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Point 1: The financial statements are prepared from the adjusted trial balance or worksheet. The income statement reports revenues and expenses and calculates net income or net loss for the time period. The statement of retained earnings shows how retained earnings changed during the period due to net income (or net loss) and dividends. The balance sheet reports assets, liabilities, and stockholders' equity as of the last day of the period.
Point 2: The financial statements are prepared in a specific order because net income from the income statement is used on the statement of retained earrings to determine ending retained earnings. Ending retained earnings is then transferred to the balance sheet to determine total stockholders' equity. The income statement is prepared first, then the statement of retained earnings, and then the balance sheet.
Question 1: Why is this information helpful even for non-accountants?
Financial Statement Analysis and Preparation
Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?
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.
Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.
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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