For your selected and approved company, complete the following requirements. You may complete these in a separate document that is attached and/or copied into your response. For calculations, show inputs into the calculations as well as the results. For example, if I was calculating a Current Ratio, in my write up I would write: “Current Ratio = Current Assets / Current Liabilities. For 2022, $400,000,000/$200,000,000 = 2.0. For 2021, $350,000,000/ $225,000,000 = 1.56.”
In a one or two paragraph reply to another student, compare your company’s performance to the other student’s. That other student needs to be working on a different company than you are.
Chapter 1
Determine the amounts reported for total assets, total liabilities, and total stockholders’ equity in the balance sheet for the most recent year. Verify that the basic accounting equation balances.
Determine the amounts reported for net sales and net income in its income statement for the most recent year.
Who is the company’s auditor? (See the Report of Independent Registered Public Accounting Firm). What does the report indicate about the amounts reported in the company’s financial statements?
Chapter 2
Did the company issue any common stock in the most recent year?
Do you see the term debit or credit listed in the balance sheet? Which account types in the balance sheet increase with a debit and which ones increase with a credit?
Do you see the term debit or credit listed in the income statement? Which account types in the income statement increase with a debit and which ones increase with a credit?
Chapter 3
For the most recent year, what is the change in retained earnings reported in the balance sheet?
For the most recent year, what is the amount of net income reported in the income statement?
Using your above answers, calculate the amount of dividends paid during the year, if any. Verify your answer by looking at the retained earnings column in the statement of stockholders’ equity
Question 2
Chapter 4 Discussion
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Please answer the discussion questions below, and then
reply to one of your classmates’ posts.
Discussion Question
What
is the value of having a description for each general journal entry?
How
should corrections be made in the general journal?
How
do these impact the Audit Trail? Why is it desirable to have an
audit trail?
Respond to your classmates posts
This is a participation grade and replies to a classmate’s
posting and related question should contribute to the ongoing
conversation.
Consider the following when composing replies to a
classmate:
Provide
an alternative perspective
Help
your classmate with an explanation that offers insight to their question.
Ask
questions to further the discussion
Provide
additional resources (websites, books, articles)
Discuss
why you agree or disagree with a classmates’ post. Can you offer an
alternative solution to the question posed by your classmate.
And reply to two student
Student 1
Emily Brittain
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You need a description for each journal entry. As an owner
of a business, you want to know what accounts are being debited and credited.
When making a correction in the general journal you do not
just erase or change the journal entry. Instead, you correct the journal by
making an entry to balance the correction.
Corrections would impact the Audit Trail by making it
accurate and reliable. It is desirable to have an Audit Trail in order to track
where your money is going and where it is coming from.
Student 2
Chapter
4 Discussion
Contains unread posts
Juan Vega Salinas
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A description for each journal entry aids and adds value to
the audit trail which will require some sort of detail or information.
When dealing with corrections in a journal entry one must
simply add another entry without deleting the mistake to show that a correction
was made.
Having easy-to-follow journal entries with mistakes clearly
visible and corrected makes for a much smoother auditing process in the event
that one happens to a company. An audit trial is desirable because it can
verify that journal entries are made properly and can also verify that no sort
of fraud or wrongdoing is going on
For your selected and approved company, complete the following requirements. You may complete these in a separate document that is attached and/or copied into your response. For calculations, show inputs into the calculations as well as the results. For example, if I was calculating a Current Ratio, in my write up I would write: “Current Ratio = Current Assets / Current Liabilities. For 2022, $400,000,000/$200,000,000 = 2.0. For 2021, $350,000,000/ $225,000,000 = 1.56.” In a one or two paragraph reply to another student, compare your company’s performance to the other student’s. That other student needs to be working on a different company than you are. Chapter 1 Determine the amounts reported for total assets, total liabilities, and total stockholders’ equity in the balance sheet for the most recent year. Verify that the basic accounting equation balances. Determine the a