Submit a paper which is 2-3 pages in length ( no more than 3-pages ), exclusive
ID: 2329743 • Letter: S
Question
Submit a paper which is 2-3 pages in length (no more than 3-pages), exclusive of the reference page. Paper should be double spaced in Times New Roman (or its equivalent) font which is no greater than 12 points in size. The paper should cite at least three sources in APA format. One source can be your textbook.
In this paper, in addition to presenting the computed answers, please also discuss how you arrived at each answers the accounting problem asks. The accounting problem presents a company’s balance sheet and income statement. The Diamond Gem Cleaning and Maintenance Service Company is in the business of contracting its cleaning and maintenance services to office buildings. The balance sheet and income statement have blank lines. Determine the values that would be appropriate for each blank line. Provide a narrative of how you arrived at each value. In doing so, explain the account being valued and its relationship to the other financial data. For example, if the accounts payable line was missing, explain that you can derive its value based on knowing all the other values of the current liabilities section. Then explain what an account liability is, as well as why it would belong in the current liabilities section of the balance sheet
Please refer to the income statement and balance sheet of the Diamond Gem Cleaning and Maintenance Service Company
Superior papers will mention and explain the following elements when responding to the assignment question:
Provide correct balances for the blank financial account lines.
Provide a narrative about how the values were determined.
Provide a definition and explanation of each account line that was completed.
Be sure to use APA formatting in your paper. Purdue University’s Online Writing LAB (OWL) is a free website that provides excellent information and resources for understanding and using the APA format and style. The OWL website can be accessed here: http://owl.english.purdue.edu/owl/resource/560/01/
file Contract Revenues 5,146,862 Contract Costs [___F____] Gross Profit 614,343 General and Administrative Expenses 322,356 Operating Income 291,987 Other Expense 25,770 Income Before Provision for Income Taxes 266,217 Provision for Income Taxes [__G____] Net Income 150,767 Retained Earnings, Beginning Balance [__H____] Net Income 150,767 Retained Earnings, Ending Balance 310,634Explanation / Answer
Hi ,
Data presentation concerns with the many factors like "users" of that data, confidentiality and transparency requirements as per good governnance criteria, and of course the prevailing accounting standards, among others.
There are annual reports which are meant for all stakeholders. Then management reports for data supervision and monitoring variances. Data presentation varies as per the use and data that they hold.
The coverage of data and depth of data presented is different as per need of micro/ macro analysis need.
It has to present a fair and faithful transaction in compliance with the standards. Where such complianec is not possible, the reasons shoudl be mentioned for such deviation and the reasons behind the deviation.
The data presentation AASB - 101 mentions the following reports :
1. Statement of financial position at the end of the period.
2. Statement of Profit & Loss and other comprehensive income for the period.
3. Statement of changes in equity for the period
4. Statement of cash flows for the period
5. Notes for accounting policies and other explanatory information
6. comparative information wrt the preceding period for comparative analysis