Premium Essay

Financial Statements Paper Part 1

In: Business and Management

Submitted By tootufftohandle
Words 1052
Pages 5
Financial Statements Paper Part 1
ACC 497
July 14, 2014

Financial Statements Paper Part 1
In Financial Statements Paper Part 1 I will discuss The Home Depot’s annual report, to include the consolidated statement of earnings, the balance sheet, and the statement of cash flows. I will discuss some details of each sheet, the importance of the contents, business decisions associated with each sheet, and the benefits gained from the information contained in the sheets.
The Consolidated Statement of Earnings-- income statement-- tells the reader about the sales and expenses applied by The Home Deport during the most recent fiscal year. An immediate analysis of this income statement indicates the company has net sales figures between $70 billion and $80 billion per year. This is a significant difference over a three year time period. The one very noticeable issue is the substantial decrease in sales from 2008 to 2009. The Home Depot´s net sales in 2008 dropped roughly eight percent compared to the previous year. Operating expenses increased by approximately 105%, while operating income decreased by about 40%. The increase in operating income helped bring the numbers up, but after it is all said and done, the bottom line is the fact that net earnings were down approximately 49% in 2008 compared to the previous year. The Home Depot attributed the significant decline in sales to the decline in the residential (new) construction and home improvement markets. In addition to the decline in sales, The Home Depot reported higher expenses during fiscal 2008. The Consolidated Statement of Earnings contains information the user will find helpful when making financial decisions. For example, upper management would use this information to determine the best time to introduce a new product to the market. Also, in an effort to increase sales the company might decide

Similar Documents

Premium Essay

Acc 300 Entire Course

...com/index.php/product/acc-300-entire-course-2/   ACC 300 Week 1 – Individual Assignment – Chapter Two – Brief Exercises. ACC 300 Week 1 Individual Assignment Chapter 2: Brief Exercises BE2-8, BE2- 9, and BE2-10   ACC 300 Week 2 – Learning Team Assignment. In this excel file ACC 300 Week 2 Learning Team Assignment you will find overview of the following sheets: 1. Demonstration Case 2-1 2. Given Data DC2-1 3. Simplify with Spreadsheets 2-1 4. Given Data SS2-1 5. Coached Problem 2-1 6. Given Data CP2-1 7. Problem A 2-1 8. Given Data PA 2-1   ACC 300 week 2 dqs. What are the different bases of accounting? When would you use the cash basis? Accrual basis? Tax basis? Which one is better? Why? What are the financial statements? What does each one tell you? Which financial statement is more important? Why? How are the financial statements related? Why do these relationships exist? What is the impact of a miscalculation in the income statement on other financial statements? ACC 300 Week 3 – Individual Assignment Part I. In the work ACC 300 Week 3 Individual Assignment Part I you will find overview of the following parts: 1. Cash Basis – Income Statement 2. Accrual Basis – Income Statement ACC 300 Week 3 – Individual Assignment Part II. In this file ACC 300 Week 3 Individual Assignment Part II you will find overview of the following tables: 1. Income Statement 2. Statement of changes in Stockholders’ Equity 3. Expense recognition principle ...

Words: 1163 - Pages: 5

Premium Essay

Acc 300 Entire Course

...ACC 300 Week 1 – Individual Assignment – Chapter Two – Brief Exercises. ACC 300 Week 1 Individual Assignment Chapter 2: Brief Exercises BE2-8, BE2- 9, and BE2-10 ACC 300 Week 2 – Learning Team Assignment. In this excel file ACC 300 Week 2 Learning Team Assignment you will find overview of the following sheets: Demonstration Case 2-1 Given Data DC2-1 Simplify with Spreadsheets 2-1 Given Data SS2-1 Coached Problem 2-1 Given Data CP2-1 Problem A 2-1 Given Data PA 2-1 ACC 300 week 2 dqs. What are the different bases of accounting? When would you use the cash basis? Accrual basis? Tax basis? Which one is better? Why? What are the financial statements? What does each one tell you? Which financial statement is more important? Why? How are the financial statements related? Why do these relationships exist? What is the impact of a miscalculation in the income statement on other financial statements? ACC 300 Week 3 – Individual Assignment Part I. In the work ACC 300 Week 3 Individual Assignment Part I you will find overview of the following parts: Cash Basis – Income Statement Accrual Basis – Income Statement ACC 300 Week 3 – Individual Assignment Part II. In this file ACC 300 Week 3 Individual Assignment Part II you will find overview of the following tables: 1. Income Statement 2. Statement of changes in Stockholders’ Equity 3. Expense recognition principle 4. Balance Sheet as of December 31, 2002 5. Statement of Cash Flows ...

Words: 1188 - Pages: 5

Premium Essay

Nothing

... | | |School of Business | | |ACC/230 (11/05/2012 – 01/20/2013) | | |Financial Reporting: Peeking Under the Financial Hood | Copyright © 2009, 2007 by University of Phoenix. All rights reserved. Course Description In this course, students will learn to analyze financial statements and methods used to value companies. Financial reports help managers choose between business paths. They also help investors and analysts evaluate the financial health of companies. This course is a practical means of discovering how financial data are generated and their limitations; techniques for analyzing the flow of business funds; and methods for selecting and interpreting financial ratios. It also presents analytical tools for predicting and testing assumptions about a firm’s performance. Policies Faculty and students/learners will be held responsible for understanding and adhering to all policies contained within the following two documents: • University policies: You must be logged into the student website to view this document. • Instructor policies: This document is posted in the Course Materials...

Words: 2268 - Pages: 10

Premium Essay

Acc201 Module 1 - Case Financial Statements Assignment Overview

...ACC201 Module 1 - Case Financial Statements Assignment Overview Click Link Below To Buy: http://hwcampus.com/shop/acc201-module-1-case/ There are three main parts to this case that require you to prepare and submit a 3- to 5-page paper. Please make sure this paper is well organized and covers all of the items below. Part I Search the course background information, the Internet and/or the Cyber Library. Discuss the terms listed below. Your discussion should expand on the definition as given in the module background. Explain why these concepts are important to financial statements. •Generally Accepted Accounting Principles (US GAAP); •International Accounting Standards (IFRS); •Securities and Exchange Commission (SEC); •Annual report; and •10-K, 10-Q, and 8-K Part II Explain the basic formats of financial statements such as income statement, balance sheet, statement of cash flows, and statement for retained earnings. Part III 1.Everything in Accounting typically falls into one of three categories, as illustrated by the Accounting Equation. State the Accounting Equation: Assets = _______________ + _______________ 2.You will note that the Accounting Equation comprises 3 "categories," each of which can be broken down further into accounts. For each of the three main categories of the Accounting Equation, list 5 or more accounts with actual amounts that would typically be classified into each. For instance, Land & Equipment would typically be categorized...

Words: 427 - Pages: 2

Premium Essay

Target Corporation

...Section I draft due March 27 – Section II draft due April 15 – Section III draft due May 4 – Complete paper is due Objective of the Project Study a company whose stock is traded on the New York Stock Exchange (NYSE) or National Association of Securities Dealers (NASDAQ). Use the company’s public documents and financial statements to learn business information, financial information and investor analysis of the company (e.g., stock prices and ratios.). This will include an analysis of the company’s balance sheet, income statement and statement of cash flows. Due dates are listed above. Your paper will consist of a cover page (name of company, your name, date, and course/section), table of contents and the following sections: Section I. Profile of the Company’s Operations (Minimum 3 pages-word processed in paragraph form. Some information can be presented in table or bullet point format) Research the company’s most recent 10-K and the company’s website to learn the following for Section I of your paper: • State of incorporation. (front page of 10-K) • Type of stock issued, number of shares authorized and issued. • Information about the corporation’s product lines and major competitors (10-K Part I, Item 1) • Business risks. (10-K Part I, Item 1a.) • Number of employees. • Information about the company’s competition. • Summary of the company’s SWOT analysis • Corporate mission statement (company website) • Corporate social responsibility (company website) • Corporate reference to ethics...

Words: 939 - Pages: 4

Premium Essay

Financial Statement Paper

...Financial Statement Paper Barbara Watson ACC/290 February 1, 2012 Courtney Wilson Financial Statement Paper In any business or organization that is established there has to financial records kept consistently to be as follows; (1) compliant with federal business laws, (2) in accordance with Internal Revenue Service, and last no fraudulent reporting in profit gains. In this paper I will attempt to explain the four basic financial statements, describe their purpose, and the usefulness to both external and internal users. The four basic financial statements of any company or organization are as follows; (1) the income Statement, (2) retained earnings, (3) balance sheet, and (4) statement of cash flow. These statements are usually prepared at a specific time of the year, either on a monthly, quarterly, or yearly basis (Lewis, 2009). . The Income Statement basically shows the fees earned minus operating expenses to show if the company o organization is profitable. The Income Statement uses what we call a matching concept, which is, seeing if the expenses are matched with the revenue that is generated in the same time period as the expense. If the records show that the earning fees are more than the operating expenses, then the company or organization has definitely generated a net profit. However, if the operating expenses are greater than the earning fees than we can consider that company has a net loss The Retained Earnings Statement provides information based...

Words: 880 - Pages: 4

Premium Essay

Acc 421 Mart Pride in Excellence/Acc421Martdotcom

...$9,500. Depreciation expense was $44,000. Prepare the cash flows from operating activities section of the statement of cash flows. Q -3 Martinez Corporation engaged in the following cash transactions during 2014. Q-4 The major classifications of activities reported in the statement of cash flows are operating, investing, and financing. Classify each of the transactions listed below as: Q-5 E5-14 http://edugen.wiley.com/edugen/art2/common/pixel.gif The comparative balance sheets of Constantine Cavamanlis Inc. at the beginning and the end of the year 2014 are as follows. Exercise 5-16 (Part Level Submission) A comparative balance sheet for Shabbona Corporation is presented below. Exercise 5-18 (Part Level Submission) The comparative balance sheets of Madrasah Corporation at the beginning and end of the year 2014 appear below. IFRS Practice Question 3 Companies that use IFRS: Entry field with correct answer A company has purchased a tract of land and expects to build a production plant on the land in approximately 5 years. During the 5 years before construction, the land will be idle. Under IFRS, the land should be reported as: -------------------------------------------------------------------------------------- ACC 421 Chapter 23 wileyplus FOR MORE CLASSES VISIT www.acc421mart.com Exercise 23-11 Condensed financial data of Pat Metheny Company for 2014 and 2013 are presented below Problem 23-6 Comparative balance...

Words: 1095 - Pages: 5

Premium Essay

Acc 497 Entire Course

...http://wiseamerican.us/product/acc-497-entire-course/ Contact us at: SUPPORT@WISEAMERICAN.US ACC 497 ENTIRE COURSE ACC 497 Week 1 DQs AND SUMMARY ACC 497 Week 1 Individual Assignment FASB Codification System Orientation Paper ACC 497 Week 2 DQS AND SUMMARY ACC 497 Week 2 Individual Assignment Financial Statements Paper Part I ACC 497 Week 2 LT Assignment Case Study Assignment ACC 497 Week 3 DQs AND SUMMARY ACC 497 Week 3 Individual Assignment Financial Statements Paper Part II ACC 497 Week 3 Individual Assignments From the Readings ACC 497 Week 3 LT Assignment Case Study Assignment ACC 497 Week 3 LT Assignment From the Reading ACC 497 Week 4 DQs and Summary ACC 497 Week 4 Individual Assignments From the Readings ACC 497 Week 4 Learning Team Assignments from the Readings ACC 497 Week 5 Individual Assignments From the Readings ACC 497 Week 5 Learning Team Case Study Assignment ACC 497 Week 5 Learning Team Case Study Presentation ACC 497 Week 5 Summary ACC 497 ENTIRE COURSE ACC 497 Week 1 DQs AND SUMMARY ACC 497 Week 1 Individual Assignment FASB Codification System Orientation Paper ACC 497 Week 2 DQS AND SUMMARY ACC 497 Week 2 Individual Assignment Financial Statements Paper Part I ACC 497 Week 2 LT Assignment Case Study Assignment ACC 497 Week 3 DQs AND SUMMARY ACC 497 Week 3 Individual Assignment Financial Statements Paper Part II ACC 497 Week 3 Individual Assignments From the Readings ACC 497 Week 3 LT Assignment Case Study Assignment ACC 497 Week 3...

Words: 329 - Pages: 2

Premium Essay

Ipcc

...and Seven Papers of study in IPCC are – Group I Paper 1: Accounting (100 marks) Paper 2: Law, Ethics and Communication Part I: Law (60 marks) Business Laws (30 marks) Company Law (30 marks) Part II: Business Ethics (20 marks) Part III: Business Communication (20 marks) Paper 3: Cost Accounting and Financial Management Part I: Cost Accounting (50 marks) Part II: Financial Management (50 marks) Paper 4: Taxation Part I: Income-tax (50 marks) Part II: Service Tax (25 marks) and VAT (25 marks) Group II Paper 5: Advanced Accounting (100 marks) Paper 6: Auditing and Assurance (100 marks) Paper 7: Information Technology and Strategic Management Section A: Information Technology (50 marks) Section B: Strategic Management (50 marks) The level of knowledge expected of students in the above subjects is ‘working knowledge’. INTEGRATED PROFESSIONAL COMPETENCE COURSE (IPCC) Syllabus GROUP I OF IPCC/ ACCOUNTING TECHNICIAN COURSE (ATC) Paper 1: Accounting (One paper – three hours – 100 marks) Level of Knowledge: Working Knowledge Objectives: (a) (b) (c) (d) To lay a foundation for the preparation and presentation of financial statements; To gain working knowledge of the principles and procedures of accounting and their application to different practical situations; To gain the ability to solve simple problems and cases relating to sole proprietorship, partnership and companies; and To familiarize students with the fundamentals of computerized system of accounting. Contents 1. 2. A General...

Words: 3734 - Pages: 15

Premium Essay

None

... |Principles of Accounting I | Copyright © 2011 by University of Phoenix. All rights reserved. Course Description This course covers the fundamentals of financial accounting as well as the identification, measurement, and reporting of the financial effects of economic events on an enterprise. Students will learn to examine financial information from the perspective of management. Other topics include decision making, planning, and controlling from the perspective of a practicing manager. Policies Faculty and students/learners will be held responsible for understanding and adhering to all policies contained within the following two documents: • University policies: You must be logged into the student website to view this document. • Instructor policies: This document is posted in the Course Materials forum. University policies are subject to change. Be sure to read the policies at the beginning of each class. Policies may be slightly different depending on the modality in which you attend class. If you have recently changed modalities, read the policies governing your current class modality. Course Materials Kimmel, P. D., Weygandt, J. J., & Kieso, D. E. (2009). Financial accounting: Tools for business decision making (5th ed.). Hoboken, NJ: John Wiley & Sons. All...

Words: 2422 - Pages: 10

Premium Essay

Syllabus

...Central Government in this regard. Having regard to the above development, the Council at its 333th meeting, revised the syllabus in a comprehensive manner in the following papers of Intermediate (IPC) and Final Course(s) as annexed herewith (shown in Bold cum Italics): Intermediate (IPC) Course Paper 1: Accounting (Group I) Paper 2: Business Laws, Ethics and Communication (Group I) Paper 5: Advanced Accounting (Group II) Paper 6: Auditing and Assurance (Group II) Final Course Paper 3: Advanced Auditing and Professional Ethics (Group I) Paper 4: Corporate and Allied Laws (Group I) Director, Board of Studies Annexure SYLLABUS PAPER 1: ACCOUNTING (One paper – Three hours – 100 Marks) Level of Knowledge : Working Knowledge Objectives : (a) To lay a foundation for the preparation and presentation of financial statements, (b) To gain working knowledge of the principles and procedures of accounting and their application to different practical situations, (c) To gain the ability to solve simple problems and cases relating to sole proprietorship, partnership and companies and (d) To familiarize students with the fundamentals of computerized system of accounting. Contents : 1. A General Knowledge of the framing of the accounting standards, national and international accounting authorities, adoption of international financial reporting standards Accounting Standards Working knowledge of: AS AS...

Words: 3005 - Pages: 13

Premium Essay

Cima

...Qualification structure and syllabus CIMA Chartered Management Accounting Qualification 2010 December 2008 Contents CIMA now designs its qualifications in what we believe to be a unique way. Based on rigorous international primary research with all of our key stakeholders and involving the participation of over 6,000 individuals and organisations – members, students, employers (both existing and potential), CIMA tuition partners, universities and our examiner and marker team – we have designed a professional finance training and development solution that is second to none. I commend this revised CIMA Professional Qualification to you. It will be examined for the first time in 2010, so there is plenty of time to absorb the exciting changes contained in the pages that follow. A qualification focused on the future – fit for purpose, relevant and unique I am honoured to introduce the new 2010 Chartered Management Accounting Qualification to all of our stakeholders. With seismic shifts occurring in the world’s economy, coupled with accelerating concerns about the sustainability of our planet, never before has there been a greater need for organisations to train and develop their people to manage the impact of these changes. With this revised qualification CIMA remains true to its long and proud history of providing finance professionals with a difference – Chartered Management Accountants – who combine management and finance skills in a unique way and who fully understand...

Words: 22006 - Pages: 89

Premium Essay

Enron Corporation Case Study

...Enron Corporation case study • The Enron debacle created what one public official reported was a "crisis of confidence" on the part of the public in the accounting profession. Lists the parties who you believe are most responsible for the crisis. Briefly justify each of your choices. The debacle of Enron, a US firm is looked upon as the worst debacle and fall out in the history of US bankruptcy filed cases. There are many parties involved when it concern to Enron debacle, which was accorded to accounting instability and the compromising factor of accounting profession itself. Out of the many parties in the league and the major force behind the debacle of Enron concern Andersen's, the accounting and auditing firm that once deserved name in the industry for its conscience in accounting professional services and auditing. As the case relates to, accounting audit for Enron is attended by Andersen's since long enough. However, the interesting feature is that some compromise in the profession of accounting services by Andersen's was notable, given that there are noteworthy feature of stock manipulation, especially in financial statements of Enron attended and audited by Andersen's. The statement and restatement of Enron also gives some probable indication for manipulation of accounting, where debate and counter debate in that regard from the prying eye of the media was a common feature. Thus, the involvement of Andersen's in Enron consultancy and professional auditing makes it...

Words: 2622 - Pages: 11

Premium Essay

No Se Lo Que Es Pero Es Bueno

... |Principles of Accounting I | Copyright © 2011 by University of Phoenix. All rights reserved. Course Description This course covers the fundamentals of financial accounting as well as the identification, measurement, and reporting of the financial effects of economic events on an enterprise. Students will learn to examine financial information from the perspective of management. Other topics include decision making, planning, and controlling from the perspective of a practicing manager. Policies Faculty and students/learners will be held responsible for understanding and adhering to all policies contained within the following two documents: • University policies: You must be logged into the student website to view this document. • Instructor policies: This document is posted in the Course Materials forum. University policies are subject to change. Be sure to read the policies at the beginning of each class. Policies may be slightly different depending on the modality in which you attend class. If you have recently changed modalities, read the policies governing your current class modality. Course Materials Kimmel, P. D., Weygandt, J. J., & Kieso, D. E. (2009). Financial accounting: Tools for business decision making (5th ed.). Hoboken, NJ: John Wiley & Sons. All...

Words: 2436 - Pages: 10

Free Essay

Fis 210 Learning Consultant / Tutorialrank.Com

...tutorials visit www.tutorialrank.com FIS 210 Week 1 DQs part 1 of 2 FIS 210 Week 1 DQs part 2 of 2 FIS 210 Week 1 CheckPoint: Financial Goal Planning FIS 210 Week 2 Assignment: Budget to Behavior FIS 210 Week 3 DQs part 1 of 2 FIS 210 Week 3 DQs part 2 of 2 FIS 210 Week 3 CheckPoint: Credit Card Financing FIS 210 Week 4 CheckPoint: Banking Scorecard FIS 210 Week 4 Assignment: Personal Savings Strategy FIS 210 Week 5 DQs part 1 of 2 FIS 210 Week 5 DQs part 2 of 2 FIS 210 Week 5 CheckPoint: Credit Fitness Examination FIS 210 Week 6 CheckPoint: Buy or Lease Analysis FIS 210 Week 6 Assignment: Castillo Lefébrve Case Study FIS 210 Week 7 DQs part 1 of 2 FIS 210 Week 7 DQs part 2 of 2 FIS 210 Week 8 Assignment: Personal Tax Strategy FIS 210 Week 8 CheckPoint: Ziggler’s Tax-Planning Interview FIS 210 Capstone Discussion Question FIS 210 Final Project: Personal Financial Plan __________________________________________________ FIS 210 Week 1 CheckPoint: Financial Goal Planning (UOP) For more course tutorials visit www.tutorialrank.com CheckPoint: Financial Goal Planning Complete Appendix C using your personal data. __________________________________________________ FIS 210 Week 2 Assignment: Budget to Behavior (UOP) For more course tutorials visit www.tutorialrank.com Assignment: Budget to Behavior Resources: Appendixes D & E Write your paper according to APA standards. Write a paper, between 500- to 750-words in length, in which you address...

Words: 604 - Pages: 3