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Ac551 Project 1

In: Business and Management

Submitted By sprangler92
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Notes to Consolidated Financial Statements

Note 1
Summary of Significant Accounting Policies
Nature of Operations
Wireless Cookies, Etc is a company that manufactures and distributes various types of baked goods to wholesale retailors and individuals via the internet. The products are available to everyone who has internet connection and is interested in selling our product in their store. The product is available in the USA, several European countries, several Caribbean countries. The cost is negotiated with each vendor who offers the product in a retail store.
Revenue Recognition
The revenue is a computation of revenues, total expenses, and net income. It explains how the profit is calculated.
Cost of Products Sold
The cost of products sold is classified in detail in regards to the supplies and materials used to produce the product
Selling, General and Administrative Expense
The cost incurred used to sell and market the product. Pay the salaries to all who helped in the production of the product
Currency Translation
Due to the company having to send products to different countries because of this the company has to e use the current exchange rate for orders that are established in different countries. The current exchange rate is used and all contracts are negotiated in the country in which the product is sold.
Cash Flow Presentation
This represents how the cash flow is utilized within the company. For the purchase of supplies to the payout of dividends and purchase of investments.
Investments
The company has investments in other areas that will help secure the funding of the company and maintain the growth of the company. Recent acquisition of Bagels Express is pending.
Inventory Valuation
The company has to account for all products that are on hand and ready for sale. Having an accurate count determines the worth of the company assets.…...

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