GOME (www.GOME.com.hk) is the leading chain retailer of consumer electronic products and household appliances in China. Required
Question:
Required
1. Locate the notes to its December 31, 2008, financial statements at the company’s Website, and read note 3 Revenue Recognition, first paragraph only. When is revenue recognized by GOME?
2. Refer to GOME’s financials in Appendix A. What is GOME’s profit margin for the year ended December 31, 2008?
3. Refer to GOME’s financials in Appendix A. Compute GOME’s current ratio for both the current year and the prior year. (GOME’s balance sheet is in a slightly different format than the U.S. GAAP examples in the chapter: current assets follow noncurrent assets, and current liabilities follow noncurrent liabilities.)
Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial... GAAP
Generally Accepted Accounting Principles (GAAP) is the accounting standard adopted by the U.S. Securities and Exchange Commission (SEC). While the SEC previously stated that it intends to move from U.S. GAAP to the International Financial Reporting Standards (IFRS), the... Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
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1 GOMEs Revenue Recognition reports that r evenue is recognized when it is probable that th...View the full answer
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