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Comparison Analysis: Interim Financial reporting and Seasonality
Both CVS and Southwest Airlines provide quarterly financial information in their financial statements. Quarterly financial reports provide important information about the "seasonality" of a company's operations. Seasonality refers to how dependent a com- pany is on sales during different seasons of the year, and how that affects a company's need to plan for cash flows and inventory. From the quarterly financial information for CVS in the Supplement, determine the effects of seasons on CVS's net revenues and net earnings by calculating for the most recent year the percentage of quarterly net sales and net earnings to annual net sales and net earnings. Discuss the results. How do you think the effect of seasons might differ for Southwest's operating revenues and income?
A study has been conducted to determine if one of the departments in Parry Company should be discontinued. The contribution margin in the department is $50,000 per year. Fixed expenses charged to the department are $65,000 per year. These data indica..
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Calculate the balance in retained earnings at the time of the change (beginning of 2011) as it would have been reported if FIFO had been used in prior years.
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you are an accountant for the flower shoppe. your supervisor has asked you to help her prepare the year-end financial
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(Issuance of Bonds with Detachable Warrants) On December 1, 2014, Universal Coat Company sold 10,000 of its 10%, 15-year, $1,000 face value, nonconvertible bonds with detachable stock warrants at 102. Prepare in general journal format the entry to re..
For each of the preceding situations, identify and analyze the adjustment to be recorded on December 31, 2014.
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