FINANCIAL ACCOUNTING>IC<
15th Edition
ISBN: 9781119344988
Author: Kimmel
Publisher: WILEY C
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Chapter 2, Problem 2.1EYCT
(a)
To determine
Financial statements: Financial statements are condensed summary of transactions communicated to the users in the form of reports for the purpose of decision making.
To identify: (a) And indicate total current assets as at September 27, 2014 and September 28, 2013.
(b)
To determine
To identify: (b) Mention whether the current assets are listed in conformity with the order of liquidity.
(c)
To determine
To identify: (c) List the classification of total assets.
(d)
To determine
To identify: (d) Indicate the total current liabilities as at September 27, 2014 and September 28, 2013 of Incorporation A
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[The following information applies to the questions displayed below.]The CEO of Jisko requests our help in preparing year-end financial reports. The CEO explains that they are having difficulty classifying accounts. The Tableau dashboard shows December 31 year-end data from the company’s accounting system.
2. Prepare the current assets section of its December 31 year-end balance sheet.
Visit the website of the US Securities and Exchange Commission (SEC) https://www.sec.gov/edgar/searchedgar/companysearch.html Search for the latest Form 10-K for a company you would like to analyze. Submit a short memo that
A. Includes the name of the company you have chosen.B. Review the company’s end-of-period Balance Sheet to determine the following:
Total assets
Total liabilities
Total equity
C. Compare beginning and ending Assets totals and discuss the amount of change.D. Compare beginning and ending Liabilities totals and discuss the amount of change.E. Compare beginning and ending Equity totals and discuss the amount of change.
Please provide a link to the company’s Form 10-K to allow accurate verification of your answers.
Preparing a Classified Balance Sheet.
The following financial data for Marshall Corporation was collected as December 31, 2016. All accounts have normal balances.
Chapter 2 Solutions
FINANCIAL ACCOUNTING>IC<
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