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HW assg 1 - generally accepted accounting principles(GAAP...

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ACCT 2901 Homework assignment 1: Company research This assignment should be completed by each student individually . To complete it, you should (a) obtain and read the latest annual report of the company (Use the Company’s website) that you picked (from the list provided*) and then (b) answer the following questions: (1) What is the company’s industry? (2) What types of products or services does the company sell? (3) Did the CEO and/or the Chairman of the Board believe that the company had a good year? How do you know? (4) What is the date of the company’s recent reporting year end? State month, day, year. (5) Look at the company’s balance sheet, income statement, and cash flow statement. How many years are included in the balance sheet, income statement, cash flow statement? (6) Are its annual financial statements audited by independent CPAs? How do you know? (7) Are its annual financial statements prepared in accordance with U.S.
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Unformatted text preview: generally accepted accounting principles (GAAP)? How do you know? (8) Did the company’s total assets increase or decrease during the year? (9) Write out the company’s basic accounting (balance sheet) equation as of the end of the company’s most recent year. (10) Did the company earn a profit in its most recent year? If so, how much was it? If not, what was the company’s loss? (11) What is the company’s current stock price? State the date. Where did you find its stock price? Turn in a nice, clean copy of the company’s latest balance sheet, income statement, & cash flow statement from the company’s latest annual report and your answers to the questions. NOTE: DO NOT turn in the entire report. Only those statements listed above. * I will provide the lsit of companies at the beginning of the semester....
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