General Mills Meiji Holdings Co., Ltd. Costa Company - 91330

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Module 1 - Case Introduction to Financial Accounting Assignment Overview General Mills Meiji Holdings Co., Ltd. Required: Go to each company’s website, review the most recent financial statements for the company, and then answer the following questions. •What accounting standards are used? •What auditing standards are used by the external auditors? •Analyze and comment on the differences in the annual statements found on the companies' websites. Provide a few specific differences in content and format. •Explain and illustrate the difference between an annual report, a 10-K, and a Corporate Social Responsibility Report. Comment on the type of reports issued by both companies. •How comparable are these financial statements? Prepare a table for a period of three years showing some key financial information for the two companies. Include at least four items from the balance sheet, four items from the income statement, and four items from the statement of cash flow. Having reviewed and analyzed the financial information, please elaborate on the following three questions: 1.Which one of the two companies is the most profitable? 2.Compare growth of revenues vs. income over time and between the two companies. 3.How can you explain the difference in profitability between the two companies? 4.Indicate in detail the information you used to answer the above questions. Assignment Expectations It is important to answer the questions as posed. The discussion should be 4 to 6 pages and written in a clear and concise manner. Support your discussion with references in APA format. You are encouraged to use Excel or other compatible spreadsheet software when computations are involved. Upload your completed assignment. Module 1 - SLP Introduction to Financial Accounting Costa Company In the first Case you had the opportunity to review the financial statements of two companies and make some comparisons. This course is not about preparing financial statements, but some practice helps explain the concepts and solidify the understanding of basic concepts. As part of this first SLP, you will have the opportunity to acquire some hands-on experience by creating a simple income statement and balance sheet. You will use the information provided below for Costa Company for this application. Future SLP applications will be based on the company of your choice. Below find a working trial balance for Costa Company. This format is often used during the preparation phase of the financial statements since it provides a good overview. The Module 2 Background information has a very simple example, which may be helpful. Costa Company 31-Dec-14 Trial Balance (accounts in alphabetical order) Accounts Working Trial Balance Balance Sheet Income Statement Debit Credit Debit Credit Debit Credit Accounts payable $14,500 $14,500 Accounts receivable $18,000 $18,000 Cash 41,500 41,500 Common stock 10,000 10,000 Depreciation expense 18,250 18,250 Cost of goods sold 402,610 402,610 Equipment (net of depreciation) 325,000 325,000 Insurance 1,500 1,500 Inventory 80,500 80,500 Long-term debt 105,000 105,000 Marketing 5,600 5,600 Misc. expenses 4,500 4,500 Paid-in capital 90,000 90,000 Property taxes 6,500 6,500 Rent 22,000 22,000 Retained earnings 156,400 245,500 Revenues 619,400 619,400 Salaries 61,940 61,940 Utilities 7,400 7,400 Total $995,300 $995,300 $465,000 $465,000 $530,300 $619,400 Net Income $89,100 Required: Your task is to prepare an income statement and a balance sheet in good format after adjusting for the two errors below. •A physical count of inventory indicates $84,200 on hand. •There’s a check for $15,000 from a customer that has not been recorded in the working trial balance. The sale was never recorded in the first place, so the transaction relating to this sale is missing. In addition: 1.Describe the effect of the errors on the income statement and balance sheet. 2.Is this company profitable? How do you determine whether or not this is the case? 3.Is the company in a solid financial position? (Comment on balance sheet.) Support your conclusion with information from the financial statements. SLP Assignment Expectations Always include the name of the organization(s), time period covered, and source of information. It is important to answer the questions as posed. The document should be 2 to 4 pages and written in a clear and concise manner. Do not forget to include tables as required. Support your discussion or tables with references in APA format. You are encouraged to use Excel or other compatible spreadsheet software when computations are involved. You can turn in the spreadsheet instead of the Word document. The content should be equivalent to the page length suggested for a word processing document. Module 1 - Outcomes Introduction to Financial Accounting •Module ?Interpret financial statements. •Case ?Identify the parts of the financial statements. •SLP ?Prepare a simple balance sheet and an income statement. •Discussion ?Differentiate among various standard-setting bodies.
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