For your selected and approved company, complete the following requirements. You may complete these in a...
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For your selected and approved company, complete the following requirements. You may complete these in a separate document that is attached and/or copied into your response. For calculations, show inputs into the calculations as well as the results. For example, if I was calculating a Current Ratio, in my write up I would write: "Current Ratio = Current Assets / Current Liabilities. For 2022, $400,000,000/$200,000,000 = 2.0. For 2021, $350,000,000/ $225,000,000 = 1.56." Selected Company: Walmart 1. Determine the amounts reported for total assets, total liabilities, and total stockholders' equity in the balance sheet for the most recent year. Verify that the basic accounting equation balances. 2. Determine the amounts reported for net sales and net income in its income statement for the most recent year. 3. Who is the company's auditor? (See the Report of Independent Registered Public Accounting Firm). What does the report indicate ab 4. Did the company issue any common stock in the most recent year? 5. Do you see the term debit or credit listed in the balance sheet? Which account types in the balance sheet increase with a debit and which ones increase with a credit? 6. Do you see the term debit or credit listed in the income statement? Which account types in the income statement increase with a debit and which ones increase with a credit? 7. For the most recent year, what is the change in retained earnings reported in the balance sheet? 8. For the most recent year, what is the amount of net income reported in the income statement? 9. Using your above answers, calculate the amount of dividends paid during the year, if any. Verify your answer by looking at the retained earnings column in the statement of stockholders' equity. For your selected and approved company, complete the following requirements. You may complete these in a separate document that is attached and/or copied into your response. For calculations, show inputs into the calculations as well as the results. For example, if I was calculating a Current Ratio, in my write up I would write: "Current Ratio = Current Assets / Current Liabilities. For 2022, $400,000,000/$200,000,000 = 2.0. For 2021, $350,000,000/ $225,000,000 = 1.56." Selected Company: Walmart 1. Determine the amounts reported for total assets, total liabilities, and total stockholders' equity in the balance sheet for the most recent year. Verify that the basic accounting equation balances. 2. Determine the amounts reported for net sales and net income in its income statement for the most recent year. 3. Who is the company's auditor? (See the Report of Independent Registered Public Accounting Firm). What does the report indicate ab 4. Did the company issue any common stock in the most recent year? 5. Do you see the term debit or credit listed in the balance sheet? Which account types in the balance sheet increase with a debit and which ones increase with a credit? 6. Do you see the term debit or credit listed in the income statement? Which account types in the income statement increase with a debit and which ones increase with a credit? 7. For the most recent year, what is the change in retained earnings reported in the balance sheet? 8. For the most recent year, what is the amount of net income reported in the income statement? 9. Using your above answers, calculate the amount of dividends paid during the year, if any. Verify your answer by looking at the retained earnings column in the statement of stockholders' equity.
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Answer rating: 100% (QA)
Income Statement Locate the income statement section in the annual report or financial statements Id... View the full answer
Related Book For
Fundamental Accounting Principles
ISBN: 978-0071051507
Volume I, 14th Canadian Edition
Authors: Larson Kermit, Tilly Jensen
Posted Date:
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