ACT301 CT4 OPT1.docx - COCA-COLA CONSOLIDATED INC 10-K FINANCIAL STATEMENT Coca-Cola Consolidated Inc 10-K Financial Statement ACT301 – Financial

ACT301 CT4 OPT1.docx - COCA-COLA CONSOLIDATED INC 10-K...

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COCA-COLA CONSOLIDATED, INC. 10-K FINANCIAL STATEMENT 1 Coca-Cola Consolidated, Inc. 10-K Financial Statement ACT301 Financial Accounting Colorado State University – Global Campus Joy Hiatt May 7, 2019
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COCA-COLA CONSOLIDATED, INC. 10-K FINANCIAL STATEMENT 2 Coca-Cola Consolidated, Inc. 10-K Financial Statement This paper will discuss the 10-k financial statements for Coca-Cola Consolidated, Inc. It will identify three accounts on the balance sheet that demonstrates that Coca-Cola uses accrual accounting. It will also explain three accounts on the income statement that will demonstrate adjusting entries. This paper will also explain in detail about depreciation expense, amortization expense, accumulated depreciation, and accumulated amortization. Finally, it will discuss income taxes and income tax expense. This paper will explain several different aspects of the financial statements for the Coca-Cola Consolidated, Inc for the closing fiscal year of 2018. Accrual Accounting on the Balance Sheet Accrual accounting is when companies record transactions as they happen, no money needs to be exchanged(VanBaren, 2019). One way Coca-Cola demonstrates it uses accrual accounting is with the account payable and accounts receivable transactions. Accounts receivable is when a product or service is provided and paid for at a later date(VanBaren, 2019). Also, Coca- Cola has inventory listed on the balances sheet and inventory is only used with accrual accounting. Prepaid expenses is another great example that Coca-Cola is using accrual
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