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The Financial Statements

Reporting Requirements for Contingencies and Financial Statement

Your client is being sued. You have asked the client's lawyer about the possibility of losing the lawsuit. The client, meanwhile, has asked you to describe what would happen to their financial statements. The client has also informed you that if they lose the lawsuit, they anticipate losing their mortgage and have started talkin

Accounting, cash flows and financial statements

1 - Which of the following would be considered a "use" of cash for purposes of constructing a statement of cash flows? A- a decrease in accounts receivable. B- an increase in accounts payable. C- an increase in common stock. D- a decrease in bonds payable. 2 - Which of the f

Analyzing financial statements of Pepsi & coco cola

Analyzing Financial Statements a) Select two competing companies (publicly traded) to analyze for the most recent year financial data is available. b) Compute the following liquidity ratios for each of the companies, and comment on the relative liquidity of the two competitors. I) Current ratio. ii) Receivables turnover. ii

Degree of Growth or Strength in Relationships

Using the Income and Balance Sheet Statements for 2007 & 2008 CocaCola, analyze: Sales and Accounts Receivable and the degree of growth or strength in their relationship and how if they appear to "be in balance". Are there any abnormal or interesting issues? Sales and Inventories: Is the firm's level of inventory in balanc

Financial Statements

Go to Intel's "Annual reports, 10-Ks and proxy statements" page at and download the PDF file titled Form 10-K. This should be the second bullet point under 2007 Online Annul Report and 10-K. Question 1 Study the income statement. Concentrate on the ope

Prepare the current asset section of a balance sheet

1. Prepare the current asset section of a balance sheet. A list of financial statement items for Schweitz company includes the following: accounts receivable $14,000, prepaid insurance $3,300, cash $12,000, supplies, $3,00, and short-term investments $8,200. Prepare the current assets section of the balance sheet listing in the

Analysis of Managerial Accounting

Need help with this problems. 2-48 CVP and Financial Statements for a Mega-Brand Company Procter & Gamble Company is a Cincinnati-based company that produces household products under brand names such as Gillette, Bounty, Crest, Folgers, and Tide. The company's 2006 income statement showed the following (in millions): Ne

Write a memo explaning the financial statements

Write a memo to Don Jones explaining the financial statements he should prepare at the end of each accounting period. Include a discussion regarding what information each report contains and how Don might use that information to manage his business. Explain the steps in the accounting cycle. you need to determine the basic fin

Compute Ratios for Industry Averages for Simmons Maintenance

Given the balance sheet and income statement for Simmons Maintenance Company, compute the ratios that are also shown for the industry average. - A) For each of the 13 ratios listed below: Calculate the ratio for Simmons. Please number your ratios to ensure you answer all 13. Assess each company ratio versus each industry r

Bonds and financial statements

Select a publicly traded company which has issued bonds. Then, using the Notes to the Financial Statements of the company, describe the components of the Bonds Payable. Is the amount of debt excessive when considering the company's cash flow?

Interrelationships among financial statements

O'Shea Enterprises started the 2002 accounting period with $30,000 of assets (all cash), $18,000 of liabilities, and $4,000 of common stock. During the year, O'Shea earned cash revenues of $48,000, paid cash expenses of $32,000, and paid a cash dividend to stockholders of $2,000. O'Shea also acquired cash from the sale of common

Preparing And Using Financial Statements

The assets and liabilities of Y Service Inc. as of December 31, 2008, and revenue and expenses for the year ended December 31, 2008 are listed below: Senden Accounts Payable $21,000 Property tax expense $5,000 Accounts Receivable 25,000 Rent expense 3,000 Advertising expense 10,000 Salar

Financial Statements of ABC Corp.

Financial Statements of ABC Corp. indicates that ending inventory levels in 2004 and 2005 were $200,000 and $350,000 respectively. Cost of Goods sold for 2004 and 2005 were $1,900,000 and $2,500,00 respectively. What were purchases in 2005?

Subsequent Events

Instructions Analyze the following information to prepare a corrected balance sheet for Sabrina in accordance with proper accounting and reporting principles. Prepare a description of any notes that might need to be prepared. The books are closed and adjustments to income are to be made through retained earnings. Y

Understanding the Relationships between Financial Statements

In what ways do the elements of the four financial statements interact with one another? How might changing one of the financial statements affect the other financial statements? Why is it essential to understand the relationship between financial statements?

Preparing a Multi-Step and Single Step Income Statement.

The accountant of Whitney Houston Shoe Co. has compiled the following information from the company's records as a basis for an income statement for the year ended December 31,2007. Rental Revenue $29,000 Interest on notes payable $18,000 Market appreciation on land above cost $31,000 Wages and salaries - sales $114,800 Mat

Reporting Common Stock in the Equity Section

Jones Fortune Company issued 10,000 shares of $15 par common stock on February 1, 20X7 for $20 per share. The company bought back 2,000 shares when the share price fell to $16 per share on August 31, 20X7 and then resold 1,000 shares when the price rebounded to $22/share on December 15, 20X7. Jones accounts for its treasury stoc

Assessing Financial Statements: Strengths, Weaknesses and Trends

Search the Internet for the financial statements of your favorite company or your employer. You can either locate the corporate Web site for your chosen company, or you can select a company's financial statements from the EDGAR database at Help with the following: - Three s

Carry Bond Value - Balance Sheet

A company issues $20,000,000, 7.8%, and 20-year bonds to yield 8% on January 1, 2007. The interest is paid on June 30 and on December 31. The proceeds from the bonds are $19,604,145. Using effective-interest amortization, what will the carrying value of the bonds be on the December 31, 2007 balance sheet?

Balance Sheet Presentation of Intagible

The general ledger of Vance Corporation as of December 31, 2007, includes the following accounts: Copyrights $ 20,000 Deposits with advertising agency (will be used to promote goodwill) 27,000 Discount on bonds payable 67,500 Excess of cost over fair value of identifiable net assets of Acquired subsidiary 390,000

Calculating Basic Accounting Ratios

Choose three companies. Select a company from each of the following three sectors: Manufacturing, Service, and Retail Sales. One company must be foreign. Compute the quick and current liquidity ratios, and the dupont ratio for the three companies.

Study Guide

1. On January 31, an entity's balance sheet showed total assets of $750 and liabilities of $250. Owners' equity at January 31 was: A) $ 500 B) $1,000 C) $ 750 D) $ 250 Use the following to answer questions 2 - 3: At the beginning of the fiscal year, the balance

Balance sheet by industry

Please help me figure out how to match each of the attached 5 balance sheets to the following industries: Electric utility Japanese trading company Aerospace manufacturer Automobile manufacturer Supermarket chain Please tell me what numbers to look for, and why, to determine the industry. I know it's subjective, but th

Preparing a company balance sheet

To prepare the balance sheet for Usher, Inc., as of December 31, 2005. Please use the following information. All information pertains to fiscal 2005 unless otherwise stated. - Retained earnings at December 31, 2004 is $234,000 - Sales (all credit sales) are $2.5M - Days to sell inventory is 20 - Cash on hand is 1% of s

Uses of Financial Statements

An officer of Carson Company recently commented that when he receives the firm's financial statements, he turns his attention to the bottom line of the income statement-the line that shows the net income or net loss for the period. He does not bother with the other financial statements, because, "it is only the bottom line that

Calculations with Consolidated Financial Statements

On January 1, 1999, Kroll Corporation issued 10-year bonds at $500,000 par to unrelated parties. The bonds pay interest of $15,000 every June 30 and December 31. On December 31, 2002, Stine Corporation purchased all of Kroll's bonds in the open market at a $6,000 discount with the intent of holding them to maturity. Kroll is Sti

Financial statements

Discuss how different users utlize the financial statements. Be specific when you answer this, for example - who uses what statement in what fashion- what are they looking for etc.