The Electrolux Group (hereafter Electrolux) is a producer of home appliances and appliances for professional use, selling
Question:
The Notes to financial statements provide, inter alia, the following information on €˜Other liabilities€™.
Other accrued expenses include accruals for fees, advertising and sales promotion, bonuses, extended warranty, and other items. Other operating liabilities include VAT and other items.
Required
1 Verify that what is detailed in the Notes is coherent with the balance sheet, i.e., crosscheck or €˜reconcile€™
2 Identify the principle(s) behind the first three items of €˜other liabilities€™ and illustrate your explanation showing the impact on the financial statements of the adjusting entries that have probably been recorded for each of these three items at the end of 2011.
3 What is the conceptual difference, if any, between these three items and the line €˜prepaid income€™?
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... Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
Step by Step Answer:
Financial Accounting and Reporting a Global Perspective
ISBN: 978-1408076866
4th edition
Authors: Michel Lebas, Herve Stolowy, Yuan Ding