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The Financial Statements

Financials Statements: Adjusting Entry

Harper Company lends Hewell Company $40,000 on March 1st, accepting a four-month, 6% interest note. Harper Company prepares financial statements on March 31st. What adjusting entry should be made before the financial statements can be prepared?

Personal Balance Sheet, Projected Income Statement

Prepare a personal balance sheet and projected income statement; explain financial statement relationships. a. Prepare a personal balance sheet for yourself as of today. Work at identifying your assets and liabilities; use rough estimates for amounts. b. Prepare a projected income statement for yourself for the current semeste

GAAP, IFRS, SEC, PCAOB: Importance to financial statements

Part I. Search the course background information, the Internet and/or the Cyber Library. Discuss the terms listed below. Your discussion should expand on the definition as given in the module background. Explain why these concepts are important to financial statements. Generally Accepted Accounting Principles (US GAAP);

Computing 14 Financial Ratios from Financial Statements

Please help compute the following ratios in Excel. Provide formulas. See attached file for data. Current Ratio Acid-Test Ratio Accounts Receivable Turnover Inventory Turnover Profit Margin Asset Turnover Return on Assets Return on Common Shares EPS Price Earnings Ratio Payout Ratio Debt to Assets Times Interest E

Cash Flow Statements and Analysis: Artisan Bread Co Start Up

Artisan Bread Co Start Up Grant has been working in the baking industry for about two decades. He started out as a miller in a company in Germany, trained at one of the top milling schools in Switzerland, and rapidly progressed to become the head miller at a flourmill in Africa then the USA. Grant has had a close association

Income Statement: Vega Foods, Inc.

Vega Foods, Inc., has recently purchased a small mill that it intends to operate as one of its subsidiaries. The newly acquired mill has three products that it offers for sale - wheat cereal, pancake mix, and flour. Each product sells for $10 per package. Materials, labor, and other variable production costs are $3.80 per bag of

Evaluating Financial Statements

Your facility has the following payer mix: 40% commercial insurances 25% Medicare insurance 15% Medicaid insurance 15% liability insurance 5% all others including self-pay Assume that for the time in question you have 2000 cases in the proportions above. (what are the proportions of the total cases for each payer?

Consolidated Balance Sheet Analysis

A Inc. acquires 100% of B Inc for $130,000. The book value of B Inc. total equity at the time was $110,000. Assuming that the market value of B Inc's fixed assets exceeded book value by $15,000 and $10,000 of identifiable intangible assets were included as part of the purchase, how much would be reported as goodwill on the initi

Price Elasticity Statements

What is wrong? In each of the statements that follow, something is wrong. Identify what is wrong in the following statements. 1. If price rises, and total revenue falls, then demand is inelastic. 2. The elasticity coefficient is greater than 1 for a good that is income inelastic. 3. Cars have move substitutes than Ford car

Landscape Services: work sheet, journals

The balances in the ledger of Landscape Services as of December 31, 2007 before adjustments are as follows: Cash $ 4,500 Tim Welch, Capital $33,050 Supplies 4,150 Tim Welch, Drawing 2,900 Prepaid Insurance 8,700 Service Revenue 52,500 Equipment 42,000 Salary Expense 26,600 Accumulated Rent Expense 5,000 Depreciation

Preparing a Balance Sheet

Please help with preparing a balance sheet using the following information. Please refer to attached file for the trial balance as of December 31, 2011. Additional Information: 1. Dividends declared during 2011 totaled $15,000. Only $10,000 of the dividends declared in 2011 have been paid as of December 31, 2011. The un

Healthcare Financial Management - Income Statement, Balance

Use the Internet to research a publicly held health care organization. Download and review its latest income statement, balance sheet, and statement of cash Write a two to three (2-3) page response in which you: Using the documents you downloaded in your research, discuss the relationship(s) between the income statement, balan

Financial Statements: The Flower Shoppe

Based on the adjusted trial balance and additional information, prepare the following in an Excel file to give to the controller for review: o Balance sheet o Income statement o Statement of retained earnings o Statement of cash flows The following is additional information about the Flower Shoppe that is needed for fin

You are a recent MBA graduate and are tasked with reviewing the Income Statement and Balance Sheet trends for Competition Bikes Inc. (Please see the attachment.) Discuss the companies strong and weak points with the balance sheet and income statement. List any sources you may have used to support your analysis.

You are a recent MBA graduate and are tasked with reviewing the Income Statement and Balance Sheet trends for Competition Bikes Inc. (Please see the attachment.) Discuss the companies strong and weak points with the balance sheet and income statement. List any sources you may have used to support your analysis.

Balance Sheet and income result from investment

Jan Nab is the sole owner of Deer Park, a public camping ground near the Lake Mead National Recreation Area. Jan has compiled the following financial information as of December 31, 2010. Revenues during 2010: Camping fees - $140,000 Market value of equipment - $140,000 General store - 50,000 Notes payable - 60,000 Acc

Breakeven, Target Profit and Safety Margin

Tony's Pizza delivers pizzas to dormitories and apartments near a major state university. The company's annual fixed costs are $48,000. The sales price averages $9, and it costs the firm $3 to make and deliver each pizza. A. How many pizzas must Tony's sell to break even? B. How many pizzas must the company sell to earn a ta

Common size balance sheet and income statement.

Marva Rossen, who just two years ago was appointed president of Hedrick Company, admits that the company has been "inconsistent" in its performance over the past several years. But Rossen argues that the company has its costs under control and is now experiencing strong sales growth, as evidenced by the more than 22% increase in

Pickett Company Income Statement Balance Sheet

Below find a working trial balance for Pickett Company. This format is often used during the preparation phase of the financial statements since it provides a good overview. Costa Company 31-Dec-12 Trial Balance (accounts in alphabetical order) Accounts Working Trial Balance Balance Sheet Income Statement Debit Credit De

Income Statements, Sustainable Growth Rate, and Table of Interest Rates

5. Construct a pro forma income statement for the first year and second year for the following assumptions: Units of Sales in Year 1: 110,000 Price per Unit: $11 Variable cost per unit: 30% Fixed Costs: $125,000 Income taxes: 15% Interest Expense: $200,000 In year 2, price per unit increase

Representing Installments on Long-Term Notes Payable on the Balance Sheet

The following year-end adjusted trial balance is for Tom Jones Co. at the end of December 31. The credit balance in Tom Jones, Capital at the beginning of the year, January 1, was $320,000. The owner, Tom Jones, invested an additional $300,000 during the current year. The land held for future expansion was also purchased during

Alpine Trails Ski Resort Balance Sheet

Please see attachment. Required: Using the indirect method, prepare the company's statement of cash flows for 20x3. (Refer to the financial statements given in the preceding problem for Alpine Trails Ski Resort.) ------------------- The following financial statements relate to Alpine Trails Ski Resort: comparati

Comprehensive Balance Sheet and Income Statement

To prepare a comprehensive balance sheet and Single-Step Income Statement presented in good form and derived from a list of various accounts. The amounts relative to each account will be given and the student will learn to determine whether an account is a balance sheet account or a temporary account that belongs to the income s

Disclosures in Financial Statements

On November 1, year 2, Davis Co. discounted with recourse at 10%, a one-year, non-interest bearing, 20,500 note receivable maturing on January 31, year 3. What amount of contingent liability for this note must Davis disclose in its financial statements for the year ended December 31, year 2? a) 0 b) 20,000 c) 20,333 d) 20,

Statements on Auditing Standards (SAS)

Auditors have the responsibility to be familiar with the particular Statements on Auditing Standards (SAS) issued by the Auditing Standards Board that are applicable to each individual audit. Discuss the three procedures that SAS 109 defines in the risk assessment of a potential client. How does each one provide independent, rel

Classifying Notes on the Balance Sheet

On December 31, year 1, Paxton Co. had a note payable due on Aug 1, year 2. On January 20, year 2, Paxton signed a financing agreement to borrow the balance of the note payable from a lending institution to refinance the note. The agreement does not expire within one year, and no violation of any provision in the financing agree

Depreciation and Accumulated Depreciation-Consolidated Financial Statements

On January 1, year 10,Poe Corp. sold a machine for 900,000 to Saxe Corp., its wholly owned subsidiary. Poe paid 1,100,000 for this machine, which had accumulated depreciation of 250,000. Poe estimated a 100,000 salvage value and depreciated the machine on the straight-line method over 20 years, a policy which Saxe continued.