Principles of Accounting I - Merchandising and Inventory - Accounting Assessment Answer

Accounting Assessment Task

Your report should comment on the financial statements for your company as they relate to the information presented through Week 5 material for this class, including the notes to the financial statements.
Week Topics 1-5
1. Principles of Accounting
2. Income measurement and the Accounting Cycle
3. Merchandising and Inventory
4. Current Assets and Liabilities
5. Property, Plant, and Equipment
Report Layout
1. Write a 2- to 3-page (a full page typically has at least 300 words) report, single spaced, one-inch margins, 12-point font, with a double space between paragraphs.
2. Please keep your report to no more than 3 pages.
3. Page count does not include title page, tables and exhibits, table of contents, and reference list.
4. Include a title page (include your name on the title page). Use headings in your report such as Accounts Receivable and Inventory (topics from
the textbook); other examples would be Balance Sheet and Income Statement.

5. Include a brief introduction of your company as well as a conclusion/summary at the end. The bulk of your report should cover the accounting topics in Weeks 1 through 
6. You will also be required to include the Income Statement and Balance Sheet as an attachment to your report. You can cut and paste directly from the SEC 10-K Report. These are considered attachments and are not part of the required page count for the report.
7. APA style is required for citations and a reference list. Include in text citations. The reference list is the most important.
8. Your report should use one-inch margins on the left, right, top, and bottom of each page, and font set at 12 point. What is the Description and Dollar Value of the first line on the Income
Statement (it may be net sales)? $138 Million
What are the names of the assets and their values (report only the first
five items and dollar values)?
Cash and cash equivalents: $6.1 Million
Short-term investments: $1.2 Million
Receivables, net: $1.7 Million
Merchandise inventories: $11 Million
Other current assets: $321 thousand
Total current assets: $20.2 Million
Statement of Owner’s Equity: Post the line items and dollar values in the section of the balance sheet.

Preferred stock of $0.01 par value: $0
Common stock of $0.01 par value: $4 Million
Additional paid-in capital: $6.1 Million
Accumulated other comprehensive loss: - $1.2 Million
Retained earnings: $7.9 Million
Noncontrolling interests: $304 Thousand
What is the Net Income (or Net Loss) for your SEC 10-K company? $3.2 Million

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