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# The Financial Statements

### Effect of depreciation expense on financial statements

Three different companies each purchased a machine on January 1, 2005, for \$54,000. each machine was expected to last five years or 200,000 hours. Salvage value was estimated to be \$4,000. All three machines were operated for 50,000 hours in 2005, 55,000 hours in 2006, 40,000 hours in 2007, 44,000 hours in 2008, and 31,000 ho

### Balance Sheet & Income Statement ---summary of liabilities

I am trying to finish a report using Best Buy's balance sheet and income statement. * What were the company's total current liabilities at the end of its two most recent annual reporting periods? * What were the company's two largest current liabilities at the end of its two most recent annual reporting periods?

### Analyze financial statements email owner suggestions

See attached files. Albert Owen owns and operates Owen Sales which opened its doors on January 1, 2007. Owen Sales has a line of credit with the bank (Note: the line of credit allows Owen Sales' bank account to go into a negative balance, called an overdraft, during slow business periods; the bank charges interest on any ov

### Guillermo's Furniture Store: flexible budget, financial statements, ratios, CGS

See the attached files. ? Resource: Guillermo's Furniture Store Scenario ? Write a paper explaining the finance concepts found in the readings and how they relate to the context of the scenario.

### Classified Balance Sheet & Statement of Cash Flows

Please see attachment for data on Los Lobos, then: 1. Prepare a statement of cash flows using the direct and indirect methods. 2. Prepare a classified balance sheet

### Pro Forma Financial Statements: Example Problem

We have seen cases where companies that issue pro forma financial statements have painted a much rosier picture than what is actually occurring. If this is the case, why would investors even consider reading and reviewing pro forma statements issued by the company?

### Ratio and Financial Statement Analysis: benefits and limitations

Ratio and Financial Statement Analysis - critically analyze the benefits and limitations of ratio analysis, explaining what factors impact the meaningfulness of such measures and what new practices or theories may be emerging regarding the application of ratio and financial statement analysis. Emphasize practical applications

### Questions

I need about 200 words for each of these questions What are the types of proprietary funds? What are they used for? How are they similar? How are they different? Why is it necessary to reconcile government-wide financial statements with fund statements? What is contained in the resources section of an interim financia

### What is the purpose of Comprehensive Annual Financial Report (CAFR)? What are the components of CAFR?

What is the purpose of Comprehensive Annual Financial Report (CAFR)? What are the components of CAFR?

### Accounting:Describing the balance sheet and income statement

Describe each of the two financial statements - Balance Sheet & Income Statement - and explain the financial information each contains. Also define each of the elements listed for each financial statement and explain what it means. Balance Sheet - Assets, Liabilities, & Stockholders' Equity Income Statement - Revenue, E

### Identify the four basic financial statements

How the statementes interrelate with each other. Why are they usefull to managers, investors, creditors,and employees.

### Financial Statement, balance sheets

Presented below is the year-end 2005 balance sheet for The Little Corporation. --- SEE ATTACHED DOCUMENT During 2006, the company entered into the following events: 1. Sales to customers totaled \$2 million, of which \$1.6 million were on credit and the remainder was cash sales. The cost of goods sold totaled \$800,000

### Financial Statement

Which financial statement is the most useful and why? The balance sheet, income statement, and statement of cash flows? I think the statement of cash flows is the most useful.

### Accounting: Income statement, gross profit, net income etc

See attached file for table. Les Fleurs, a boutique in Paris, France, had the following accounts in its accounting records at December 31, 20X2 (amounts in Euros, denoted as "E") Purchases..................... E250,000 Freight In.................. E8,000 Sales discounts............. 4,000 Purchase returns..

### Accounting: Preparing a Balance Sheet

Current Assets \$100,000 Property Plane & Equipment \$___________ Accumulated Depreciation \$ (10,000) Total Assets \$700,000 Liabilities \$___________ Stockholders' Equity \$300,000 Total Liabilities and Stockholders Equity\$ ___________

### Treatment of stock transactions on the balance sheet.

1. Why must Unrealized Gain on Temporary investments in marketable securities at cost be shown on the Balance Sheet as a current asset? Usually gains are shown on the Income Statement? 2. On a loss net of taxes how can the loss be less than the amount of money you lost? Do you pay taxes on a loss? 3. A corporation repor

### Analyze financial statements and performance: Use ratios? Which ratios?

You have been given the financial statements and asked to analyze the financial performance of your division. Other managers have suggested you use financial ratios in your analysis. What are financial ratios? Which ratios might you use in your analysis? List them and explain what information they provide. How would you use them

### CC300 MQ, TF and Exercises: financial statements, ratios, journal entries

CC300 - Final Exam Multiple Choice Questions 1. If supplies are purchased for cash: A. total assets will increase B. total assets will decrease C. total assets will remain the same D. stockholders' equity will increase 2. Which of the following is not considered a financial statement: A. income statement B. b

### Common Size Analysis of Comparative Income Statements

Required: Prepare common size statements showing the percent of each item to net sales for both year 8 and year 9. Include a column reporting the percentage increase or decrease for year 9 relative to year 8 (round numbers to the tenth of 1%). Interpret the trend shown in your percentage calculations. What areas identified

### Finding retained earnings

Discuss the function of the retained earnings account on a balance sheet and how it is affected by the income statement.

### Various types of equity accounts

Compare and contrast the various types of equity accounts on a balance sheet.

### Jimbo Limited: Financial Statement analysis

I am trying to help my daughter (at least look smart) with her accounting homework. She has done this on her own already however, I want to know the answer to confirm her answer (be her hero too!). Thanks!! Please find attached an XCEL file containing the financial statement. Jimbo Limited Statement of Income

### How do financial executives use pro forma financial statements?

How do financial executives use pro forma financial statements? How do organizational goals influence the preparation and evaluation of pro forma financial statements? What are some examples of decisions that result from proforma financial statements? When preparing pro forma financial statements, how does data selection eventua

### How Does Estimates Impact the Balance Sheet

How do estimates impact the balance sheet? Discuss the advantages and disadvantages.

### Calculate the following from company's financial statements:

Company: Coca-Cola (see attached financial statements) Calculate for year 2008 and 2009: 1. The companies average income tax rate 2. Working capital 3. Current ratio 4. Acid-test ratio 5. Gross-profit ratio 6. ROI (including margin & turnover) 7. ROE

### GAAP Balance sheet vs. Economic Balance Sheet

FOR WAL-MART, INC. (NYSE: WMT) 1. Using the GAAP balance sheet, for each item, determine where it should be classified in the economic balance sheet (i.e., core operations, non-operating net assets, debt claims, other capital claims, or equity claims). Create a two-column table in Word to show the corresponding accounts. 2

### Financial Analysis: Should Pro forma statements be included in analytical processes?

Proforma financial statements should be the companies best estimates on how the company will perform in future periods. They should be part of the overall analytical process, but should not be the only information that the someone would base their decision. What are your thoughts?

### Notes to the Financial Statements

Do you think the Notes to the Financial Statements provide additional information the would help to reduce some of the limitations of the financial statements?

### Events after the financial statement date

Shouldn't the financial statements include any situation that management is aware of, even if it has occurred after the financial statement date? From an ethical perspective, I would think so. However, where would this information be included?

### Common size income statement analysis .

Select two stocks in an industry of your choice and perform a common size income statement analysis over a two-year period. Discuss which firm is more cost-effective. Discuss the relative year-to-year changes in gross profit margin, operating profit margin, and net profit margin for each company.