Balance Sheet You Learned About This Week 097732

Balance Sheetyou Learned About Balance Sheets This Week Fill In The M

Balance Sheet You learned about Balance Sheets this week. Fill in the missing items below. Enter the answers in blue shaded cells ASSETS LIABILITIES Cash $10,000 Accounts payable $12,000 Accounts receivable 100,000 Notes payable 50,000 Inventory Total current liabilities Total current assets $220,000 Long-term debt Gross PP&E 500,000 Total Liabilities $190,000 Less accumulated depreciation Net PP&E $375,000 EQUITY Total Assets Common stock ($1 par; 100,000 shares) Paid-in capital Retained earnings 150,000 Total stockholders’ equity Total Liabilities and Equity Reminder: A=L+E Income Statement You learned about Income Statements this week. Fill in the missing items below. Enter the answers in blue shaded cells Sales COGS 575,000 Gross profit $1,600,000 G&A expense 200,000 Sales & Mkting expense Depreciation 50,000 Operating income Interest 100,000 Income before taxes Income taxes (30%) Net income $700,000 Steps: 1: Calculate Sales 2. Calculate Income before taxes. Taxes are 30%, so you know the Net Income (Y) is a percent of "Income before taxes" (X) 3. Calculate the Income taxes figure 4. Calculate Operating Income 5. Calculate Sales & Mkting Exp (Thamires)Stories of Love, Adventure, and Great Heroes Love All the love tales from this week’s reading have different plots. Pyramus and Thisbe live an impossible love, and the thought of leaving without one another brings them to die. Alcyone is devastated after finding out about her husband’s death and declares that she will die soon as well, and in the end, she becomes a bird. Cupid and Psyche have a complex story, but they can overcome all the challenges in their story, and in the future, Psyche receives immortality and can live with her love forever. Apart from all the distinguish stories, all the myths reveal how powerful love can be and how it can overcome any situation, even when it seems impossible. For example, in the tale of Pygmalion and Galatea, he is described as a “women-hater.â He creates “a perfect woman [to show men] the deficiencies of the kind they had to put up with†(Hamilton 147). Pygmalion falls in love with the statue and suffers when his lover cannot correspond. “He loved a lifeless thing, and he was utterly and hopelessly wretched†(Hamilton 149). However, he prays to Venus and asks to find a woman like his statue. In return, Venus turns the statute into a real woman, and Pygmalion can live with the perfect woman he created, who he names Galatea. Love can even overtake the hate of gods and make them lose their authority position. Venus does not like Psyche after what she does to Venus’s son, Cupid. “Venus was determined to show Psyche what it meant to draw down the displeasure of goddess†(Hamilton 128). Still, at the end of the myth, Jupiter gives Psyche ambrosia which makes her immortal, and Venus can no longer object to Psyche. Heroism The people acclaim the heroes of Greek and Romain myths. The heroes are fearless, brave, and face any challenge. Theseus shows how generosity to the people when he kills all the bandits he finds on a journey and “[leaves] not one alive to trouble future travelers†(Hamilton 209). He also resigns his power and builds a council hall, giving all citizens of Athens the right to vote. Hercules, who considers himself “on an equality with the gods†(Hamilton 225), is described as a hero who does not possess intellectual solid but strong emotions. Hercules has all the characteristics to be the perfect hero, but “if only he had had some greatness of mind as well, at least enough to lead him along the ways of reason, he would have been the perfect hero†(Hamilton 227). Hercules considers himself as good as a god, but he cannot still be called a perfect hero. The people show a lot of commotion to the heroes. After doing horrible things like killing his wife and son, people still consider Hercules, a hero and claim he was out of his mind. Nevertheless, heroines do not hold the same appreciation as heroes. Atalanta was denied by her father, who wanted a boy. Later, she helps with the killing of a boar and is prized the animal’s skin. However, many do not approve that the prize goes to a girl. Even after proving her strength and bravery, “her father apparently being reconciled to having a daughter who really seemed almost if not quite as good as a son†(Hamilton 249). Atalanta’s father still seems to wish he had a son instead. Based on all the challenges the heroes face, they are all very heroic. Although comparing the myth of heroes and heroines, heroes seem more heroic than heroines even though they all show outstanding braveness. The gender difference is clearly noted in those myths, and it makes me wonder if the people would have the compassion they had for Hercules if, instead, Atalanta was the one who killed her husband and son. Based on what I have read, I guess that Atalanta would be punished and not be considered heroin any longer. Works Cited Hamilton, Edith. Mythology: Timeless Tales of Gods and Heroes. Grand Central Publishing, 2011. Managers within the firm, as well as the firm’s owners and lenders, keep track of the firm’s performance by reviewing its financial statements - income statement, balance sheet, and statement of cash flows. · What is the purpose of the income statement? Identify the major types of expenses that are shown on the typical income statement. · What is the purpose of the balance sheet? Identify the major types of assets and the claims of creditors and owners shown on the typical balance sheet. · What are the three different accounts that comprise the owners’ equity (also known as stockholders' equity) section on a typical corporate balance sheet? · What is a statement of cash flows? Describe the three standard sections contained in a statement of cash flows.

PART 2: Complete both the balance sheet and income statement exercises in the attached Excel file and submit as a file. Note: the file is auto submitted to Turnitin and will result in high score. Please disregard the score.

Paper For Above instruction

The primary purpose of financial statements is to provide comprehensive, accurate, and timely information about a company’s financial performance and position to stakeholders, including management, investors, creditors, and regulators. Among these statements, the income statement and balance sheet serve distinct roles but are interconnected in reflecting the company's financial health. The income statement, also known as the profit and loss statement, summarizes the company’s revenues, expenses, and profits over a specific period. Its major expenses typically include cost of goods sold (COGS), administrative expenses, selling and marketing expenses, depreciation, interest expenses, and taxes. These expenses help determine the net income or loss, which is a key indicator of the company's profitability (Gibson, 2019).

On the other hand, the balance sheet provides a snapshot of the company’s assets, liabilities, and owners’ equity at a specific point in time. The major assets usually include current assets such as cash, accounts receivable, inventory, and other long-term assets like property, plant, and equipment (PP&E). Liabilities are classified into current liabilities, such as accounts payable and notes payable, and long-term liabilities like long-term debt and bonds payable (Wild, Subramanyam, & Halsey, 2020). The owners’ equity section comprises accounts such as common stock, paid-in capital, and retained earnings, collectively representing the residual interest of the owners after liabilities are deducted from assets (Brigham & Ehrhardt, 2019).

The statement of cash flows complements these two by showing the cash inflows and outflows over a period, segmented into three activities: operating, investing, and financing. Operating activities include cash received from customers and paid to suppliers and employees. Investing activities involve the purchase and sale of long-term assets, such as equipment or investments. Financing activities pertain to borrowing and repaying debt, issuing stock, or dividends paid to shareholders (Penman, 2018).

Understanding these financial statements is essential for managers and stakeholders to evaluate a firm’s financial health, identify trends, and make informed decisions. Managers analyze the income statement to assess profitability and operational efficiency, while the balance sheet helps evaluate liquidity, asset management, and leverage ratios. The cash flow statement offers insight into the company's liquidity position and cash management practices.

In conclusion, each financial statement plays a vital role in providing a holistic view of a company's financial condition. The income statement explains how profitable the firm was during a period, the balance sheet shows what it owns and owes at a point in time, and the cash flow statement details how cash moved through the business. Together, they form the foundation of financial analysis and strategic planning within any organization.

References

• Brigham, E. F., & Ehrhardt, M. C. (2019). Financial Management: Theory & Practice (15th ed.). Cengage Learning.
• Gibson, C. H. (2019). Financial Reporting & Analysis (13th ed.). Cengage Learning.
• Penman, S. H. (2018). Financial Statement Analysis and Security Valuation (5th ed.). McGraw-Hill Education.
• Wild, J. J., Subramanyam, K. R., & Halsey, R. F. (2020). Financial Statement Analysis (12th ed.). McGraw-Hill Education.