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Scenario: BizCon. a consulting firm, has just completed its ?rst year of operations. The companys sales growth was explosive. To encourage clients to hire its services, BizCon offered 180-day financing - meaning its largest customers do not pay for nearly 6 months. Because BizCon is a new company. its equipment suppliers insist on being paid cash on delivery. Also. it had to pay up front for 2 years of insurance.
At the end of the year, BizCon owed employees for one full month of salaries. but due to a cash shortfall. it promised to pay them the ?rst week of next year. As the senior accountant, the Chief Financial Officer has asked you to prepare a memo to be sent to management notifying them of the delayed wage payments. Prepare the memo in a maximum 700 words including the following information to better outline the situation:
Explain how cash and accrual accounting differs for each of the events listed in the above scenario and describe the proper accrual accounting.
Assess how at the end of the year, BiZCon reported a favorable net income, yet the company‘s management is concerned because the company is very short of cash.
Explain to management how BizCon could have positive net income and yet run out of cash.
Financial Statement Analysis and Preparation
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An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.
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This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited
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T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .
Computation of Free Cash Flow
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