Finding Financial Information Required: Look at the income statement, statement of financial position, and statement of cash
Question:
Finding Financial Information Required:
Look at the income statement, statement of financial position, and statement of cash flows closely and attempt to infer the types of information they report. Then answer the following questions based on the report.
1 On what day of the year does its fiscal year end?
2 For how many years does it present complete
a. statements of financial position?
b. income statements?
c. statements of cash flows?
3 Are its financial statements audited by independent accountants? How do you know?
4 Did its total assets increase or decrease over the last year?
5 What was the ending balance of inventories?
6 Write out its basic accounting equation in Swiss francs at year-end.
Step by Step Answer:
Financial Accounting
ISBN: 9780070001497
4th Canadian Edition
Authors: Patricia A. Libby, Daniel Short, George Kanaan, Maureen Libby Gowing, Robert Libby