Prepare a draft statement of financial position

Assignment Help Accounting Basics
Reference no: EM132306900

Question: Final Project

Your final project will be on the case study Pyramid Holdings Limited. Download and read the case study and contents. You will need to complete the required analysis in APA format. Make sure that you include the following information in your paper

• Abstract

• Background of the company and case study

• Recommendation/Conclusion

• References/ In-text citations

The following is the required information for the paper.

Required: PHL follows ASPE, and Jim has instructed you (and the auditors) to use the simplest methods allowed for PHL's financial statements. (Note: round all calculations to the nearest dollar.)

(a) Prepare all adjusting entries required for the March 31, 2017, financial statements and also include them in an adjusted trial balance work sheet.

(b) Jim would also like you to prepare a draft statement of financial position and draft income state¬ment for discussion with the auditor. For purposes of calculating tax expense for the draft financial statements, you can do what Joan has done in prior years: ignore the impact of any timing differ¬ences and assume that accounting income equals taxable income. (The auditors will provide a more specific estimate in a few weeks.)

(c) Jim is also hoping that you can briefly summarize the requirements of "going public" for him, so that he will be prepared to discuss this with the auditors. (He specifically said you do not have to "run the numbers" for going public, he just wants to have an overview of the requirements of going public, including whether it will have any impact on PHL's accounting policies.) There is no need to do an extensive report on the impact of going public in a few years, because Jim is relying on the auditors to provide that analysis separately next year.

Reference no: EM132306900

Questions Cloud

Provide a precise definition for planning : Provide an example of a time in your organization where planning affected the whole organization either in a good or in a bad way.
Examine the key inferences of corporate ethics : Examine the key inferences of corporate ethics related to internal controls and accounting principles which lead to the litigation or fine for the accounting.
What can leaders do when their employees : What can leaders do when their employees complain they don't feel financially valued? Please explain.
Discuss two ethical considerations that are important : Research topic and discuss the ethical considerations for the study. Discuss two ethical considerations that are important for your research topic.
Prepare a draft statement of financial position : Jim would also like you to prepare a draft statement of financial position and draft income state¬ment for discussion with the auditor.
How important information systems is for the military : a) How are some ways that we use information systems in our everyday lives and why is it important to use these systems.
Compare and contrast the political approach : Compare and contrast the political approach to interactions with the public and the judicial or legal approach to interactions with the public.
Formulate watson production-mix decision : How many tables and bookcases should be produced each week? What will the maximum profit be?
Discuss emerging trends in the use of internet currency : Discuss emerging trends in the use of Internet currency such as Bitcoin and how this has or may lead to fraudulent activities. As part of your discussion state.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd