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As EEC's corporate business financial analyst, you will be required to provide the EEC board of directors and executive management team with essential financial information on the management of the EEC enterprise. In a memo to the board of directors, discuss the information found in each of the following financial statements and how that information is used for the planning, controlling, and decision making of the company. Also, discuss what some of the reports and ratios are that the following financial statements can help you develop. (As you analyze the statements listed below, keep in mind that these statements are the foundation of financial accounting and are developed from transactions that happened during the time period of the statement. This information is used by external users as well as internal users. Managerial accounting focuses on the use from the internal user perspective. The information from these statements is used to analyze and establish budgets, forecast, variance reports, and ratios, among other things, with the key being that they are only used internally).
Assume the percentage-of-completion method of revenue recognition is used on a long term construciton contract. Under this method, revenues that are earned but unbilled at the balance sheet date should be disclosed
For each of the costs incurred in a manufacturing firm, indicate whether the costs are fiXed (F) or variable (V) and whether they are period costs (P) or product costs (M) under full absorption costing.
on january 1 2012 the organizers of the parsons corporation obtained their charter and issued 10000 shares of 1 par
a customer has asked clougherty corporations to supply 4000 units of product m97 with some modifications for 40.10
cisco inc. reported the following in its income statement for the year ended july 26 2008 basic earnings per share of
maisley manufacturing decided to analyze certain costs for june of the current year. units started into production
orange county bank has three employees albert myers juan moreno and michi endo.uary 2012 these three ?employees earned
puffy parkas inc. manufactures designer parkas. the company uses standard costing and has developed the following
Assume that you are part of the audit team and assess a client's audit risk as high. Suggest what procedure the audit team should implement to reduce the risk to the firm.
What types of costs are included in raw material inventory, work-in-process inventory, and finished goods inventory?
2010 dec. 16 accepted a 10500 60-day 6 note dated this day in granting todd duke a time extension on his past-due
Vernon Co. is being sued for illness caused to local residents as a result of negligence on the company's part in permitting the local residents to be exposed to highly toxic chemicals from its plant. Vernon's lawyer states that it is probable tha..
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