Explore BrainMass

The Financial Statements

Consolidated Financial statements: subsidiary revenue

On December 31 consolidated financial statements are being prepared for Canoe Company, and its new subsidiary acquired 6 months ago on July 1 of the current year. In your opinion, should Canoe adjust its consolidated balances for the pre-aquisition subsidiary revenues and expenses? Why or why not?

Balance Sheet and Income Statement Preparation

15-A2. Analysis of Transactions, Preparation of Statements The Kumar Company was incorporated on April 1, 20X1. Kumar had 10 holders of common stock. Bin Kumar, who was the president and CEO, held 51% of the shares. The company rented space in chain discount stores and specialized in selling running shoes. Kumar's first lo

Interrelationship 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 $10,000 of additional cash f

Consolidated financial statements and outside ownership

Please see the attached sheet. Thanks James Company acquired 85 percent of Mark-Right Company on April 1. On its December 31, consolidated income statement, how should James account for Mark-Rights revenues and expenses that occurred before April 1. a. Include 100 percent of Mark-Right's revenues and expenses and deduct t

Analysis of Financial Statement

Please see the attached file. 1. Indicate the change for the most recent year, which will be 2007, (in percentages) for the following: a. Net revenue c. Cash dividends b. Net income d. Total assets

Discussion Regarding Financial Statements

What is the purpose of financial statement analysis? What are some of the tools that we can use to analyze financial performance? What should we use to benchmark our performance? Why? What are the differences between financial and managerial accounting? Why does financial accounting have to comply with GAAP, but managerial

Examining Financial Statements

1. Examining Financial Statements Paper Using the financial statements of Landry's Restaurants located in Appendix A of the text, Fundamentals of Financial Accounting 1st ed., by Phillips, Libby, and Libby, prepare a 1,050-1,400-word paper that addresses the following questions: a. What is the amount of net income? Which finan


Question 1 Gross profit is equal to a.sales minus cost of goods sold. b.sales minus (selling and administrative expenses). c.sales minus (cost of goods sold and selling and administrative expenses). d.sales minus (cost of goods sold and depreciation expense). Question 2 Which of t

Corrected stockholders' equity section of the balance sheet

Preparation of corrected stockholders' equity section of the balance sheet. On December 31, Lewis Company prepared the following stockholders' equity section of its balance sheet. Unfortunately, some errors were made. Preferred stock $45 per 2,000 shares issued and outstanding $90,000 Pai

S. King Co: prepare a balance sheet in good form

S. King Co Balance sheet December 31, 2007 current assets $449,000 current liabilities 344,00 Investments 640,000 Long-term liabilities 1,000,000 Property, plant and equipment 1,720,000 stockholders equity 1,770,000 Intangible assets 305,000 Following info presented: 1.) the current assets se

How are the financial statements related (from one to another)?

How are the financial statements related (from one to another)? Why do these relationships exist? What is the impact of a miscalculation in the income statement on other financial statements? Explain, give examples and be specific. The different bases of accounting are Cash, Accrual and Tax bases. When would you use the Cash

Risk of Not Having Limited Liability Protection

Considering the recent death at a monster truck show, What might be the personal financial exposure for an individual that drove the truck assuming he didn't have the benefit of a limited liability organization protecting him and he is found negligent? Link to article: http://www.foxnews.com/story/0,2933,480432,00.html

Financial Statements: define useful information from each statement

Discuss what the information from each financial statement means and why the information is useful to those who read the financial statements for the following: (from the balance sheet and income statement) Total Capital Total Assets Net Income Monthly Gross Profit Total Expenses (from the statement of cash flow and s

What is the purpose of financial statement analysis?

What is the purpose of financial statement analysis? What are some of the tools that we can use to analyze financial performance? What should we use to benchmark our performance? Why? What are the different types of financial ratios used to analyze financial performance? Are some ratios more important than others? Why? Which rat

Business Combinations Consolidated Balance Sheet

Cameron Corporation purchased 70 percent of Darla Corporation's common stock on December 31,20X4, for $102,200. Data from the balance sheets of the two companies included the following amounts s of the date of acquisition.

Registration Statement Requirements

Which of the following items is not required to be included in a registration statement? a. Description b. Description of the issuers business c. Audited certified financial statements d. The price at which the securities will sell e. Description of how the proceeds are to be used

Sheila Shaw Consulting: Corrections to financial statements

See attached file. Sheila is grateful to have you on board as her controller, and you are eager to make a good impression on her by finding the errors in her statements. Download Sheila's statements and make the changes to them. All the information you need to find the errors is contained in these statements. Hint: There a

Analyze financial statements for Unilever and Kraft

There are two parts to this case which require you to prepare and submit a paper. Please make sure this paper is well organized and covers all of the items below. Part I. Search the course background information, the Internet and/or the Cyber Library. Discuss each of the following terms. Your discussion should expand on th

Corrected Balance Sheet for Joe's Shop

Joe's Bike shop Balance Sheet As of December 31, 2008 Assets Current Assets: Cash $15,000 Merchandise Inventory $30,000 Merchandise Sold, at cost $37,500 Prepaid Insurance $1,000 Advanced From customer $(1,000) Total Current Assets $82,500 Property, Plant, and equipment: Equipme