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Analysis of Earthwear financial statement audit. - Essay Example
Finance & Accounting
Pages 7 (1757 words)
Earthwear Financial Statement Audit Name Institution Course Date EarthWear Company The company major sources of revenue are selling high quality clothing that is casual clothing shoes light luggage and accessories. To key customers who are clients mostly interested in the outdoor kind of activities…
The entities major liabilities are accounts payable and liabilities which accrue. The entity has no potential parties who are related to it. Other uses its credit to be able to meet all the normal financing duties. The company accounting financial condition and position is stable and good. There are no individual significant events and any transactions such as those of acquisitions or selling off subsidiaries entities or product line during the financial year. The entity does not have any key contingencies and uncertainties. The firm's business is seasonal and most of the company sales and profits are normally realized during each fourth of the quarter. The regulation in the environment does not expose the firm to any risk neither does the legal and political environment and social factors. Earthwears closest competitors include Patagonia Timberland and Eddie. The firm has enough suppliers hence no single supply can affect the operations of the company. What interests customers always keeps on changing hence the firm needs to stay competitive and respond to the demands that keeps on changing like responding to changes in technology. The entity makes use of the accounting principles. No one single individual or individuals is allowed to dominate management and decisions. Decision making is well guided by the organizational structure. ...
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