FINANCIAL ACCT.:TOOLS...(LL)-W/ACCESS
8th Edition
ISBN: 9781119250913
Author: Kimmel
Publisher: WILEY
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Chapter 1, Problem 1.1EYCT
(a)
To determine
Introduction:
A financial statement is the complete record of financial transactions that take place in a company at a particular period of time. It provides important financial information like assets, liabilities, revenues and expenses of the company to its internal and external users. It helps them to know the exact financial position of the company. There are four basic financial statements; they are:
- The income statement: This is a financial statement that shows the net income earned or net loss suffered by a company through reporting all the revenues earned and expenses incurred by the company over a specific period of time. An income statement is also known as an operations statement, an earnings statement, a revenue statement, or a
profit and loss statement. The net income is the excess of revenue over expenses. - The
retained earnings statement: This is a financial statement that shows the amount of net income retained by a company at a particular point of time for reinvestment and pays its debts and obligations. It shows the amount of retained earnings that is not paid as dividends to shareholders. - The balance sheet: This is a financial statement that shows the assets, liabilities, and
stockholders’ equity of a company at a particular point of time. It reveals the financial health of a company. Thus, this statement is also called as theStatement of Financial Position . It helps the users to know about the creditworthiness of a company as to whether the company has enough assets to pay off its liabilities. - Statement of cash flows: This is a financial statement that shows the cash and cash equivalents of a company for a particular period of time. It determines the net changes in cash through reporting the sources and uses of cash due to the operating, investing, and financial activities of a company.
Annual Report: It is a comprehensive financial report that shows all the business activities that takes place throughout the previous financial year. Its purpose is to provide the complete financial information of a company’s financial activities to its users in order to help them analyze and take well informed decisions.
To determine: Company A’s total assets at September 27, 2014 and September 28, 2013.
(b)
To determine
Company A’s cash and cash equivalents on September 27, 2014.
(c)
To determine
Company A’s accounts payable on September 27, 2014 and September 28, 2013.
(d)
To determine
Company A’s net sales in 2012, 2013, and 2014.
(e)
To determine
Amount change in the net income of Company A from 2013 to 2014.
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Students have asked these similar questions
The following information is taken Aiello Corporation's fiscal 2016 annual report.
Selected Balance Sheet Data 2016 2015 Inventories........................ $221,418 $226,893 Accounts Receivable........... $121,333 $122,087
Assume that Aiello Corporation had $1,003,881 sales on credit during fiscal year 2016. What amount did the company collect from credit customers during the year?
a. $1,003,881 b. $1,004,635 c. $1,003,127 d. $1,247,301
Required information
[The following information applies to the questions displayed below.] Simon Company’s year-end balance sheets follow.
At December 31
2017
2016
2015
Assets
Cash
$
31,800
$
35,625
$
37,800
Accounts receivable, net
89,500
62,500
50,200
Merchandise inventory
112,500
82,500
54,000
Prepaid expenses
10,700
9,375
5,000
Plant assets, net
278,500
255,000
230,500
Total assets
$
523,000
$
445,000
$
377,500
Liabilities and Equity
Accounts payable
$
129,900
$
75,250
$
51,250
Long-term notes payable secured bymortgages on plant assets
98,500
101,500
83,500
Common stock, $10 par value
163,500
163,500
163,500
Retained earnings
131,100
104,750
79,250
Total liabilities and equity
$
523,000
$
445,000
$
377,500
The company’s income statements for the years ended December 31, 2017 and 2016, follow. Assume…
Required information
[The following information applies to the questions displayed below.] Simon Company’s year-end balance sheets follow.
At December 31
2017
2016
2015
Assets
Cash
$
31,800
$
35,625
$
37,800
Accounts receivable, net
89,500
62,500
50,200
Merchandise inventory
112,500
82,500
54,000
Prepaid expenses
10,700
9,375
5,000
Plant assets, net
278,500
255,000
230,500
Total assets
$
523,000
$
445,000
$
377,500
Liabilities and Equity
Accounts payable
$
129,900
$
75,250
$
51,250
Long-term notes payable secured bymortgages on plant assets
98,500
101,500
83,500
Common stock, $10 par value
163,500
163,500
163,500
Retained earnings
131,100
104,750
79,250
Total liabilities and equity
$
523,000
$
445,000
$
377,500
The company’s income statements for the years ended December 31, 2017 and 2016, follow. Assume…
Chapter 1 Solutions
FINANCIAL ACCT.:TOOLS...(LL)-W/ACCESS
Ch. 1 - Prob. 1QCh. 1 - Prob. 2QCh. 1 - Prob. 3QCh. 1 - Accounting is ingrained in our society and is...Ch. 1 - Prob. 5QCh. 1 - Prob. 6QCh. 1 - What are the three main types of business...Ch. 1 - Prob. 8QCh. 1 - Prob. 9QCh. 1 - Prob. 10Q
Ch. 1 - Prob. 11QCh. 1 - What are the three main categories of the...Ch. 1 - Prob. 13QCh. 1 - Prob. 14QCh. 1 - Prob. 15QCh. 1 - Which of these items are liabilities of White...Ch. 1 - How are each of the following financial statements...Ch. 1 - What is the purpose of the management discussion...Ch. 1 - Prob. 19QCh. 1 - Prob. 20QCh. 1 - Prob. 21QCh. 1 - Prob. 1.1BECh. 1 - Match each of the following types of evaluation...Ch. 1 - Indicate in which part of the statement of cash...Ch. 1 - Prob. 1.4BECh. 1 - Prob. 1.5BECh. 1 - Prob. 1.6BECh. 1 - Indicate which statement you would examine to find...Ch. 1 - Prob. 1.8BECh. 1 - Prob. 1.9BECh. 1 - Prob. 1.10BECh. 1 - Prob. 1.11BECh. 1 - Prob. 1.1DIECh. 1 - Prob. 1.2DIECh. 1 - Prob. 1.3ADIECh. 1 - Prob. 1.3BDIECh. 1 - Here is a list of words or phi uses discussed in...Ch. 1 - Prob. 1.3ECh. 1 - Prob. 1.4ECh. 1 - Prob. 1.5ECh. 1 - Prob. 1.6ECh. 1 - Prob. 1.7ECh. 1 - Prob. 1.8ECh. 1 - Prob. 1.9ECh. 1 - Prob. 1.10ECh. 1 - Prob. 1.11ECh. 1 - Prob. 1.12ECh. 1 - Prob. 1.13ECh. 1 - Prob. 1.14ECh. 1 - Prob. 1.15ECh. 1 - Prob. 1.16ECh. 1 - Prob. 1.17ECh. 1 - Prob. 1.1APCh. 1 - Financial decisions often place heavier emphasis...Ch. 1 - Prob. 1.3APCh. 1 - Prob. 1.4APCh. 1 - Prob. 1.5APCh. 1 - Prob. 1.1EYCTCh. 1 - Prob. 1.2EYCTCh. 1 - Prob. 1.3EYCTCh. 1 - INTERPRETING FINANCIAL STATEMENTS Xerox was not...Ch. 1 - Prob. 1.5EYCTCh. 1 - Prob. 1.6EYCTCh. 1 - Prob. 1.7EYCTCh. 1 - Prob. 1.8EYCTCh. 1 - Prob. 1.9EYCTCh. 1 - Prob. 1.10EYCTCh. 1 - Prob. 1.1IFRSCh. 1 - Prob. 1.2IFRSCh. 1 - Prob. 1.3IFRS
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