Professional Assignment 1: Clo 1, Clo 2, Clo 3, Clo 5, Clo 8
Professional Assignment 1 Clo 1 Clo 2 Clo 3 Clo 5 Clo 8part Ico
Complete the following homework problems from the end of the chapters: E1-4, E1-5, E1-6, E1-9. Additionally, complete problems E2-1, E2-2, E2-4, E2-7, E2-17, and P2-3A from the end of their respective chapters. Then, choose a major publicly traded corporation, retrieve information from its website about its history and current product offerings, and provide a screenshot of its latest reported income statement. Organize this income statement in an Excel file to verify the figures and explain your verification process. Also, describe the nature and purpose of each line item in the income statement. All submissions should be compiled into a single Word document. Further, read your textbook and peer-reviewed publications to write a minimum of three pages of high-quality, well-structured, APA-formatted content that discusses these questions thoroughly. Please include relevant figures and charts to support your analysis. For additional context, information about Hi-Test company's production process in September is provided: all materials are added at the start, and conversion costs are allocated uniformly throughout the process.
Paper For Above instruction
The assignment encompasses multiple components, ranging from solving specified textbook problems to analyzing a real-world company's financial statements, and discussing production processes with quantitative analysis.
Chapter Problems and Exercises
The initial task involves solving select problems from chapters one and two of the textbook. Specifically, problems E1-4, E1-5, E1-6, and E1-9 from chapter one, and problems E2-1, E2-2, E2-4, E2-7, E2-17, along with P2-3A from chapter two. These problems likely involve fundamental accounting, financial analysis, or managerial decision-making concepts, designed to reinforce theoretical understanding and practical skills.
Company Financial Statement Analysis
The third component requires selecting a well-known publicly traded corporation—such as Apple Inc., Microsoft, or Coca-Cola. The student must visit the company's official website, locate the latest annual report or financial statements, and retrieve the income statement. A screenshot of this income statement must be included to substantiate the data provided. The income statement should then be imported into an Excel spreadsheet, with each item organized into rows and columns to facilitate verification of the reported figures. This process necessitates scrutinizing addition or subtraction errors, verifying totals, and ensuring the consistency of reported figures with the supporting detailed schedules, if available.
Following the numerical verification, a thorough explanation of each line item must be provided. For example, revenues (sales), cost of goods sold (COGS), gross profit, operating expenses, operating income, other income and expenses, and net income should be described in terms of their definitions, relevance, and implications for the company's financial health. This comprehensive explanation demonstrates not only the ability to interpret financial data but also the understanding of how each component interacts to produce the overall financial performance.
Analysis of Production Process in Quantitative Context
The final section centers on analyzing a provided production process scenario for Hi-Test company in September. Materials are added at the beginning of production, with conversion costs spread evenly throughout. This setting implies a process costing system where costs are accumulated and assigned uniformly if the process flows smoothly with no interruptions. The write-up should include detailed calculations of costs incurred, units produced, cost per unit, and any variances or inefficiencies identified through the provided data.
The discussion must include formulas for unit costing, such as calculating direct materials, direct labor, and manufacturing overhead per unit, alongside the application of these costs in producing finished goods. Charts or figures illustrating cost flow, inventory valuation, and cost accumulation over the period will add depth to the analysis. The goal is to demonstrate mastery over process costing techniques and their application to real-world manufacturing scenarios, emphasizing accuracy and clarity.
Writing and Formatting
All parts of this assignment should be compiled into a single Word document, adhering to APA formatting standards. Proper citations should be included for any references used, including textbooks, scholarly articles, and authoritative websites. The writing style should be clear, formal, and academic, with appropriate headings and subheadings guiding the reader through the analysis. The total length of the paper should be approximately three pages, excluding references, to ensure depth and conciseness.
Conclusion
This assignment aims to develop practical financial analysis skills, deepen understanding of production costing, and foster the ability to interpret and verify real-world financial data critically. Through problem-solving, financial statement analysis, and cost accounting application, students will enhance their analytical mindset and their capacity to communicate complex financial information effectively.
References
- Anthony, R. N., & Govindarajan, V. (2018). Management Control Systems (13th ed.). McGraw-Hill Education.
- Garrison, R. H., Noreen, E. W., & Brewer, P. C. (2018). Managerial Accounting (16th ed.). McGraw-Hill Education.
- Kieso, D. E., Weygandt, J. J., & Warfield, T. D. (2019). Intermediate Accounting (16th ed.). Wiley.
- Horngren, C. T., Datar, S. M., & Rajan, M. (2018). Cost Accounting: A Managerial Emphasis (16th ed.). Pearson.
- U.S. Securities and Exchange Commission. (2023). Apple Inc. Annual Report 2022. https://www.sec.gov
- Microsoft Corporation. (2023). Annual Report 2022. https://www.microsoft.com
- Coca-Cola Company. (2023). Form 10-K 2022. https://www.coca-cola.com
- Horngren, C. T., Harrison, W. T., & Oliver, M. (2014). Financial & Managerial Accounting. Pearson.
- Williams, J. (2020). Introduction to Cost Accounting. Routledge.
- Investopedia. (2023). Understanding Income Statements. https://www.investopedia.com