Financial Statement Report ACC/290 06/03/2013 Lisa Henderson Financial statement is an expression used when referring to end of the month reports such as an income statement, balance sheet, cash flow statement, and Retained Earnings Statement. These statements are also known as the final accounts. The income statement is a financial statement that aids in estimating the gross and net profit of a business for a specific time period. Many companies put together income statements so they can evaluate proceeds with expenditures to verify their performance. If the income of the business is more than the expenses then the company has made money and vice versa.
2(d) Yes, it would be better as you can claim first year expense deduction for equipment purchased, claim expenses and deduct your business losses. Because the expenses of a small business can be claimed on Form1040 Schedule A.
The accounting department supervisor independently reconciles the accounts receivable subsidiary ledger to the accounts receivable control account monthly. C. The accounting department supervisor controls the mailing of monthly statements to customers and investigates any differences reported by customers. D. The billing department supervisor matches prenumbered shipping documents with entries in the sales journal. AICPA AACSB: Analytic AICPA BB: Critical Thinking AICPA FN: Risk Analysis Bloom's: Application Difficulty: Hard 32. Which of the following internal control activities most likely would assure that all billed sales are correctly posted to the accounts receivable ledger?
Accounting Assignment 2013 By : David Step One ….. all calculations are in $000’s $000’s | 2012 | 2011 | 2010 | 2009 | REVENUE | 419,812 | 413,131 | 373,144 | 344,150 | SALES | 418,981 | 411,652 | 372,120 | 343,078 | GROSS PROFIT | 418,981-175,843 = 243,138 | 411,652-171,256 = 240,396 | 372,120-164,789 = 207,331 | 343,078-145,275 = 197,803 | EBIT* | 19,491 | 21,532 | 16,667 | 21,164 | NET PROFIT | 16,103 | 18,218 | 12,331 | 15,649 | -TREND ANALYSIS- | | | | | SALES | 418,981/343,078 *100 = 122.1 | 413,131/343,078 *100 = 120.4 | 373,144/343,078 *100 = 108.8 | 100 | EBIT | 19,491/21,164 *100 = 92.1 | 21,532/21,164 *100 = 101.7 | 16,667/21,164 *100 = 78.8 | 100 | PROFIT | 16,103/15,649 *100 = 102.9 | 18,218/15,649
Financial Reporting Problem - Part II ACC/290 Abstract This week’s essay is a continuation of last week’s topic: Financial Reporting of Wal-Mart Corporation. The topics covered will analyze the information contained in Wal-Mart’s balance sheet and income statement and discuss Wal-Mart’s assets listed under the company’s current assets list and whether or not they them in the proper order. Also covered is how these assets get classified. Breaking down these documents into the cash equivalents, the company’s total current liabilities at the end of its most recent annual reporting period compared to their total current liabilities at the end of the previous annual reporting period. By placing further consideration on
The main purpose of the cash flow statement is to allow external users to assess the solvency and profitability of the company, to ensure the safety of their investment decisions. This projection can be made for the entire period covered by the business plan but because the date from it is used for making the Balance sheet it is recommended to go gradually year by
They test their goodwill for impairments annually. The steps to test for it are to estimate the fait market value, compare the fair value with carrying amount (if carry value is more than the fair value, goodwill is impaired), and the company records the impairment loss equalling excess of carrying value over fair market value of goodwill. 5. Certain other indefinite-lived intangibles and other long-lived assets (including intangible assets with a finite life) are also subject to impairment assessment. Did Nike incur any of these impairment charges in 2009?
In a word processing program, write a brief description/explanation of how you implemented each component of the model. Write 1-2 paragraphs for each component of the model (days-to-repair; interval between breakdowns; lost revenue; putting it together). The amount of revenue lost can be found by looking at how many days it takes to repair, and then multiplying that number by the amount of customers you may have received on a given day multiplied by the amount of copies they produced. The time between breakdowns will tell you how often this occurs, and the sum in weeks is not to exceed 52 (since there are 52 weeks in year. 6.
So, if we take random values for r2 between 0 and 1 then we will get different values of time intervals in weeks between successive breakdowns. 3. Lost revenue It is given that they charge $0.10 per copy and number of copies sold in one day follows a uniform probability distribution between 2000 and 8000 copies. Therefore, if we chose a random variable r3 whose value is in between 2000 and 8000 then the lost revenue will be 0.1×r3×repair time. By putting different values for r3, we can get a number of lost revenues by simulation method.
Task 1 As Sales manager you are asked to produce a quarterly budget forecast for next years sales. Complete the quarterly budget showing the revenue by product, and total income each quarter and for the year. Use Microsoft excels to produce the spreadsheet. Sales forecast is a prediction based on past sales performance and an analysis of expected market conditions. The true value in making a forecast is that it forces us to look at the future objectively.