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Please choose a public company financial statement, a 10k or an annual report. Review the footnote disclosures related to intercompany activity. How important is this activity to the consolidated group? Where do you find this information? Be sure to post a link or attach the document to your posting.
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- Your firm has been engaged to examine the financial statements of Teal Corporation for the year 2020. The bookkeeper who maintains the financial records has prepared all the unaudited financial statements for the corporation since its organization on January 2, 2015. The client provides you with the information. Teal CorporationBalance SheetDecember 31, 2020 Assets Liabilities Current assets $1,888,000 Current liabilities $970,000 Other assets 5,114,480 Long-term liabilities 1,471,000 Stockholders’ equity 4,561,480 $7,002,480 $7,002,480 An analysis of current assets discloses the following. Cash (restricted in the amount of $301,000 for plant expansion) $582,000 Investments in land 185,000 Accounts receivable less allowance of $29,000 479,000 Inventories (LIFO flow assumption) 642,000 $1,888,000 Other assets include: Prepaid expenses $62,000 Plant and…Your firm has been engaged to examine the financial statements of Almaden Corporation for the year 2020. The bookkeeper who maintains the financial records has prepared all the unaudited financial statements for the corporation since its organization on January 2, 2015. The client provides you with the following information. Almaden CorporationBalance SheetDecember 31, 2020 Assets Liabilities Current assets $1,881,100 Current liabilities $ 962,400 Other assets 5,171,400 Long-term liabilities 1,439,500 Stockholders' equity 4,650,600 $7,052,500 $7,052,500 An analysis of current assets discloses the following. Cash (restricted in the amount of $300,000 for plant expansion) $ 571,000 Investments in land 185,000 Accounts receivable less allowance of $30,000 480,000 Inventories (LIFO flow assumption) 645,100 $1,881,100 Other assets include: Prepaid expenses $ 62,400 Plant and equipment less accumulated depreciation of…Your firm has been engaged to examine the financial statements of Buffalo Corporation for the year 2020. The bookkeeper who maintains the financial records has prepared all the unaudited financial statements for the corporation since its organization on January 2, 2015. The client provides you with the information. Buffalo CorporationBalance SheetDecember 31, 2020 Assets Liabilities Current assets $1,899,000 Current liabilities $956,000 Other assets 5,138,660 Long-term liabilities 1,471,000 Stockholders’ equity 4,610,660 $7,037,660 $7,037,660 An analysis of current assets discloses the following. Cash (restricted in the amount of $298,000 for plant expansion) $582,000 Investments in land 187,000 Accounts receivable less allowance of $30,000 487,000 Inventories (LIFO flow assumption) 643,000 $1,899,000 Other assets include: Prepaid expenses $62,000 Plant…
- Parkman Sporting Goods is preparing its annual report for its 2021 fiscal year. The company’s controller has asked for your help in determining how best to disclose information about the following items:1. A related-party transaction.2. Depreciation method.3. Allowance for uncollectible accounts.4. Composition of investments.5. Composition of long-term debt.6. Inventory costing method.7. Number of shares of common stock authorized, issued, and outstanding.8. Employee benefit plans.Required:Indicate whether the above items should be disclosed (A) in the summary of significant accounting policies note, (B) in a separate disclosure note, or (C) on the face of the balance sheet.Choose a major publicly traded corporation, then go to the corporation's site and retrieve the information needed for this assignment. Provide information about the history of the corporation and its current product offerings. Provide a screenshot of the corporate’s latest reported income statement. Organize the income statement in an Excel file to enable you to verify the arithmetic in the income statement, and explain your verifications. Also, explain the nature of each item in the income statement. Information for the Hi-Test company’s production process for September follows. Assume that all materials are added at the beginning of this production process, and that conversion costs are added uniformly throughout the process. Work in process inventory, September 1 (2,000 units, 100% complete with respect to direct materials, 80% complete with respect to direct labor and overhead; consists of $45,000 of direct materials cost and $56.320 conversion cost). = $101,320 Costs…Choose a major publicly traded corporation, then go to the corporation's site and retrieve the information needed for this assignment. Provide information about the history of the corporation and its current product offerings. Provide a screenshot of the corporate’s latest reported income statement. Organize the income statement in an Excel file to enable you to verify the arithmetic in the income statement, and explain your verifications. Also, explain the nature of each item in the income statement. Information for the Hi-Test company’s production process for September follows. Assume that all materials are added at the beginning of this production process, and that conversion costs are added uniformly throughout the process. Work in process inventory, September 1 (2,000 units, 100% complete with respect to direct materials, 80% complete with respect to direct labor and overhead; consists of $45,000 of direct materials cost and $56.320 conversion cost). = $101,320 Costs…
- /Which of the following is the best description of a typical business plan for a small business? A business plan is a(n): a) legally-required document that the company must file with the Small Business Administration on an annual basis: and that documents the funding the company needs for the next fiscal year. b) short document, usually no more than 10-15 pages in length, that provides a basic overview of the company's mission and products )c) formal document, often 25-50 pages in length, that describes the company, sets forth its key objectives, and provides details as to how and when the organization plans to achieve these objectives. ) d) annual report that the company provides to partners or stockholders, diseussing the company's objectives and assessing its challenges for the coming year.You are an accountant working for a company that has recently decided to incorporate. The company has incurred $4,300 for attorneys fees, promotion costs, and filing fees with the state of incorporation as a part of organizing the corporate entity. What is the journal entry to record these costs on March 13, assuming they are paid in cash?The annual report is a regular activity of public firms and is sent to current owners (shareholders) and the SEC, and is also made available to prospective owners, financial analysts, and others interested in a company’s performance. Name four of the major sections contained. Please discuss the benefits and limitations of the information provided in this report.
- A. Select a publicly-traded company that is traded on U.S. exchange. Locate the annual report for at least the last three fiscal years. Analyze the financial statements for the company and review for large movements in specific accounts from one year to the next. In addition, review the notes to the financial statements as these are an integral part of the financial reporting package. Evaluate the balance sheet to determine if there are large changes in the company's assets, liabilities, or equity accounts. In addition, analyze the income statement and statement of cash flows.B. At a minimum, calculate the following ratios for two years, the debt-to-equity ratio, current ratio, quick ratio, return on equity, and net profit margin. For each ratio, explain what the ratio tells you about the company.You are required to obtain the annual reports of two ASX Top 200 companies in the sameindustry and write a business research report to address the following questions related to theitems included in property, plant and equipment.1. Review and evaluate the PPE disclosure of your selected companies which may include:• What range of measures is used to determine amounts for these items in the reports ofthe individual companies?• Do you think it is valid to add the items, given the measures used?• How would you interpret the total amount for property, plant and equipment in thefinancial statements?• Compare the measures used by the different companies for similar items. Are there anyinconsistencies in how similar items are measured by the different companies?2. Discuss the factors that accountants should consider when setting up company accountingpolicy relating to PPE.3. Detail your view on the subsequent measurement of PPE and provide recommendations toaccounting standard setters.You work as the financial controller for Dexter, a publicly listed company that prepares consolidated financial statements in compliance with International Financial Reporting Standards (IFRS). The Dexter group's chief executive officer (CEO) has evaluated the draft consolidated financial statements of the Dexter group and a number of significant subsidiary companies for the fiscal year ended March 31, 2019. Although neither of the subsidiaries are publicly listed, they all generate financial statements in compliance with IFRS. The CEO has emailed you with the following questions: Question One I have discovered that the disclosures in the consolidated financial statements about operating segments appear to be centered on the geographical location of the group's customers. I work as a non-executive director for another large listed corporation, and the segment disclosures in their consolidated financial statements are determined on the types of goods sold. Furthermore, several of our…