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You are the staff accountant working at a local t-u-t-o-r-i-n-g center. The monthly financial statements (Income Statement, Statement of Retained Earnings, and Balance Sheet) were just finalized and released to the employees of the center. You hear some of the other employees talking about the financial statements. In most cases, the employees do not understand the purpose of the statements. You have been asked by your supervisor to create a MEMO to be sent to the employees of the center that describes the purpose of the financial statements. In this memo you are expected to explain (IN WORDS THAT EVERYONE CAN UNDERSTAND) what accounting elements (all parts of the accounting equation) go on each statement, and what each of those elements represent. You are also expected to explain the purpose of each of the 3 statements (what should the reader know about the company by looking at the statement).
Your memo should be NO LONGER THAN 2 PAGES. Memos begin with a heading (similar to that of an email showing To: From: Subject:) and use SINGLE SPACING. Your memo is expected to be written with proper grammar and punctuation, and should be clear and concise (get to the point!).
Which of the following is not a post-employment benefit, according to FASB ASC Topic 712, “Employers’ Accounting for Postemployment Benefits”?
Bledel Company had accounts receivable of $100,000 on January 1, 2010. The only transactions that affected accounts receivable during 2010 were net credit sales of $1,000,000, cash collections of $900,000, and accounts written off of $30,000.
Smith-Kline Company maintains inventory records at selling prices as well as at cost.
Ansara Company had the following abbreviated income statement for the year ended December 31, 2016: Prepare an income statement according to the variable costing concept for Ansara Company for 2016. Refer to the lists of Labels and Amount Description..
Fifty-four thousand units were transferred out of the department and the ending inventory consisted of 2,500 units that are 20% complete with respect to conversion. Illustrate what is the conversion cost per equivalent unit?
preparation of income statement from the given transactions.the following events occurred at handsome hounds grooming
Identify the amounts reported for total assets at the four most recent year-ends. Identify the amounts reported for Revenues and Net Earnings (net income) for the three most recent years.
GB Service Corporation has two service departments, Administration and Accounting, and two operating departments, East and West. Administration costs are allocated on the basis of employees, and Accounting costs are allocated on the basis of number o..
the 2011 balance sheet of the captain jet inc. is attached. during 2012 the following events occurred.1. on january 10
How would DuPont account for the Teflon settlement payments during 2004, assuming the cost was accrued in the prior year? How would this answer differ if the costs had not previously been accrued?
Evaluate historical data and prepare assumptions that will drive the planning process and produce a detailed cash budget that summarizes cash inflow, outflow, and financing needs.
Compute present value and the internal rate or return for the new product line - outlay for working capital will be recovered at the end of six year. Aunt Sally's tax rate is 34% and the firm requires 16% return.
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