Florence Man A424 Case 1 Summer 2013 Substantive procedures are designed to detect material misstatements in a transaction classes, account balance, and disclosure component of financial statements. Little Drummer Boy Inc. In the case of Little Drummer Boy Inc. management provided assertions in the following transaction classes: acquisition of long-term asset, depreciation of long-term asset, and allocation of cost in lump-sum purchase. The long-term asset account, depreciation and accumulated
Words: 812 - Pages: 4
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
Words: 485 - Pages: 2
these methods could show investors the company was during a strong financial position and performance. However, these kinds of methods cannot change cash flow report because you actually did not receive any cash on your bank account and your cash balance did not match with
Words: 767 - Pages: 4
Week Four Reflections Allyson Bara, Courtney Heiser, Torie Jones, Kristie Laughinghouse, Stefanie Olney, Lynette Plowe ACC/291 Principles of Accounting II April 29, 2013 Professor Beth Baligrosky Week Four Team Reflection In week four, the objectives were define as prepare a statement of cash flows using both direct and indirect methods, apply ratio, vertical, and horizontal analyses to financial statements and prepare journal entries associated with the issuance of preferred and common stocks
Words: 989 - Pages: 4
First, we will analyze the junior accountant’s work. The junior accountant of Lessee thought that “since the equipment reverts back to Lessor Inc., it is an operating lease.” However, this was incorrect because based on the IAS 17, paragraph 10 – Accounting for Leases: “Situations that would normally lead to a lease being classified as a finance lease include the following: • the lease term is for the major part of the economic life of the asset, even if title is not transferred • at the inception
Words: 495 - Pages: 2
to either monthly or quarterly show how a company is doing. The results from the financial statements can help managers and stakeholders to make financial decisions. The following are four types of financial statements. Balance Sheet- “The balance sheet represents a snapshot of the company’s financial position at any given point of time”, it includes financial information of the company’s capital, liabilities, equity, and assets. Assets are classified into long term and short term
Words: 719 - Pages: 3
produced to the Securities and Exchange Commission thereafter. After review of the key financial statements, it was found that the balance sheet, income statement, cash flow statement, and stockholders’ equity statement remained consistent over the documented years. All figures reported below are in millions except for per share values, ratios, and percentages. The balance sheet reported on Home Depot’s 2011 10-K report analyzes both 2011 and 2010 fiscal years. The working capital for the two years
Words: 1994 - Pages: 8
Introduction SKS Manufacturing has recently hired Deloitte & Touche as they are in a critical cash position with various internal inefficiencies in their procurement and production processes. Deloitte & Touche and SKS Manufacturing will need to work together in order to solve the issues present at SKS Manufacturing so they can be successful within the automotive parts industry. Issues & Analysis There are three key issues that are present at SKS Manufacturing that need to be systematically tackled
Words: 305 - Pages: 2
Professor Timothy Jared Financial Statement Differentiation Paper Financial statements provide documentation of a company’s financial history for a set timeframe. One of the financial statement used by investors, creditors, and mangers is the balance sheet. The second statement used by accountant’s income statement, which is also important to shareholders. The third statement is the retained earnings statement, and the fourth financial statement is the statement of cash flows. Each financial statement
Words: 910 - Pages: 4
Financial Statements Paper By Becky Lapointe University of Phoenix Accounting 280 Instructor: Silvana Moffitt Ever wonder how businesses like Apple, Wal-Mart, Home Depot, Lowe’s, or even Verizon keep themselves in business. It does not just have to do with marketing skills or good advertisements but these businesses also have to take into consideration the financial information when running these types of corporations. Accounting is a big part of running any type of company or corporation
Words: 1189 - Pages: 5
