Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN: 9781285595047
Author: Weil
Publisher: Cengage
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Here is some financial statement data for Nestlé (in millions of Swiss francs):
After reviewing the information, calculate the following ratios for Nestlé for 2021:1) Inventory turnover2) Profit margin3) Return on assets4) Free cash flowRound all answers to two decimal places. Do not include dollar signs because Nestlé's accounting information is in Swiss francs. Show the calculations for each answer.
Listed below are the current Accounting Assumptions and Principles
Economic Entity Assumption
Monetary Unit Assumption
Historical Cost Principle
Going Concern Assumption
Revenue Recognition Principle
Full Disclosure Principle
Time Period Assumption
Matching Principle
Required:
For the following situations, identify whether the situation represents a violation or a correct application of GAAP, and which assumption/principle is applicable.
d. Moss Corporation closes the books each month and prepares monthly financial statements.
Violation: (Yes/No)
Applicable Assumption/Principle:
e. Carroll Corporation, a US company, purchased a machine from Germany for 10,000 Euros and recorded the machine on their books at $12,000 US
Violation: (Yes/No)
Applicable…
Listed below are the current Accounting Assumptions and Principles
Economic Entity Assumption
Monetary Unit Assumption
Historical Cost Principle
Going Concern Assumption
Revenue Recognition Principle
Full Disclosure Principle
Time Period Assumption
Matching Principle
Required:
For the following situations, identify whether the situation represents a violation or a correct application of GAAP, and which assumption/principle is applicable.
d. Moss Corporation closes the books each month and prepares monthly financial statements.
Violation: (Yes/No)
Applicable Assumption/Principle:
e. Carroll Corporation, a US company, purchased a machine from Germany for 10,000 Euros and recorded the machine on their books at $12,000 US
Violation: (Yes/No)…
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- Can you help with this question plese? The accounting firm of Deloitte & Touche is the largest international accounting firm in the world as ranked by total revenues. For two recent years, Deloitte & Touche reported the following for its U.S. operations: CurrentYear PreviousYear Revenue (in billions) $19.9 $18.6 Number of professional staff (including partners) 79,347 71,212 a. For the current and previous years, determine the revenue per professional staff. Round your answers to the nearest dollar. Revenue per professional staff Current year $fill in the blank 1 Previous year $fill in the blank 2 b. Interpret the trend between the two years. Did the revenues increase or decrease? Did the revenue per professional staff increase or decrease?arrow_forwardAnalyze and compare Kroger and Tiffany The Kroger Company (KR), a national supermarket chain, reported the following data (in millions) in its financial statements for a recent year: a.Compute the asset turnover ratio. Round to two decimal places. b.Tiffany Co. (TIF) is a large North American retailer of jewelry. Tiffanys asset turnover ratio is 0.78. Why would Tiffanys asset turnover ratio be lower than that of Kroger?arrow_forwardTo facilitate accounting comparisons the companies are headquartered in the United States the financial statements are the latest annual financials for their respective fisical years and then in 1999 or 2000 The companies involved are developer of prepackaging software online retailer Warehouse Club for food in general merchandise major passenger airline International Hotel chain temporary staffing agency supermarket grocery retailer pharmaceutical company matterfacturer of electronic communications equipment matter of factor and marketer of consumerarrow_forward
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