Share
Explore BrainMass

The Financial Statements

Pickett Company: Prepare an income statement and a balance sheet

Your task is to prepare an income statement and a balance sheet in good format after adjusting for the two errors below. 1 - A physical count of inventory indicates $75,000 on hand. 2 - There's a check for $10,000 from a customer that has not been recorded in the working trial balance. The check is payment for a purchase ma

In Kasky v. Nike, Inc., the California Supreme Court drew a distinction between a noncommercial speaker's statements criticizing a product as generally noncommercial speech and a commercial speaker's statements in praise or support of the same product. What was this distinction, and why did the California Supreme Court make it?

In Kasky v. Nike, Inc., the California Supreme Court drew a distinction between a noncommercial speaker's statements criticizing a product as generally noncommercial speech and a commercial speaker's statements in praise or support of the same product. What was this distinction, and why did the California Supreme Court make it?

Financial Statements and the Production of Cash Flow Statements

Please address the following inquiries: - The significance of financial statement data is not in the amount alone. Why is it necessary to convert accrual-based net income to a cash basis when preparing a statement of cash flows? - How is the amount of cash payments to suppliers computed under the direct method in producing

Please explain in your own words and include references if used. Thank you... Examine the objective of conducting an audit of financial statements and its impact on stakeholders. Analyze the auditor's responsibilities in conducting an audit and the impact on stakeholders. Evaluate the importance of setting audit objectives, both general and specific, and their impact on the audit outcome.

Please explain in your own words and include references if used. Thank you... Examine the objective of conducting an audit of financial statements and its impact on stakeholders. Analyze the auditor's responsibilities in conducting an audit and the impact on stakeholders. Evaluate the importance of setting audit

Prepare entries for each event balance sheet

The 2012 balance sheet of the Blackberry Mountain Inc. is attached. During 2013, the following events occurred. 1. Paid cash $36,000 in advance for 3 years' rent of office on January 1. 2. On January 1, purchased 50 personal computers at a cost of $1,500 each, paying cash upon delivery. 3. On January 14, paid employees $5,560

Using LIFO to Value the Inventory

MVP Corp uses LIFO to value its inventory. The 2010 inventory records disclose the following: Beginning Inventory Units Cost First Layer 10000 $15 Second Layer 22000 $18 Purchases 250,000

Financial Statements of Univor Company

Univor Company reported an increase in inventories in the past year. What is the effect of this change on the current ratio (current assets _ current liabilities)? What does this tell a statement user about Buildeasy's liquidity? What is one of the major limitations of the balance sheet as a source of information? What is

Compare Financial Statements of Ascension Health and HCA, Inc.

Download and review the financial statements of Ascension Health, a not-for-profit, religious based healthcare system from: http://www.ascensionhealth.org/assets/docs/Audited_Financial_Statements_For_the_Year_Ended_June_30_2010.pdf. Download and review the financial statements of HCA, Inc., a for-profit healthcare system

Prepare a schedule showing the intangible asset section

Janes Company provided the following information on intangible assets: a. A patent was purchased from the Lou Company for $760,000 on January 1, 2009. Janes estimated the remaining useful life of the patent to be 10 years. The patent was carried on Lou's accounting records at a net book value of $390,000 when Lou sold it to

Investing Decisions, Pro Forma Statement

Discussion Questions C13 - Financial Analysis: The Big Picture 1. "Income statement provides investors with past financial data and information and therefore cannot be relied on to make future investing decisions." Do you agree? Explain. 2. What is pro forma income statement and in your opinion has this practice put too

Review of file after client was convicted of financial statement fraud

Question You have been assigned the peer review of an audit file after the client was convicted of financial statement fraud. The client, Grande Stores, a large store chain, materially overstated net income by understating accounts payable and recording fictitious supplier credits that reduced accounts payable. You have bee

CEO Ford's Future Positives

Ford Motor: Use recent balance sheet and other information to answer the following questions: Who is the CEO? Is his view of Ford's future positive? What are the challenges as he sees them? What was the Revenue for 2010? From what sources did Ford make their Revenue? What was the Net Income for 2010? What w

put together a Balance Sheet and a Financial Statement

Introduction Calvary Baptist Church School have suffered from two civil wars thus the country has in adequate infrastructure and few number of educational institutions. The project aims to provide information to students in the country by establishing a public library. This will enable CBSC Students to have access to informatio

I have the five ratios to conduct ratio analysis. I just need help to figure out whether to use common size income statements or regular income statements. And how to figure whether to use income statements for the analysis or the balance sheet. Balance sheet or trial balance. The five ratios I will be using are: current ratio gross profit margin Operating margin/ROS Debt to equity Inventory turnover

I have the five ratios to conduct ratio analysis. I just need help to figure out whether to use common size income statements or regular income statements. And how to figure whether to use income statements for the analysis or the balance sheet. Balance sheet or trial balance. The five ratios I will be using are: current

Thurston's Department store: Journalize transactions

Review of Accounting Thurston's Department store had the following transactions during 2010 (the company's fiscal year is Jan, 1- Dec. 31). Jan 1 The company issued common stocks for $300,000 cash to start the business. (#of stock issued: 10,000 par value :$25/sh) Jan 1 Issued bonds for $300,000. (Par value of bond =$3

Adjusting entries, bal statement, income statement

On September 1, 2005, Kelly Randolf and Paul Simple started a comic book industry newsletter called Comic Times. They produced the first month's edition during September. The following transactions occurred during their first month of operations: Sept 1: Comic Times, Inc., was formed when Kelly and Paul filed with the State

Financial Statement Classification of Accounts

Indicate which of the following items would be classified as assets on the balance sheets a. Raw Materials b. Goodwill c. Post-retirement health obligations d. Deferred revenues e. Foreign currency translation adjustments f. All software development costs g. Loans to employee h. Purchased trademarks i. Cost of deve

Trend Analysis and Common-Sized Financial Statements

Why is trend just as important if not more important than information that pertains to only one year? What is meant by "presentation of financial statement information in common-size amounts rather than dollar amounts?" Why is this type of presentation sometimes more meaningful than use of actual dollar amounts?

Market and command system

Evaluate the following statement and give your explanation: The market system is a profit-and-loss system.

The Torre Company has the following balances in stockholders equity on

The Torre Company has the following balances in stockholders equity on December 31st. Common Stock - $5.00 par, 60,000 issued $300,000 Additional paid in capital - common 600,000 Preferred stock - $100 par, 5,000 issued 500,000 Additional paid in capital - preferred 100,000 Retained earnings 200,000 Treasury stock

Retained Earning Restrictions Statements

Which of the following statements about retained earnings restrictions is incorrect? Retained earnings restrictions are generally disclosed through a journal entry on the books of a company. Many states require a corporation to restrict retained earnings for the cost of treasury stock purchased. Long-term debt con