When a parent-subsidiary relationship exists, consolidated financial statements are prepared in recognition of the accounting concept of: a) Reliability b) Materiality c) Legal entity d) Economic entity
Bennis Company has the following comparative balance sheet data. BENNIS COMPANY Balance Sheets December 31 2012 //
The comparative condensed balance sheets of Conard Corporation are presented below. CONARD CORPORATION Comparative Condensed Balance Sheets December 31
I am totally lost with this task, I need all the help I can get. In a powerpoint of 10 slides with notes, please discuss the four primary financial statements that companies use. Explain how data is collected to develop financial statements, what the financial statements measure, and the linkages among the financial statement
Problem 1. Creighton Company's balance sheet and income statement are provided below: Required: 1) Compute the margin, turnover, and return on investment for Creighton Company. 2) What is the advantage of expanding the ROI formula to measure margin and turnover separately? Problem 2. Delta Company is evaluating tw
-Describe two transactions, the accounts that are affected and the affect on the respective financial statements. -Discuss who may use financial statements and how the various users may use the financial statement information?
We are using the same company as in the first module. However, you need to consider some additional information. One client had indicated that they were interested in purchasing $35,500 worth of products, so the bookkeeper recorded the transaction. However, the client has not actually committed to the purchase. The bookke
Review the financial statements for two years of Wal-Mart and another company in the same industry. Make a comparison of: revenues; cost of good sold; accounts receivable & accounts payable and inventory for two years and show trends for all five categories for each company. Discuss and interpret the changes over the thre
Also see attached MS Word document titled Ethan Company Problem. At December 31, 2011 Ethan Company reports the following results for its calendar year Cash sales $1,803,750 Credit sales 3,534,000 In addition, its unadjusted trial balance includes the following items/ Accounts receivable $1,070,100 Debit
Which of the following statements does not describe a characteristic of management accounting: a. management accounting must conform to GAAP b. Approximate amounts rather than accurate amounts are used in management accounting c. management accounting places emphasis on the future d. managment accounting is more concerned
The stockholders' equity section of Carey Co's balance sheet at December 31,2012, was follows common stock--$10 par (authorized 1000000 share $6000000 issued and outstanding 600000 shares) Paid in capital in excess of par 1500000 Retained earnings
As an auditor on the calendar year-end audit of Richard's Merchandise Company you travel to Denver to observe the year-end physical inventory. When you arrive in Denver at the client's site on December 30th you discover that the inventory process has just been started. You notice a trailer parked at the receiving dock and ask th
Which one is false? A) conservative accounting aggressively recognizes loss or reserve provisions in early period B) aggressive accounting understates loss in early period C) conservative accounting may be reversed to record higher profit later D) conservative accounting is based on logical theory instead of accounting tra
1. Why are balance sheet, the income statement, the statement of cash flows, and the statement of shareholders' equity important in order to understand the financial condition of the organization? 2. What types of accounts are found in each statement? 3. How are the accounts arranged and grouped? 4. What role does each statem
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
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
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
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
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
Gentiva Health Services is one of the nation's leaders in providing home healthcare services. Review the company's financial statements located at: http://investors.gentiva.com/financials.cfm Discuss the financial condition of Gentiva Health Services by responding to the following questions. Has the company's profitab
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
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
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.
Why is inventory valuation important to the presentation of the balance sheet and the income statement?
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 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
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
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
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
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