Explain why these concepts are important to financial statements.

There are three main parts to this case that requires you to prepare and submit a three to five page paper. Please make sure this paper is well organized and covers all of the items below.

Part I

Search the course background information, the Internet and/or the Cyber Library. Discuss the terms listed below. Your discussion should expand on the definition as given in the module background. Explain why these concepts are important to financial statements.

  • Generally Accepted Accounting Principles (US GAAP);
  • International Accounting Standards (IFRS);
  • Securities and Exchange Commission (SEC);
  • Annual report; and
  • 10-K, 10-Q, and 8-K

Part II

Explain the basic formats of financial statements such as income statement, balance sheet, statement of cash flows, and statement for retained earnings.

Part III

  1. Everything in Accounting typically falls into one of three categories, as illustrated by the Accounting Equation. State the Accounting Equation: Assets = _______________ + _______________
  2. You will note that the Accounting Equation comprises 3 “categories,” each of which can be broken down further into accounts.  For each of the three main categories of the Accounting Equation, list 5 or more accounts with actual amounts that would typically be classified into each. For instance, Land & Equipment would typically be categorized as Assets.
  3. To simplify your answers, complete the assignment using a basic table or diagram.

Assignment Expectations

The submission should be 3 to 6 pages and need to include answers to all the questions listed above. Show computations, discuss the results and include references in APA format.

Financial Statements

Below find the trial balance for Nybrostrand Company. Prepare an income statement and balance sheet in good format based on Formats of Financial Statements (Presentations). After you have completed the two statements comment on the success of the company. Support your answer with information from the financial statements you just prepared.

Nybrostrand Company

31-Dec-14

Trial Balance   (accounts in alphabetical order)

Debit

Credit

Accounts payable

$ 78,000

Accounts receivable

$ 36,500

Cash

30,000

Common stock

10,000

Depreciation expense

24,350

Cost of goods sold

307,000

Equipment (net of   depreciation)

415,000

Insurance

1,400

Inventory

34,000

Long-term debt

127,000

Marketing

4,500

Paid-in capital

50,000

Property taxes

16,900

Rent

28,000

Retained earnings

?

Revenues

586,000

Salaries

78,500

Utilities

6,700

Total

982,850

982,850

SLP Assignment Expectations

The submission should be 2 to 4 pages and need to include answers to all the questions listed above. Show computations, discuss the results and include references in APA format

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