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mentary that interprets and analyses published financial information. 1.1: Explain the main items commented on and explain their im

mentary that interprets and analyses published financial information. 1.1: Explain the main items commented on and explain their im

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Examine financial commentary that interprets and analyses published financial information.

1.1: Explain the main items commented on and explain their importance.

1.2: Identify trends in published accounting information.

Assets Cash Accounts receivable (net) Inventory Property, plant, and equipment (net) Other assets Total assets Liabilities and Stockholders' Equity Accounts payable Notes payable Bonds payable Balance Sheet December 31st Common stock, £1 par value Additional paid-in capital Retained earnings Total liabilities and stockholders' equity Net sales Costs and expenses Cost of goods sold Selling expenses Administrative expenses Total costs and expenses Income from operations Interest expense Income before income taxes Income taxes Net income Income Statements For the Year Ended December 31, 2016 (£) 2,000 2,000 2,000 20,000 4,000 £30,000 2,500 1,500 10,000 1,000 9,000 6,000 £30,000 2016 (£) £ 53,000 37,000 7,000 4,000 £48,000 5,000 1,400 £3,600 1,800 £1,800 2017 (£) 4,500 6,500 5,000 35,000 5,000 £56,000 3,000 4,000 30,000 3,000 9,000 7,000 £56,000 2017 (£) £ 86,000 61,000 10,000 5,000 £76,000 10,000 3,200 £6,800 3,400 £3,400
Transcribed Image Text:Assets Cash Accounts receivable (net) Inventory Property, plant, and equipment (net) Other assets Total assets Liabilities and Stockholders' Equity Accounts payable Notes payable Bonds payable Balance Sheet December 31st Common stock, £1 par value Additional paid-in capital Retained earnings Total liabilities and stockholders' equity Net sales Costs and expenses Cost of goods sold Selling expenses Administrative expenses Total costs and expenses Income from operations Interest expense Income before income taxes Income taxes Net income Income Statements For the Year Ended December 31, 2016 (£) 2,000 2,000 2,000 20,000 4,000 £30,000 2,500 1,500 10,000 1,000 9,000 6,000 £30,000 2016 (£) £ 53,000 37,000 7,000 4,000 £48,000 5,000 1,400 £3,600 1,800 £1,800 2017 (£) 4,500 6,500 5,000 35,000 5,000 £56,000 3,000 4,000 30,000 3,000 9,000 7,000 £56,000 2017 (£) £ 86,000 61,000 10,000 5,000 £76,000 10,000 3,200 £6,800 3,400 £3,400
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