Chapter 22, Problem 8ICA

You are internal auditor for Shannon Supplies, Incorporated, and are reviewing the company's preliminary financial statements. The statements, prepared after making the adjusting entries, but before closing entries for the year ended December 31, 2024, are as follows: Assets Cash SHANNON SUPPLIES, INCORPORATED Balance Sheet December 31, 2024 ($ in thousands) Investment in equity securities Accounts receivable, net Inventory Equipment Less: Accumulated depreciation Total assets Liabilities and Shareholders' Equity Accounts payable and accrued expenses Income tax payable Common stock, $1 par Additional paid-in capital Retained earnings Total liabilities and shareholders' equity Net income SHANNON SUPPLIES, INCORPORATED Income Statement For the Year Ended December 31, 2024 ($ in thousands) Sales revenue Operating expenses: Cost of goods sold Selling and administrative Depreciation Income before income tax Income tax expense $ 1,240 906 74 $ 3,700 2,220 $ 1,480 (370) $ 1,110 $ 2,500 350…

https://massygroup.com/wp-content/uploads/2022/11/MASSY-DIGITAL-ANNUALREPORT-2022 (answer the following questions) Evaluate the company’s latest annual financial statements (balance sheet, income statement, and cash flow statement) and comment on the company's financial performance and position. In your response, use the requirements of IAS 1 as a guide. b)  Identify and discuss key accounting principles and standards applied in the company’s financial reporting process indicating their reasons for choosing these and how they were applied. Comment briefly on the appropriateness of the choices made given the company’s industry, location and type (e.g. MNC, regional conglomerate, etc.) c) Critically analyze any significant accounting policies and estimates disclosed in the notes to the financial statements. In your answer, indicate whether the company complied with the accounting standards and conventions.

Prepare a classified balance sheet  (Statement of Financial Position) for Yu Company from the following account balances as of Dec. 31, 2017. Use report form with supporting notes.

May I ask for an explanation and solution to the question for a better understanding. Thank you! Selected information for Cain Corp. for the year ended December 31, 2021 are as follows: Average days' sales in inventories = 124; Average days' sales in accounting receivable = 48. The average number of days in the operating cycle for 2021 was:   a. 172 b. 124 c. 86 d. 76

Access the February 21, 2017, filing of the December 31, 2016, 10-K report of The Hershey Company (ticker: HSY) at SEC.gov and complete the following requirements. Required Compute or identify the following profitability ratios of Hershey for its years ending December 31, 2016, and December 31, 2015. Interpret its profitability using the results obtained for these two years. 1. Profit margin ratio (round the percent to one decimal). 2. Gross profit ratio (round the percent to one decimal). 3. Return on total assets (round the percent to one decimal). (Total assets at year-end 2014 were $5,622,870 in thousands.) 4. Return on common stockholders’ equity (round the percent to one decimal). (Total shareholders’ equity at year-end 2014 was $1,519,530 in thousands.) 5. Basic net income per common share (round to the nearest cent).

The following information is from the accounts of Neway Ltd for the years 2018 and 2019 Neway Ltd Summary of the statement of comprehensive income 2019 2018 $m $m Sales revenue 650 615 COGS 305 295 Gross profit Interest expense Other expenses (including depreciation) Profit 320 (13) (100) 345 (15) (120) 210 207 63 Depreciation expense Accounts payable at the end of the period Accounts receivable at the end of the period |Inventory held at the end of the period 85 30 25 34 46 65 57 Required: a) Prepare a statement of cash flows from operations for Neway Ltd. b) Prepare a statement that reconciles the profit with the cash flows from operations.

he following items are included in the financial statement of ABC BHD for 2019: Instruction: 1. Compute the net profit for the year. 2. What is the retained earnings figure that would appear on the balance sheet at December 31, 2019? 3. Prepare a classified balance sheet for ABC BHD at December 31, 2019,assuming the note payable is a long-term debt

Using EDGAR (Electronic Data Gathering, Analysis, and Retrieval system), find the annual report (10-K) for Six Flags Entertainment Corporation for the year ended December 31, 2019. Locate the "Consolidated Statement of Operations" (income statement) and "Consolidated Balance Sheets." You may also find the annual report at the company's website. Required: 1. What amount does the company report for total liabilities in the current year? 2. What amount does the company report for current liabilities and long-term liabilities? 3. Determine the amount the company reports for short-term lease liabilities and long-term lease liabilities. 4. Find Note 8. Long-Term Indebtedness. What amount does the company report for 2024 notes and 2027 notes? 5. What is the approximate interest rate the company is paying on its debt? (Hint: Divide interest expense in the income statement by the amount of long-term debt plus the current portion of long-term debt.) (Enter your answer as a percentage rounded to…

(Ratio Computations and Analysis) Prior Company’s condensed financial statements provide the following information. Check the below image for information. Instructions(a) Determine the following for 2017.(1) Current ratio at December 31.(2) Acid-test ratio at December 31.(3) Accounts receivable turnover.(4) Inventory turnover.(5) Return on assets.(6) Profit margin on sales.(b) Prepare a brief evaluation of the financial condition of Prior Company and of the adequacy of its profits.