Explore BrainMass

The Financial Statements

Intermediate Accounting I - Multiple-step Income Statement

1 - Investors have a desire to have as much information as possible on a timely basis. The multiple-step income statement is one way to provide better details to financial statement readers such as investors. Address the following questions regarding the multiple-step income statement: What is the benefit of the detail present

Issue Disclaimers on Financial Statements

A disclaimer of an audit opinion states that an auditor does not express an opinion on the financial statements. A disclaimer of opinion is rendered when the auditor has not performed an audit sufficient in scope to form an opinion. Discuss the circumstances that might lead an auditor to issue a disclaimer on financial statement

Notes to financial statements

What is the purpose of information presented in notes to the financial statements? a) to provide disclosures required by generally accepted accounting principles b) to correct improper presentation in the financial statements c) to provide recognition of amounts not included in the totals of the financial statements d) to

Cash caption on a balance sheet

1) Which of the following items should NOT be included in the Cash caption on the balance sheet? A. Coins and currency in the cash register B. Postage stamps on hand C. Checks from other parties presently in the cash register D. Amounts on deposit in checking account at the bank 2) Which of the following is NOT cons

Advertising plan - Three Badermans Statements

Your Learning Team has been selected as the ad agency for Baderman Island, a fictitious company located in the list of Virtual Organizations. Resources: Virtual Organization found on student website, Internet, University Library Select one of the following target markets for Baderman Island: - Family vacations Obtain

How to Read Financial Statements

Gentiva Health Services is one of the nation's leaders in providing home healthcare services. Review the company's financial statements located at: Discuss the financial condition of Gentiva Health Services by responding to the following questions. Has the company's profitab

Almway Corporation classified balance sheet 2011

The following is a December 31, 2011, post-closing trial balance for Almway Corporation. Account Title Debits Credits Cash $ 53,500 Investments 113,500 Accounts receivable 68,500 Inventories 207,000 Prepaid insurance 9,500 Land 91,500 Buildings

How are Financial Statements Useful to Investors?

Visit the website of your favorite U.S. company. Find the company's financial statements in the section of the website for investors. Post a link to the statements. What did you find interesting about each of the four financial statements, which include balance sheets, income statements, statements of cash flows, and statements

Investment Policy Statements

Please provide some assistance with the following: Develop an investment policy statement for managing an international bond portfolio. Keep in mind the risk/return objectives, constraints, legal/regulatory requirements, and performance evaluation benchmarks.

A&F and H&M Understanding financial reports

Assistance and examples needed with completing the accounting task below: We will continue to review the financial statements of A&F and H&M to learn additional information. The emphasis of this case is to review the income statement, balance sheet and computation of ratios. Review the financial statements for the companie

Apple's and Philips: Financial statement comparisons

Apple vs Is there a difference in approach to valuation by US GAAP and IFRS? Discuss and note two or three specific differences. In addition, briefly â?¢ Distinguish between an expense (expired cost) and an asset. â?¢ Distinguish between current and long-term assets. â?¢ Distinguish between current and long-term l

Financial Statement Audits

In addition to financial statement audit, publicly traded companies have to file an annual report with Securities and Exchange Commission (SEC). The annual report includes financial statement audit report from an independent auditor. The audit report covers a review of the internal control. Briefly give the specific requirem

Job costing: Does this supersede financial statements?

If you ran a job orientated business, carpet layer, home builder etc. and you implemented a rock solid job costing system in place. Let's say your goal is to have a 30% profit on all jobs and this includes allocating overhead. You check your report job costing reports daily to make sure all jobs are on track and you successfully

Nybrostrand Company 2011 Prepare a balance sheet for the company in good format.

Additional information added in module 2: One client had indicated that they were interested in purchasing $42,500 worth of products. However, the client has not actually committed to the purchase. The bookkeeper may have made a mistake when computing cost of good sold. She included total production costs for 2011 and did no

Prepare financial statements Smith Company 2012

Below find a working trial balance for Smith Company. Smith Company 31-Dec-12 Trial Balance (accounts in alphabetical order) Debit Credit Accounts payable 67,000 Accounts receivable 24,500 Cash 16,700 Common stock

ACC 557 Application of Financial Statement: Balance Sheet

Balance Sheet is selected in this discussion. -Select either the balance sheet or income statement and explain how the use of it may be applied to your everyday life. -Using the same concept selected above, discuss how a business manager may benefit from an understanding of this statement. -Discuss how your understanding of

Phantom Profit: FIFO and LIFO

please help me with the following problem. I don't understand phantom profit. In its first month of operation, Maze Company purchased 100 units of inventory for $6, then 200 units for $7, and finally 150 units for $8. At the end of the month, 180 units remained. Compute the amount of phantom profit that would result if the comp

Corrected Balance Sheet

I need some help with approaching this question. Any help will be greatly appreciated. Pete is the president of Island Enterprises. Island Enterprises began business on January 1, 2008. The company's controller is out of the country on business. Pete needs a copy of the company's balance sheet for a meeting tomorrow and asks

Financial Accounting - Balance Sheet

- One client had indicated that they were interested in purchasing $35,500 worth of products. However, the client has not actually committed to the purchase. - The bookkeeper may have made a mistake when computing cost of good sold. She included total production costs for 2012 and did not adjust ending inventory for the $35,50

Financial Statements and Material Misstatement

Required: At this stage, the auditor obtains an understanding of the entity and its environment to anticipate account balances and assertions that are likely to be misstated. Outline the important aspects of understanding Mt. Hood Furniture and its external environment. Discuss the key issues that are present in the Mt. Hood cas

Financial Statements for a Cats and Dogs Company

The following cash transactions took place during March, the first month of business for Cats and Dogs Company: You may refer to Units 1 & 2 and the multimedia presentation and activity for this course for assistance. 1. D.C. Dawg started a business, Cats and Dogs Company, by contributing $6,000. 2. The Cats and Dogs Compan

Prepare a memo to your CFO which does the following

Prepare a memo to your CFO which does the following: 1.Summarize what a contribution format income statement depicts, as compared to the traditional format. 2.Using the following company data, show how the two income statement formats would look side by side. 3.Explain why the contribution approach is more useful to project

Guidelines for Writing Good Survey Questions

All of the following are guidelines for writing statistically measurable questions for a survey, EXCEPT: A. questions should avoid qualifying phrases. B. question response categories should be overlapping. C. questions and scale items should be meaningful to the respondent. D. questions should be simple and straig

Financial statement analysis

Analyze the information contained in the company's balance sheet and income statement to answer the following questions: Considering all the information you have gathered, why might this information be important to potential creditors, investors, and employees? Here are the links for the balance sheet and the income state

AT&T financial statement loss

A decrease in stockholder equity is not necessarily a bad thing. It really depends on the cause of it. According to my text cumulative effect of the declaration and payment of a cash dividend on a company's financial statements is to decrease both stockholders' equity and total assets" (p. 549). If this is the cause then it coul

Balance Sheet Medical Practices Events

Caren Smith opened a medical practice. During July, the first month of operation, the business, titled Caren Smith, M.D., experienced the following events: Jul 6 Smith invested $55,000 in the business by opening a bank account in the name of C. Smith, M.D. The business gave capital to Smith. Jul 9 Paid $46,000 cash for

Income Statement and Balance Sheet to Prepare a Ratio Analysis

Income Statement for Joe's-Fly-by-Night Oil company for the year ended December 31, 2011 Sales $10,000 Less: Cost of goods sold $4,000 Gross profit $6,000 Less: Selling, general, & administrative expenses $3,000 EBIT $3,000 Less: Interest Expenses $200 EBT $2,800 Less: Income tax expense $1,000 Net Income $1,800 Divi