By J. A. Tracy CPA
The best way to learn a monetary file 7th EditionFinancial experiences offer important info to traders, creditors, and executives. but, the monetary statements in a monetary file appear to be written in a overseas language that in basic terms accountants can comprehend. This 7th variation of ways to learn a monetary document breaks throughout the language barrier, clears away the fog, and provides a plain-English user's advisor to monetary experiences. The ebook is helping you get a sure-handed grip at the revenue, money circulation, and fiscal of any business.Here's what is new within the 7th Edition:Discussion of the transition to foreign accounting and monetary reporting standardsA streamlined centerpiece convey used during the publication to give an explanation for connections among the 3 monetary statementsAn built-in part on examining revenue, funds move, and solvency for traders, creditors, and executives (now half during this edition)Reflection on monetary reporting and auditing within the post-Enron era"What distinguishes Tracy's efforts from different manuals is an cutting edge constitution that visually ties jointly components of the stability sheet and source of revenue assertion by way of tracing the place and the way a line merchandise in a single impacts an access in another."—Inc."An first-class activity of revealing find out how to separate the wheat from the chaff with out choking within the process."—The Miami Herald"A fabulous e-book geared up logically and written basically. For a idiot to be an efficient investor, she has to understand her method round a financial plan. This publication can assist you boost that ability. it is the clearest presentation of many accounting innovations that this idiot has seen."—Selena Maranjian, The Motley idiot
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Extra resources for How to Read a Financial Report: Wringing Vital Signs Out of the Numbers, 7th Edition
Example text
In summary, business managers, creditors, and investors should watch that the inventory holding period is neither too long nor too short. If too long, capital is being wasted; if too short, profit opportunities are being missed. Comparisons of a company’s inventory holding period with those of its competitors and with historical trends provide useful benchmarks. Accounting Issues Accounting for cost of goods sold expense and the cost of inventory is beset with many problems. First of all, I should mention that businesses that manufacture the products they sell have serious problems in determining the total cost per unit of the different products they produce.
If you were the business manager in this example, you should decide whether the size of accounts receivable, being five weeks of annual sales revenue, is consistent with your company’s sales credit terms and your collection policies. Perhaps five weeks is too long and you need to take action. If you were a creditor or an investor in the company, you should pay attention to whether the manager is allowing the average sales credit period to get out of control. A major change in the average credit period may signal a significant change in the company’s policies.
I hope you find the financial trip in the following chapters interesting and useful. I think you will. 1—SALES REVENUE AND ACCOUNTS RECEIVABLE Dollar Amounts in Thousands BALANCE SHEET AT YEAR-END ASSETS Cash Assuming five weeks of annual sales revenue is uncollected at year-end, the ending balance of Accounts Receivable is: INCOME STATEMENT FOR YEAR Sales Revenue 5/52 $ 52,000 $52,000 $5,000 $ 3,265 Accounts Receivable 5,000 Inventory 8,450 Prepaid Expenses Property, Plant, and Equipment 16,500 Accumulated Depreciation (4,250) Cost of Goods Sold Expense (33,800) Intangible Assets Selling, General, and Adm.