04 May HOW DOES THE INCOME OR LOSS COMPARE TO THE ORIGINAL INCOME STATEMENT?
repare an income statement for the company in good format. Always include the name of the company and the priod covered in the title. Don’t forget dollar signs where appropriate. You do not need to include the balance sheet. Consequently, you will not need all the accounts listed above. How does the income or loss compare to the original income statement? Explain the importance of the matching concept.
The submission should be 2 to 3 pages and need to include answers to all the questions listed above. Show computations, discuss the results and include references in APA format.
SEC MODULE INFO:
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
Part II: Explain the accounting equation with actual dollar amounts, prepare a table showing the equation, and show a list of accounts belonging to each category in the equation. You should include at least five accounts for each category.
Part III. Comment on the primary intended audience of the financial statements. What other groups that may be interested in the financial information released by the company? Discuss.
Below find the trial balance for Nybrostrand Company. Prepare an income statement and balance sheet in good format. 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.
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