The financial statements of P&G are presented in Appendix B. The companys complete annual report, including the

Question:

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 were P&G’s net sales for 2017?

b. What was the percentage of increase or decrease in P&G’s net sales from 2016 to 2017? From 2015 to 2016? From 2015 to 2017?

c. In its notes to the financial statements, what criteria does P&G use to recognize revenue?

d. How does P&G account for trade promotions? Does the accounting conform to accrual accounting concepts? Explain.

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...

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a 2017 Net sales 65058 million b PGs net sales decreased from 65299 million to 65058 million or 214 ...View the full answer

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Related Book For answer-question

Intermediate Accounting

ISBN: 978-1119503668

17th edition

Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfiel

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Question Posted: Dec 04, 2019 07:36 AM

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The financial statements of P&G are presented in Appendix B. The companys complete annual report, including the

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a 2017 Net sales 65058 million b PGs net sales decreased from 65299 million to 65058 million or 214 ...View the full answer

Intermediate Accounting

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