2023-08-03T10:26:55+00:00

Financial statements-contents,purpose & limitations

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Financial statements-contents,purpose & limitations

1750-2000 words, excluding title and references
Details: As SACs corporatebusinessfinancial analyst, you will be required to provide the SAC Board of Directors and executive management team with essential financial information on the management of the SAC enterprise. What are the basicfinancial statementsyou will submit to the Board and management? What information is contained in each of the statements? How will the information that you provide be used by the management team? How will it help them manage the enterprise? What are the limitations of the information that you provide to the management team? How can the management team ensure that they obtain a complete picture of the enterprise?

Sparklin Automotive Company
Journal Entries 2006
"000" Omitted
Activity
2 Sales on account 168,000
3 Selling Expense 1,560
4 Administrative Expense 3,000
5 Supplies Factory 3,500
6 Insurance Factory 800
7 Indirect Labor 16,000
8 Factory Salaries 12500
9 Factory Property Tax 7500
10 Maintenance Expense Factory 8700
11 Depreciation Expense Factory 1,600
12 Utilities Factory 3650
13 Purchases of Raw Materials 33,710
14 Direct Labor Factory 8,500
15 Raw MaterialInventory, January 1 19360
16 Raw Material Inventory, December 31 10000
17 Work in Process Inventory, January 1 1,800
18 Work in Process Inventory, December 31 7,000
19 Finished Goods Inventory, January 1 25,360
20 Finished Goods Inventory, December 31 36,360
21 Bad Debt Expense 120
22 Accounts Receivable, net 9130
24 Land 1,000
25 Plant and Equipment 80,000
26 Cash 1/1/06 38,440
27 Accounts Payable 33,000
28 Interest Expense 19146
29 Notes Payable, 10% 15000
30 Bonds Payable 8% 150
31 Stockholders` Equity 109,200
32 Retained Earnings 4,000
33 Income tax rate 30%


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