Financial Statements - Essay Example

Only on StudentShare

Extract of sample
Financial Statements

The debt amount is recorded as accounts receivable in the company’s books of accounts. The inventory represents items that are being sold in the company’s stores. The inventory also includes unused office supplies, unused cleaning supplies, and other unused items that are owned by the company. The building account is another company asset. Since the company owns the building, the building is included in the assets account. The office equipment is part of the company’s asset account. The office equipment includes the computers, typewriters, calculators, and adding machines. The company has some liabilities to pay (Wild, Shaw, Chiappetta, 2011). The liabilities represent what the company owes its creditors. Similarly, the suppliers may offer the company credit terms when the company buys goods from its suppliers. In exchange for purchased items, the company promises to pay its debts in a few days or months. When this occurs, the company records an accounts payable amount. Further, when company is required to sign a note promising that they will pay the debt within a few days or months, the company records a notes payable amount in its books of accounts. When the company applies or a ten year bank loan, the company records a long term loan amount. ...Show more

Summary

The company owns the resources. Cash is one of the company’s assets (Wild, Shaw, Chiappetta, 2011). Cash includes the coins and paper money. Cash also includes the checks that are paid by the company’s customers. …
Author : oklein
Financial Statements essay example
Read Text Preview
Save Your Time for More Important Things
Let us write or edit the essay on your topic
"Financial Statements"
with a personal 20% discount.
Grab the best paper

Related Essays

Financial statements
Furniture is a product that has a huge marketplace due to the fact that all homes worldwide need furniture. A hot trend in the industry is the offering of green furniture which is furniture that is produced from renewable sources. A company that has exploited this trend in Europe and currently in the process of penetrating the US marketplace is IKEA.
3 pages (750 words) Essay
Financial Statements
The four basic financial statements are balance sheet, income statement, statement of changes in equity, and cash flow statement. Financial statements are important and used by different individuals or groups such as managers, employees, suppliers, creditors, government agencies, and the public.
4 pages (1000 words) Essay
Organization's financial statements
In the literature, financial analysis has been characterized as ‘an information processing system used to provide relevant information for decision making’ (Belkaoui 1998, p.1). Particular reference is also made to financial statements ‘as the key source of information used in the financial analysis process’ (Belkaoui 1998, p.1).
3 pages (750 words) Essay
FOUR BASIC FINANCIAL STATEMENTS
Once the data has been collected and organised it is presented in such a way that is clear and usable and in acknowledged formats, primarily these are: 1. Income Statement: tell the profit-and-loss story for the current fiscal year. The statement records all the income generated during the period and all the expenses for the same period are deducted to arrive at 'net income' or the profit for the period.
3 pages (750 words) Essay
Financial Statements
The critical nature of the information demands that it be accurate and truthful. They are formatted and calculated using Generally Accepted Accounting Practices (GAAP). They must adhere to standards set by a government controlling body such as the Financial Reporting Council (FRC), the Accounting Standards Board (ASB), and the International Accounting Standards Board (IASB).
4 pages (1000 words) Essay
Financial Statements Master Essay
It will further elaborate how accounting for inventories will change according to these concepts/assumptions. "The board of the International Accounting Standards Committee (IASC), a 13-member (all part-time) organization representing professional accounting groups (e.g., the AICPA) from member countries, promulgated IAS beginning in the mid-1970s.
12 pages (3000 words) Essay
Financial statements
This paper presents an analysis of various items found in the financial statements and it discusses key components of the capital project. The three key financial statements are Income Statement, Balance Sheet, and Statement of Cash flow. The Income Statement is an
2 pages (500 words) Essay
Financial Statements
The introduction of the new spark plug manufacturing process in the Unites States, which is said to be very successful, will be confirmed and validated by the
8 pages (2000 words) Essay
Financial statements
Not only this, I also need to know the costs associated with yarn sales. Due to integration of various departments in my organization, I closely work with accounts
1 pages (250 words) Essay
Financial Statements
Home Depot is one of the largest companies in this industry in terms of revenues and profitability. The main competitor of Home Depot is Lowe’s. However, Home Depot has always remained a step ahead of Lowe’s according to
6 pages (1500 words) Essay
Get a custom paper written
by a pro under your requirements!
Win a special DISCOUNT!
Put in your e-mail and click the button with your lucky finger
Your email
YOUR PRIZE:
Apply my DISCOUNT