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You are the staff accountant working at a local t-u-t-o-r-i-n-g center. The monthly financial statements (Income Statement, Statement of Retained Earnings, and Balance Sheet) were just finalized and released to the employees of the center. You hear some of the other employees talking about the financial statements. In most cases, the employees do not understand the purpose of the statements. You have been asked by your supervisor to create a MEMO to be sent to the employees of the center that describes the purpose of the financial statements. In this memo you are expected to explain (IN WORDS THAT EVERYONE CAN UNDERSTAND) what accounting elements (all parts of the accounting equation) go on each statement, and what each of those elements represent. You are also expected to explain the purpose of each of the 3 statements (what should the reader know about the company by looking at the statement).
Your memo should be NO LONGER THAN 2 PAGES. Memos begin with a heading (similar to that of an email showing To: From: Subject:) and use SINGLE SPACING. Your memo is expected to be written with proper grammar and punctuation, and should be clear and concise (get to the point!).
calculating the approximate amounts for the current years balances in the form of a balance sheet and income statement
A company purchases a piece of equipment and plans on depreciating it using straight-line depreciation for financial statement purposes, and an accelerated method of depreciation for tax purposes. Taking this into consideration, which of the followin..
Compute the price and efficiency variances of Stuckey, Inc., for each direct material and direct manufacturing labor in June 2011 - what actions should Jorgenson take?
Partnership agreement of Nieto, Keller, and Pickert provides for the subsequent income ratio
Long had 100,000 shares of common stock issued and outstanding at January 1, 2013. During 2013, Long took the following actions: March 15 declared a 2 for 1 stock split when the fair value of the stock was $80 per share
Which one of the following best describes DoD philosophy of budgeting for a Fixed Price - Economic Price Adjustment contract?
you are a staff accountant in a cpa firm. your manager has asked you to provide a report containing accounting
Year-to-date revenues are $702,498 and year-to-date expenses are $618,207. What is the total value of Sam’s permanent equity accounts as of June 30th?
What journal entry is sent to GL from the process "compare receiving report and purchase order"? What journal entry is sent from the process "receive payment"?
Identify the formula for the rate of return on investment.
When we already have the income statement and balance sheet to tell us about the financial performance and financial health of a company, why was there a need to require companies to prepare a statement of cash flows?
Journalize all required closing entries for the year. Calculate the balance in Retained earnings at June 30, 2010. Use a T-account to show your calculations.
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