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...Wendell Gordon ACC/290 July 26, 2012 Shonda Meadows For years people have debated on which one of the financial statements was the most important. The purpose of this paper is to identify the four basic financial statements and the purpose they serve. Throughout this paper I will breakdown how the different financial statements could be useful for managers and their employees. I will also discuss how the different financial statements could be beneficial for creditors and investors. To conclude the paper I will summarize it all up with a conclusion. The four basic financial statements are balance sheets, income statements, cash flow statements, and statements of shareholders’ equity. Balance sheets break down what all a company owes and owns at a particular period of time .Balance sheets also contain valuable information such as a company’s liabilities, shareholders equity, and assets. Balance sheets contain information at the end of a reporting period. Balance sheets do not contain the all the ins and outs to accounts during a reporting period. A balance sheet is also referred to as a statement of financial position. Income statements provide you with how much money a company made and spent over a period of time. Income statements also provide you with the cost and the expenses associated with earning money. The bottom line on an income statement provides you with the amount of money a company loss or made. The top line on an income statement provides you with the amount...
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...Financial Statements Paper ACC/290 Income statements chronicle the gains or deficiencies of a company’s operations over a period of time, by reporting all revenues and expenses. These statements are processed each month, and at the end of the fiscal year. Income statements include definite expenses and revenues. Sometimes these statements are also known as P&L statements or profit and loss. The second statement is known as a retained earnings statement. This is for displaying the beginning balance of retained earnings and adjustments during the course of the year. The statement usually includes beginning balance, net income for the current cycle, dividends disclosed in the current period and ending balance. Balance sheets detail assets and claims to assets at a distinct point in time. Claims of creditors and claims of owners are examples of claims to assets. This particular statement provides a clear outline of the financial standing of the company as a whole. The direct function of a statement of cash flow is to present financial information such as cash receipts and payments during a set point in time. This assists investors and creditors to analyze a company’s financial position.. These statements address a company’s financing, investment and operational activities. Financial statements are useful to managers as these statements are utilized to measure the performance of the organization. Sales and expenses are compared to the income statements...
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...Financial Statements Paper Desiree Dominguez Acc/290 10-29-12 Lyle Burkett Financial Statements Paper Financial statements are key components in revealing the financial health of an organization. A company's financial information can get quite complicated, but business owners and investors should understand the basics of how to read financial statements. Most businesses produce four major financial statements, including the income statement, balance sheet, cash flow statement and statement of shareholders’ equity. Understanding the elements of these statements and how they relate to one another can help you understand a company’s financial position and make good decisions in relation to the organization. Income Statement A firm's revenues, gains, expenses and losses are listed on the income statement. Revenue is money earned from a company’s normal business operations. The expenses on the income statement are the costs associated with earning the revenue. When a company sells one of its assets, it can experience a capital gain or loss. Revenues minus expenses, plus gains minus losses, equal net income or net loss. The dollar amount of net income listed on the income statement is also found on the cash flow statement under the operating activities section. Balance Sheet The balance sheet includes the elements of the accounting equation: assets equal liabilities plus shareholders’ equity. The assets on a balance sheet are classified as either...
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...Week Five Financial Reporting Paper Name Team A ACC/ 290 Date Financial Reporting Problem Verizon Communications Incorporated is a multi-billion dollar company. In 2010, the net income for Verizon Communications Inc. and its subsidiaries was over $10 billion (Verizon, 2011). Verizon Communications Inc., like many reputable businesses, makes their financial statements publically available. Although the order of the information is stated as only a suggestion, many companies choose to list their assets in the order listed in the FASAB handbook to keep consistency and to ensure they report all required information. It is the case with Verizon Communications Inc. Verizon Communications Inc. lists its assets in many categories. According to the balance sheet listed on the Verizon Communications Inc. 2010 Annual Report (Verizon, 2011), the assets for Verizon Communications Inc. are classified in the following categories: Current Assets, Plant, property and equipment, Investments in unconsolidated businesses, Wireless licenses, Goodwill, Other intangible assets (net), and Other assets. The order listed by Verizon Communication Inc. is consistent with the Federal accounting Standards Advisory Board Cash Equivalents Verizon registers its assets in the proper order under their current assets. First, on the list are its cash and cash equivalents, which is anything that can immediately turn into cash. Some examples of cash and cash equivalents...
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...Learning Team Financial Reporting Paper Monica Fisher, Christina Owens & Michael Walker ACC/290 May 6, 2014 Jackie Lewis Learning Team Financial Reporting Paper This paper will examine Amazon.com.inc; arguably the world’s most customer centric company and a publicly traded company recent annual and previous year financial reports. Information within this report comes from data collected from the (SEC) Security Exchange and Commission and Amazons reports. In addition, The Company’s balance sheet and income statement is analyzed to answer the following questions: What are the company’s total assets at the end of its most recent annual reporting period? Amazons December 31, 2013 Consolidated Balance Sheet (in millions) reflects total assets of $40,159,000. Why is this important? Because it represents growth, the financial position of Amazon, and the consolidated results of its operations. What are the total assets at the end of the previous annual reporting period? Amazons December 31, 2012 Consolidated Balance Sheet indicates the company’s total asset was $32,555,000. How much cash and cash equivalents did the company have at the end of its most recent annual reporting period? The Company had $8,658,000 cash and cash equivalents at the end of 2013. What amounts of accounts payable did the company have at the end of its most recent annual reporting period? The company had a total of $15,133,000 in liabilities due under accounts payable ending December...
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...Financial Statements Paper Phillip Carter ACC/290 November 19, 2012 Michael Olsen Financial Statements Paper There are four basic financial statements involved in the basic accounting process. These reports summaries the financial activity of a company over a specific time period. The first of fore is the balance sheet. The balance sheet reports assets and claims to assets at a particular point in time. Claims to assets are divided into two categories; claims of creditors and of owners. This relationship is where the name balance sheet comes from (Wiley Plus, 2012). Assets must balance with claims to assets. For example the balance sheet lists assets such as cash, accounts receivable, equipment and buildings as well as, land. Additionally, the balance sheet outlines liabilities such as accounts payable and notes payable. Moreover, the balance sheet brings to bear the owners’ equity. Consequently, liabilities and owners’ equity should balance with a company’s assets. The balance sheet is a report on the company’s resources. This information can be useful to internal customers in management rolls to determine how much cash is on hand. Additionally this information is useful to external stakeholders such as creditors and investors who can use the data to determine if the company will be able to repay their debt (Wiley Plus, 2012). The second financial statement we will discuss is the Income Statement. This statement lists the company’s revenues against its expenses....
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...Week 1 Financial Statements Paper John Dow ACC/290 2/24/2014 Week 1 Financial Statement Paper. In the accounting realm there are many terms that get tossed around and it can become quite baffling. The great thing I have learned thus far is that there are four basic financial statements that we operate on today. These statements are very important to the vitality of a company/corporation to continue business in a progressive fashion. In the following text I will articulate the needs and importance of the four basic financial statements, and why they are necessary. The four basic financial statements are: * Balance sheet. * Income statement. * Retained earnings statement. * Statement of cash flows These four statements are essential to the successful operating of a company. With these four statements you can feel prepared when you head to a bank and request a loan for your business, or decide to invest into the stock of a company. These four statements also hold the required information to properly lead a company to higher growth potential and sustainability. The balance sheet is a term that most have heard of, this statement tells the internal or external user of the total assets owned compared to the liabilities or debt at a certain time. This statement is crucial for internal use so that managers can decipher whether they have cash on hand, or if there are going to be layoffs. Lending companies require companies to hand over their balance sheet to...
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...RUNNING HEAD: FINANCIAL STATEMENTS PAPER Financial Statements Paper ACC 290 Financial Statements Paper In this paper the four basic financial statements will be defined. Each of the four financial statements has its purpose for use. As part of the paper the description of the purpose of the four basic financial statements is acquired. The discussion of the financial statements would be useful to internal and external users is performed as well in this paper. The four basic financial statements are the balance sheet, income statement, retained earnings statement, and statement of cash flow (Kimmel, Weygandt, Kieso, 2011). The balance sheet is used to present a picture of what a company owns (Kimmel, Weygandt, Kieso, 2011). The balance sheet reports the amount of assets and claims to assets for a period of time (Kimmel, Weygandt, Kieso, 2011). Assets are items the company owns that could be used if needed to retain cash. The claims to assets are either creditor or owner. The creditor would be the individual or company that is using the asset as collateral to a debt. Once debt is paid the creditor releases asset back to owner. The income statement is used report the financial health of the company in a certain time frame (Kimmel, Weygandt, Kieso, 2011). The income statement provides the revenues and expenses in the time frame (Kimmel, Weygandt, Kieso, 2011). The revenue is the income funds, and expenses are the outgoing funds. The...
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...Financial Statements Paper Thomas Hastings ACC/290 April,11,2012 Rolland Roup Financial Statements Paper In the accounting world there are four different financial statements. These financial statements provide a very wide amount of information which is very valuable information to internal and external users in many different types of companies. These four financial statements are the balance sheet, income statement, retained earnings and statement of cash flow. These four financial statements form the backbone of financial accounting. (Kimmel, Weygandt, & Kieso, 2009) Each of the four financial statements has its own use’s within accounting and each provides different and very crucial information to its proper user’s. The first financial statement is the balance sheet, the balance sheet shows a picture at a point in time of what your business owns (its assets) and what it owes (its liabilities). The second financial statement is income statements show how successfully your business performed during a period of time, it reports revenues and expenses. The third financial statement is retained Earnings are used to indicate how much of the previous income was distributed to you and the owners of your business in the form of dividends, and how much was retained in the business to allow future growth. The fourth financial statements is statement of cash flow is to show where your business obtained cash during a period of time and how that cash was used. (Kimmel,...
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...Financial Statement Paper Barbara Watson ACC/290 February 1, 2012 Courtney Wilson Financial Statement Paper In any business or organization that is established there has to financial records kept consistently to be as follows; (1) compliant with federal business laws, (2) in accordance with Internal Revenue Service, and last no fraudulent reporting in profit gains. In this paper I will attempt to explain the four basic financial statements, describe their purpose, and the usefulness to both external and internal users. The four basic financial statements of any company or organization are as follows; (1) the income Statement, (2) retained earnings, (3) balance sheet, and (4) statement of cash flow. These statements are usually prepared at a specific time of the year, either on a monthly, quarterly, or yearly basis (Lewis, 2009). . The Income Statement basically shows the fees earned minus operating expenses to show if the company o organization is profitable. The Income Statement uses what we call a matching concept, which is, seeing if the expenses are matched with the revenue that is generated in the same time period as the expense. If the records show that the earning fees are more than the operating expenses, then the company or organization has definitely generated a net profit. However, if the operating expenses are greater than the earning fees than we can consider that company has a net loss The Retained Earnings Statement provides information based...
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...Financial Statement Paper Piertus Esperience ACC/290 February 4, 2014 Tim Callaghan Financial Statement Paper There are four financial statements that are prepared to represent the financial position and operations of a company. The four financial statements are income statement, statement of retained earnings, balance sheet, and statement of cash flows. The income statement reports the revenue, expenses, and results of operations for a particular company in a specified period of time. The difference between the revenues and expenses is identified as the net income or net loss. The statement of retained earnings is the income of the business that has not been paid out in dividend. Over a period of time, retained earnings will either increase or decrease. The balance sheet states the economics resources owned by an entity and the claims against those resources. The balance sheet reflects the fundamental accounting equation, assets equals’ liability plus owner’s equity. The statement of cash flows shows how cash is generated and expended in a period of time however, that is not the same as income. The statement of cash flow has three sections which are the operating activities, investing activities, and financial activities. The purpose of financial statement is to allow businesses to establish themselves to be financial stable over a period of time. Financial provides information, performance changes of enterprise; that is useful information...
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...Financial Statement Paper xxxxxx ACC/290 January 29, 2013 Dr. Norris Dorsey Financial Statement Paper This week’s individual assignment is to identify the four basic financial statement reports used in basic accounting principles and concepts. It also is to describe the purpose of these four reports and how they would be of use to both managers and employees as an internal component. It is also to describe the external use to investors and creditors. The four monetary financial statements are the balance sheet, income statement, capital statement as well as the statement of cash flows. A balance sheet shows what a business has. A balance sheet is a statement of business or institution that lists the assets, debts, and owner’s investment as of a specified date in time. An income statement is a summary of a management's performance as reflected in the profitability (or lack of it) of an organization over a certain period. It itemizes the revenues and an expense of past that led to the current profit or loss, and indicates what may be performed to improve the results. The capital statement is wealth in the form of money or assets, taken as a sign of the financial strength of an individual, organization, or nation, and assumed to be available for development or investment (businessdictionary.com). In layman’s term money invested in a business to generate income. The statement of cash flow reports the money received as well as used during a specific time frame. The cash...
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...Financial Statements Paper Brittany Williams University of Phoenix Principles of Accounting I ACC/290 Kelvin Chang November 26, 2013 Financial Statements Paper In the accounting world, there are four basic financial statements that are normally prepared by profit-making organizations. These are balance sheet, income statement, statement of retained earnings, and statement of cash flows. Each of these statements serves a very important purpose in keeping track of the finances for a company. The balance sheet pretty much shows a company’s current monetary position on an exact date. As the name suggests, it is a quick reference for individuals to visually see how the company is balancing their assets, liabilities, and stockholders equity. How is this important? Well a company’s assets are what resources the company currently has at that specific time. Liabilities are the debt a company owes to other people or companies that are still outstanding. Finally, stockholders equity is what the stockholders claim against the company’s assets. The income statement is what shows the results of the company's operations for a set period of time. The income statement also summarizes a company’s revenues (sales) and expenses quarterly and annually for its fiscal year. In short this is what shows the history of the company’s gains, expenses, and losses which compiled together equals out to the company’s final net income for that time period. This final net figure, as well...
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...Finance Statements Paper Kimberly Nelson ACC/290 06/12/2012 David Schwanke Finance Statements Paper When preparing financial statements for a company it is important to recognize the four basic financial statements and to understand the purpose of each statement and how it may affect internal and external users. This paper will cover each statement in sequential order and will discuss how the statements are useful to internal and external users. Income Statement- The income statement lists the company's revenues followed by its expenses. The final numbers from this calculation will indicate net profit or loss. The success or failure of the company's operations for a period of time is derived from this calculation. Managers use the income statement as a means to determine if the companies’ operations are profitable. The income statement reports on the success or failure of the company’s operations by reporting its revenue and expenses. Adjustment to its operations may need to take place internally to continue profitability. Investors are interested in past net income because it provides useful information for predicting future net income. Creditors also use the income statement to predict future earnings. Retained Earnings Statement- The retained earnings statement shows the net income retained in the corporation. The time period covering the retained earnings is the same time period of the income statement. That time period can be represented monthly, quarterly...
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