

Financial statements using historical cost and cost constant dollar

Sobrero Corporation, a Mexican affiliate of a major U.S based hotel chain starts the calendar year with 1 billion pesos (MXP) cash equity investment. It immediately acquires a refurbished hotel in Acapulco for MXP 900 million. Owing to a favorable tourist season, Sobrero Corporation's rental revenues were MXP 144 million for the

Analyze financial statements for Dole and Nestle

Refer to the latest annual financial statements or quarterly reports for the two following companies: Dole and Nestle. Generally, this information is found in the Investor Relations area of the website. Locate the following on each of the statements: The Balance Sheet; The Income Statement; and The Statement of Cash

Amounts that Beckham reports in year-end consolidated statements

Need help with the following problem... ----------------- On January 1, Beckham Inc acquires 60 percent of the outstanding stock of Calvin for $36,000. Calvin Co. has one recorded asset, a specialized productioin machine with a book value of $10,000 and no liabilities. The fair value of the machine is $50,000 and the remaini

Financial Statement Analysis

Recently, your Uncle Carlos Beltran, who knows that you always have your eye out for a profitable investment, has discussed the possibility of your purchasing some corporate bonds. He suggests that you may wish to get in on the "ground floor" of this deal. The bonds being issued by Neville Corp. are 10-year debentures which pr

Accounting: Creating a Balance Sheet

The following information was obtained from the accounts of Lukes, Inc., as of December 31, 2008. It is presented in scrambled order. Common stock, no par value, 10,000 shares authorized, 5,724 shares issued $ 3,180 Retained earnings 129,950 Deferred income tax liability (long term) 24,000 Long-term debt 99,870 Acc

Value of Minority Interest on Balance Sheet and EPS

Corvallis Corporation owns 80% of the stock of Little Harrisburg, Inc. At December 31, 2008, Little Harrisburg had the following summarized balance sheet: LITTLE HARRISBURG, INC. Balance Sheet December 31, 2008 Current assets : $100,000 Property, plant, and equipment (net) : $400,000

Whittaker, Inc: Prepare income statement, balance sheet and financial ratios

See attached file. Complete an Income Statement and Balance Sheet using Financial Ratio Data. Use basic ratio calculations to determine the proper metrics within a balance sheet (see attached) Analytical Case - Complete an Income Statement and Balance Sheet Using Financial Ratio Data. Use basic ratio calculations to determ

Financial Statements: Example Problem

Discuss the use of the financial statements in the determination of cash flow. Why are we concerned about their differences if we ultimately are concerned about the profitability of the firm which is demonstrated by the financial statements of the firm?

Event affects the company's financial statements

Requesting assistance for accounting word problems in order to study successfully for upcoming exam. 1. The Antonio Corporation recorded a business event using T-accounts as follows: Cash Common Stock_ 25000 25000________ Which of the following reflects how this event affects the company's fi

Income Statement and Balance Sheet for DFW Corporation

The following information relates to DFW Corporation: All sales are on account and are budgeted as follows: February, $350,000; March, $360,000; and April $400,000 DFW collects 70% of it sales in the month of sale and 30% in the following month. Cost of goods sold averages 60% of sales. Purchases total 65% of the following

Effect of Transactions on Financial Statements and Ratios

The transactions listed below relate to Botticelli Inc. You are to assume that on the date on which each of the transactions occurred the corporation's accounts showed only common stock ($100 par) outstanding, a current ratio of 2.7:1, and a substantial net income for the year to date (before giving effect to the transaction

Preparation of a Classified Balance Sheet

Assume that Denis Savard Inc. has the following accounts at the end of the current year. 1. Common Stock. 14. Accumulated Depreciation-Buildings. 2. Discount on Bonds Payable. 15. Cash Restricted for Plant Expansion. 3. Treasury Stock (at cost). 16. Land Held for Future Plant Site. 4. Note Payable, short-term. 17. Allowance

Financial Statement Restatement

Locate an article from a financial periodical (i.e. CFO, Journal of Accountancy, etc.) from the past 2 years about a company that restated its financial statements due to an error in accounting principal. Discuss (a) The restatement of the company (b) The accounting principals involved (c) The effect of errors and chang

Auditing Explanations of Statements

A careful reading of an unqualified report indicates several important phrases. Explain why each of the following phrases or clauses are used rather than the alternative provided: A. "The financial statements referred to above present fairly in all material respects the financial position" rather than "The financial statement

Financial Statements: Example Problems

I need help with the following questions: #1 What are the qualitative and quantitative limitations of financial statements? What is the FASB and what role does that entity play? #2 About twenty years ago business educators articulated that the goal of financial management was to maximize shareholder wealth. In today's

8.26 Transaction Analysis & 9.26 Complete Balance Sheet

8.26 - Enter the transaction letter in the first column and show the effect ( if any) of each of the following transactions on each financial statement category by entering a plus ( ) or minus ( ) sign and the amount in the appropriate column. Do not show items that affect net income in the retained earnings column. You may also