...Financial Statement Review Financial statements serve a pivotal role in determining the condition of any business organization for it provides suppliers, creditors, and stakeholders significant information on the business organization’s position in the business industry. In the week 1 assignment of the course Accounting 561, the student’s task is to present financial information on a particular American corporation after obtaining financial statements such as income statement, statement of stockholders equity, balance sheet, and statement of cash flows. The student chose Amazon.com, an online retailer founded in Seattle, Washington in 1994 and listed as one of Fortune 100 companies (Amazon, 2013). Amazon.com’s mission of acquiring everything people want from books, electronic and much more expanded the company globally and catered worldwide system of fulfillment and third party sellers on their website (Amazon, 2013). In this research, the student downloaded the consolidated annual financial statement of Amazon from its website and will be attached as an appendix to this paper. Income Statement Income statement provides the revenues, expenses and net income or loss of a company for a certain period of time, which is usually quarterly or yearly. In the current income statement of Amazon, it shows $61,093 (in millions) net income for the year 2012 whereas, $48,077 (in millions) net income for the year 2011 (Amazon, 2013). The net income of Amazon.com significantly increased...
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...Review of Financial Statements University of Phoenix FIN324 Financial Analysis for Managers Joseph Brennan Introduction It is said that companies will come and go, and those that survive and left standing will teach other companies, how their survived. We will take two companies; UPS and Ebay, Inc break them down and show you how they got their start. In our paper, it will also be discussed and show a review of their financial statements from each one. The point is to get a better picture of where a company started, the competition it endured, and the money that was possibility projected for the start. This paper will also show how auditors are essential to the running of any company. Review of Financial Statements Brief overview UPS, a delivery service, has been around for about 100 years. James E. Casey started the company on $100 borrowed from a friend of his. Casey, who was 19 years old when he started UPS, had worked for delivery services before and wanted to start a better delivery system of his own. The American Messenger company, what UPS was previously called, started in Seattle, Washington and had many competitors in the beginning. His business not only survived among them, but thrived (UPS, n.d.). Today the company serves over 200 countries delivering “goods, funds, and information” (UPS, n.d., ¶ 1). UPS has several stores located in these countries, including the United States, where people can not only have their packages sent, but they can also buy...
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...Paulding County, GA Financial Statement / Audit Report Review Government and Not-For-Profit Accounting, ACC 410 November 2, 2014 Financial Statement /Audit Report Review This is the Audit Report Review of the evaluation of the Government-wide Financial Statement and the Fund Financial Statement of Paulding County, Georgia. Under compliance of the Governmental auditing standards, GASB Statement No. 34, Paulding County’s report includes Government-wide financial statements, which include the Statement of Net Assets and the Statement of Activities. Also released by Paulding County is the required second set of statements, the Fund financial statements, that include the Balance Sheet-Governmental Funds, Reconciliation of the Governmental Funds Balance Sheet to the Statement of Net Assets, the Statement of Revenues, Expenditures, and Changes in Fund Balances-Governmental Funds, and the statements associated with the other governmental fund categories, general, propriety and fiduciary. The county’s fiscal year ended June 30, 2013 and the reports were released on December 16, 2013 (Paulding County, GA 2013). Mauldin & Jenkins CPA, LLC of Atlanta, Georgia, independently audited the county’s basic financial statements. They audited the business-type activities, the comprehensive discretely presented component units, each major fund, and the aggregate remaining fund information of Paulding County. The component units are either 1) legally separate entities for which the...
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...Prospective Financial Information Definition “Prospective financial information” means information about future financial performance, future financial position, future cash flows, and future movements in equity based on assumptions about future events and courses of action. Prospective financial information includes prospective financial statements, the notes to the prospective financial statements, and any narrative relating directly to the prospective financial statements. Philippine Standard on Assurance Engagements (PSAE) 3400 (previously PSA 810), “The Examination of Prospective Financial Information” establishes standards and provides guidance on engagements to examine and report on prospective financial information including examination procedures for best-estimate and hypothetical assumptions. The general guidelines include the following: Acceptance of Engagement Before accepting an engagement to examine prospective financial information, the auditor would consider, amongst other things: * The intended use of the information. * Whether the information will be for general or limited distribution. * The nature of the assumptions, that is, whether they are best-estimate or hypothetical assumptions. * The elements to be included in the information. * The period covered by the information. Nature and Purpose of Prospective Financial Information Prospective financial information can include financial statements or one or more elements of financial statements...
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...ACC 410 Assignment 1 Financial Statement / Audit Report Review Follow Below Link to Download Tutorial https://homeworklance.com/downloads/acc-410-assignment-1-financial-statement-audit-report-review/ For More Information Visit Our Website ( https://homeworklance.com/ ) Email us At: Support@homeworklance.com or lancehomework@gmail.com Assignment 1: Financial Statement / Audit Report Review Due Week 4 and worth 240 points Select one (1) local government in your state or area and review the financial statements and audit report for the county or municipality. The financial statements of the government you selected should have at least three (3) funds. Refer to the continuing problem homework for Weeks 1 through 3 for this assignment. Write a three to five (3-5) page paper in which you: 1.Compare and contrast the comprehensive annual financial report (CAFR) of the selected local government entity with the city of Austin report from Week 1 homework. In your comparison, include: a.Publication method of the CAFR b.Audit and budget information in the CAFR c.The type of audit report issued d.Existence or non-existence of an internal audit function within the government entity 2.Prepare the analysis for the selected local government entity, including information on the introduction, financial section, and statistical section prepared in the city of Austin’s CAFR from chapter 2. 3.Analyze the methods used by the selected local government entity in comparing...
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...ACC 410 Assignment 1 Financial Statement / Audit Report Review Follow Below Link to Download Tutorial https://homeworklance.com/downloads/acc-410-assignment-1-financial-statement-audit-report-review/ For More Information Visit Our Website ( https://homeworklance.com/ ) Email us At: Support@homeworklance.com or lancehomework@gmail.com Assignment 1: Financial Statement / Audit Report Review Due Week 4 and worth 240 points Select one (1) local government in your state or area and review the financial statements and audit report for the county or municipality. The financial statements of the government you selected should have at least three (3) funds. Refer to the continuing problem homework for Weeks 1 through 3 for this assignment. Write a three to five (3-5) page paper in which you: 1.Compare and contrast the comprehensive annual financial report (CAFR) of the selected local government entity with the city of Austin report from Week 1 homework. In your comparison, include: a.Publication method of the CAFR b.Audit and budget information in the CAFR c.The type of audit report issued d.Existence or non-existence of an internal audit function within the government entity 2.Prepare the analysis for the selected local government entity, including information on the introduction, financial section, and statistical section prepared in the city of Austin’s CAFR from chapter 2. 3.Analyze the methods used by the selected local government entity in comparing...
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...Financial Statements Review Team E Jaime Jensen, Porsha Seay HCS 405 February 23, 2015 Jennifer Noren Financial Statements Review This paper is based on a case study for Patton-Fuller Community hospital. It’s a review on how to determine the annual reports differs from unaudited and audited statements. This paper will also explain the relationship between revenue sources and expenses on Patton-fuller financial performance. The effects of revenue sources on financial reporting at the hospital will also be discussed. The hospital revenue and expenses grouped for planning and control will also be explained. The balance sheet for Patton-Fuller Community Hospital for the years of 2008 and 2009 have differences in the statements provided. The audited and unaudited financial statement was different because in the statement of revenue and the expenses there was an additional provision provided that brought the account in the net come column from black to red. On the 2009 unaudited statement there was 59,787,000 and the audited statement there was 58,787,000 which accounts for the 1,000,000.When looking at the financial statements what is first noticed is that they are expressed in thousands which means all the numbers shown will have zeros added to the end. When writing in thousands a number written as 16,000 on the statement is actually 16,000,000. When looking at the differences between the audited and the unaudited statements there is a one million dollar difference...
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...Financial Statement Review Team C HCS/405 September 15, 2014 Financial Statement Review Introduction This summary review provides insight in the Patton-Fuller Community Hospital financial statement. This paper will show the relationship between the two sources of revenue and expenses on the financial report, also review the annual reports from 2008-2009, along with the difference between the two statements audited and unaudited. In addition, the paper will show how the impact of the hospital’s two revenue sources could have on the finance report and the importance group’s revenue and the costs when implementing the insider planning and controls of finance. Audited and Unaudited Financial Statement Differ The balance sheet was unaudited in 2009-2008. In 2009 the total current assets was $128,867 and in 2008 the total current asset were $130,026 so 2008 was a better year. The total assets in 2009 were $588,767 and in 2008 the total assets were $548,535. In 2009 the total current liabilities was $23,807 and in 2008 the total current liabilities was $8,380. There was less money paid out in 2008 than in 2009. The total liabilities in 2009 were $462,153 and the total liabilities paid out in 2008 were $213,450. The statement of Revenue and expenses was also unaudited in 2009 and 2008. In 2009 the total revenue was $462,982 and in 2008 the total revenue was $421,314. The revenue is the amount of money that was received by the company so in 2009 the revenue was more than...
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...Financial Statement Review Team B December 10, 2014 HCS/405 Mr. Henderson The Patton-Fuller Community Hospital represents a structure organization within the healthcare setting where the highest quality of care is aimed among all employees. Although the quality of care holds a vital of importance within the healthcare organization, finance and budgeting plays a very important role as well. Finance with any organization paves the way to great success for their consumers along with their medical staff. According to the financial statements, Patton-Fuller Community Hospital has a variety of departments accepting inpatient activity allowing the organization to accumulate eighty-percent of revenue. By comparing the annual financial reports, Patton-Fuller Community Hospital has accumulated an excessive amount of debt in areas such as staffing and supplies. With continuous research, the finance department has implemented financial ratios comparing the differences between un-audited and audited statement to ensure less expenditures and ways to plan and control. The balance sheet was completely unaudited in the years of 2009-2008. During the year 2009 the over-all current assets was $128,867 and in 2008 the entire current asset was approximately $130,026 therefore in 2008 it was a much enhanced year. In 2009 the total assets listed at $588,767 and throughout 2008 the whole assets were at $548,535. In 2009 the existing liabilities was $23,807 and ongoing in 2008 the complete...
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...Financial Statements Review Ashley Dunn HCS/405 November 14, 2013 Robert McDaniel Financial Statements Review The Patton-Fuller Community Hospital is a full-service, for-profit hospital with 600-beds. Since 1975, the hospital has made every effort to provide advanced patient care for both inpatient and outpatient treatment in Northwest valley. The Patton-Fuller Community Hospital is owned by a 14 person board, in which 12 are active physicians. Collectively, the board works on a budget that best aids the board and the hospital. The goal is to make a profit while providing patients with the best care around. This paper will discuss the summary of the financial statements issued for the Patton-Fuller Community Hospital in the years 2008-2009 (Patton-Fuller Community Hospital, 2009). The effect of revenue sources on financial reporting at the hospital will vary depending on the amount of revenue being generated and the specific source of the revenue. Revenue sources should be included in financial reporting for the hospital's records. (“Telemedicine”, 2013. According to the documents provided, it look as if the financial officer had over-estimated the list in payment remittances, making it seem as if they would be healthier than they actually are. When providing figures for accounts receivable in 2009 the financial officer projected the total at $59,787, with a net allowance for bad debt for the same time-period at $10,757 while the audited account shows a...
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...Financial Statements Reviewed Beverly Landrum HCS/405 September 15, 2014 Terri Andrews Financial Statements Reviewed Team D will explain the difference between the audited and unaudited financial report starting with the team’s understanding the financial statement and results should be expressed in thousands. Team D recognized any number from the statement should have zeros added at the ends. Let’s say a number that is written as 7,000 in the statement should actually read 7,000,000. So in our report for this paper, we will follow the thousand noted in the audits with the knowledge of the true value. There were many differences in the audited and unaudited financial statements. There was a deficient -$18,856 in cash and cash equivalents between 2008 and 2009 as well as a decline in assets of limited use of $14,257. However, an increase of $21,121 in the patient account receivable demonstrating Patton-Fuller Community Hospital (PFCH) had an increase in patient care and services. There was a rise in accounts receivable with a result of $0 revenue. It was noted in the inventories there was a $1 million dollar difference between 2009 and 2008. It was explained in the auditor’s there was an annual inventory in December that supply expenses were underestimated and that cost was added to the December’s statement (PFCH 2009). The prepaid expenses differences amounted to a negative 106. The total current assets grand total differences between 2008 and 2009 was -$2159. ...
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...Financial Statements Review Anita Coronel, Santiago Nunez-Rivas, Verlendra Ruff & Evelyn Daniels HCS/405 March 17, 2014 Judy Araque . To have a successful hospital or business financial knowledge is critical, the manager in charge of finances must have a good understanding of accounting. Financial decisions are made with more precision and accuracy. In this paper the audited and unaudited financial statements will be discussed, what is the effect of revenue sources on financial reporting at the hospital, and how are the hospital’s revenue and expenses grouped for planning and control. How did the audited and unaudited financial statements differ? (Santiago) The importance of performing proper audits of financial statements should not be underestimated. For example, Patton Fuller performed an audit of their records and found a discrepancy of $1,000 in the 2009 total assets as compared to the unaudited documents. Although some may find this amount as minimal due to the total amount of current assets at hand, finding the mistake is critically important in maintaining the integrity of the organization’s financial records as well as meeting organizational goals. What is the effect of revenue sources on financial reporting at the hospital? (Evelyn) Any company’s revenue will come from multiple sources, to include the sale of goods, interest on loans, and income from renting or...
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...to Wal-Mart’s Financial Statements for 2013: http://az204679.vo.msecnd.net/media/documents/2013-annual-report-for-walmart-stores-inc_130221024708579502.pdf What is the net income for the current fiscal year? Is it up or down from the prior year? Why would this information be important to investors? The net income for the current fiscal year is $16,999,000 compared to last year’s net income of $15,699,000.There was an increase of $1,300,000 from 2012 fiscal year to 2013 fiscal year. This information would be important to investors since they would not want to invest in a company that is losing money from one fiscal year to the next. Investors would want to verify that the company is making a profit before investing financially into the corporation. What is the ending balance in stockholders’ equity? Why would a labor union potentially be interested in this information? The ending balance in stockholders’ equity is $81,738,000. Labor unions would potentially be interested in this information because union members are shareholders in the corporation through their pension plans. If stockholder’s equity is decreasing that would in return mean that their pension funds could also be decreasing. What is the total value of assets? Why would this information be important to a potential creditor? Total value of assets is $203,105,000. This information would be important to creditors since they need to determine how much of a financial risk they are taking...
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...Financial Statement Review and Analysis Strengths: Liquidity – RFA has an adequate amount of cash to meet it short-term obligations. Most funders like to see a ratio of 1.5 or higher. RFA exceeds that requirement indicating that it is in good financial health. Balance between administrative, fundraising and program related expenses - An average funder likes to see an organization whose program expenses are between 75 and 90% of their total expenses. RFA is a little on the high side at 87% but not high enough to raise any flags. This indicates that RFA is running efficiently. Debt – Besides some outstanding accounts payable, RFA has no debt. The notes in financial statement reference two separate lines of credit for a combined amount of 250K, but there is no outstanding borrowing. Government Funding - There is no heavy reliance on government funding, which is good since government funding can be so unreliable and rigid. Areas of Concern: Financial Reserve – RFA does not have a huge financial reserve. Most funders like to see that an organization has at least 3 months worth of liquid assets to cover the organization monthly expenses. RFA’s balance sheet indicates that it will consume its liquid assets within 1.28 months. Revenue Sources – The agency seems to have only two revenue streams. One from foundation grants and the other from research contracts. A significant portion of the agency’s revenue is derived from a limited number of foundations...
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...Assignment: Audit Report Review By Eleanor P. Luu Professor Joetta Malone Course Title ACC 410006VA016-1126-0010 July 27, 2012 In my review, I found the financial statements for the City of Galax. They are located near Roanoke, Virginia and they have three separate financial statements that are provided for their three different funds, not counting their General Fund. They have their Governmental Fund, their Proprietary Fund and their Fiduciary Fund. The amazing thing in reviewing their financial statements is that they follow the guidelines that have been established by GAASB. The GASB “was formed in 1984 to give public sector entities guidance for recording their financial transactions. For smaller towns or cities, the basic guidance is that they use cash basis accounting for their activities. For larger towns or cities, the basic guidance is that they must use accrual accounting as their method. The City of Galax uses both and actually even a combination of the two. The government-wide financials and the proprietary funds financial statements are reported using the economic resources measurement focus and the accrual basis of accounting. Revenues are recorded when earned and expenses are recorded when a liability is incurred, regardless of the timing of related cash flows. Property taxes are recognized as revenues in the year for which they are levied....
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