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Please help answer attached questions. I only need answers in 1 or 2 sentence. The Procter & Gamble Company (P&G) As stated in the chapter,
Please help answer attached questions. I only need answers in 1 or 2 sentence.
The Procter & Gamble Company (P&G) As stated in the chapter, notes to the financial statements are the means of explaining the items presented in the main body of the statements. Common note disclosures relate to such items as accounting policies, segmented information, and interim reporting. The financial statements of P&G are presented in Appendix B. The company's complete annual report, including the notes to the financial statements, is available online. Instructions Refer to P&G's financial statements and the accompanying notes to answer the following questions. (a) What specific items does P&G discuss in its Note 1Summary of Significant Accounting Policies? (List the headings only.) (b) For what segments did P&G report segmented information? Which segment is the largest? Who is P&G's largest customer? (c) What interim information was reported by P&G? \fPRINTED BY: megmeg249@email.phoenix.edu. Printing is for personal, private use only. No part of this book may be reproduced or transmitted without publisher's prior permission. Violators will be prosecuted. B Specimen Financial Statements: The Procter & Gamble Company Once each year, a corporation communicates to its stockholders and other interested parties by issuing a complete set of audited financial statements. The annual report, as this communication is called, summarizes the financial results of the company's operations for the year and its plans for the future. Many annual reports are attractive, multicolored, glossy public relations pieces, containing pictures of corporate officers and directors as well as photos and descriptions of new products and new buildings. Yet the basic function of every annual report is to report financial information, almost all of which is a product of the corporation's accounting system. The content and organization of corporate annual reports have become fairly standardized. Excluding the public relations part of the report (pictures, products, etc.), the following are the traditional financial portions of the annual report: Financial Highlights Letter to the Stockholders Management's Discussion and Analysis Financial Statements Notes to the Financial Statements Management's Responsibility for Financial Reporting Management's Report on Internal Control over Financial Reporting Report of Independent Registered Public Accounting Firm Selected Financial Data The official SEC filing of the annual report is called a Form 10-K, which often omits the public relations pieces found in most standard annual reports. On the following pages, we present The Procter & Gamble Company (P&G)'s financial statements taken from the company's 2014 Form 10-K. To access P&G's Form 10-K, including notes to the financial statements, follow these steps: 1. Go to http://www.pginvestor.com/. 2. Select the Financial Reporting link. 3. Select the 10-K annual report dated June 30, 2014. 4. The Notes to Consolidated Financial Statements begin on page 52. Consolidated Statements of Earnings PRINTED BY: megmeg249@email.phoenix.edu. Printing is for personal, private use only. No part of this book may be reproduced or transmitted without publisher's prior permission. Violators will be prosecuted. Consolidated Statements of Comprehensive Income Consolidated Balance Sheets PRINTED BY: megmeg249@email.phoenix.edu. Printing is for personal, private use only. No part of this book may be reproduced or transmitted without publisher's prior permission. Violators will be prosecuted. Consolidated Statements of Shareholders' Equity PRINTED BY: megmeg249@email.phoenix.edu. Printing is for personal, private use only. No part of this book may be reproduced or transmitted without publisher's prior permission. Violators will be prosecuted. Consolidated Statements of Cash Flows PRINTED BY: megmeg249@email.phoenix.edu. Printing is for personal, private use only. No part of this book may be reproduced or transmitted without publisher's prior permission. Violators will be prosecutedStep by Step Solution
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