I was given only this document for an assignment: What is the Fiscal Year End Date?Amazon: December 31st, 2019Walmart: January 31st, 2020Financial Statements data:Amazon:Net Sales: $280,522,000,000Basic net income per common share: $23.46Total current assets: $96,334,000,000Retained earnings: $31,220,000,000Net cash provided by operating activities: $38,514,000,000Inventory LIFOWalmart:Net Sales: $519,926,000,000Basic net income per common share: $5.22Total current assets: $61,806,000,000Retained earnings: $83,943,000,000Net cash provided by operating activities: $25,255,000,000Inventory: FIFO ANSWER THE FOLLOWING QUESTIONS:What are 3 differences between accounting policies from each company and why do you think they are different? I'm not sure exactly what the 3 differences are. I believe (1) is the fiscal year versus the calendar year ending maybe due to Walmart having more seasonal sales like Christmas, and (2) is the FIFO vs LIFO method - but I'm not sure why they would choose the different styles, and I have no idea what the third difference is. could you please show me all three differences and why?
I was given only this document for an assignment:
What is the Fiscal Year End Date?
Amazon: December 31st, 2019
Walmart: January 31st, 2020
Financial Statements data:
Amazon:
Net Sales: $280,522,000,000
Basic net income per common share: $23.46
Total current assets: $96,334,000,000
Retained earnings: $31,220,000,000
Net cash provided by operating activities: $38,514,000,000
Inventory LIFO
Walmart:
Net Sales: $519,926,000,000
Basic net income per common share: $5.22
Total current assets: $61,806,000,000
Retained earnings: $83,943,000,000
Net cash provided by operating activities: $25,255,000,000
Inventory: FIFO
ANSWER THE FOLLOWING QUESTIONS:
What are 3 differences between accounting policies from each company and why do you think they are different?
I'm not sure exactly what the 3 differences are. I believe (1) is the fiscal year versus the calendar year ending maybe due to Walmart having more seasonal sales like Christmas, and (2) is the FIFO vs LIFO method - but I'm not sure why they would choose the different styles, and I have no idea what the third difference is. could you please show me all three differences and why?
The accounting policies of various companies do differ as per their environment and internal control policies.
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