Balance Sheet Notes Preparation and Discussion Essay Example for Free

Balance Sheet Notes Preparation and Discussion Essay This week paper requires our team to prepare three notes to the balance sheet and income statement. Also, request us to discuss why footnotes are useful and important to financial statements. Below we have included the requested footnotes (prepared based on our experience working with a CPA Firm in public accounting) and our discussion related in relation to the footnotes: Inventory: Inventory is stated at the lower of cost or market using the first-in, first-out method of inventory accounting. Inventory includes certain costs associated with the preparation of inventory for resale, including distribution costs, labor, and freight. The Company records a reserve for the anticipated loss associated with selling inventories below cost. This reserve is based on management’s current knowledge with respect to inventory levels, sales trends and historical experience (Lowe’s). Property and Equipment and Depreciation Policy: Property and equipment are stated at cost. Expenditures for maintenance and repairs are charged against operations. Renewals and betterment’s that materially extend the life of the assets are capitalized. Depreciation is computed on a straight-line basis over the estimated useful life of the related assets. For income tax purposes, depreciation is computed using the accelerated cost method (AICPA). The Company periodically reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an  asset may not be recoverable. No evidence of impairment is evident as a result of such review. Income Taxes: The Company establishes deferred income tax assets and liabilities for temporary differences between the tax and financial accounting bases of assets and liabilities. The tax effects of such differences are reflected in the balance sheet at the enacted tax rates expected to be in effect when the differences reverse. A valuation allowance is recorded to reduce the carrying amount of deferred tax assets if it is more likely than not that all or a portion of the asset will not be realized. The tax balances and income tax expense recognized by the Company are based on management’s interpretation of the tax statutes of multiple jurisdictions (Lowe’s). Team Discussion First of all, it is a fact that footnotes are an integral part of the financial statements (F/S). They contain information that otherwise cannot be included in the body of the F/S, but important enough to influence the judgment of a user or reader (Kieso, Weygrandt Warfield). Such information could be express either as an explanatory paragraph, schedule or timetables, useful to help users have a better understanding of how the company he intend to invest or extend credit operates, its environment, industry, and how it measure and records transactions. Additional information like going concern issues, contingencies, and subsequent events, which are relevant to reach a conclusion, are included in the footnotes as well. When this happens, it raises red flags to readers, because they provide information and events they may have been occurred after the end of the financial statement’s period, which is necessary for timely accuracy (â€Å"Chron†, 2015). References AICPA (2015). Illustrative Financial Statements Prepared Using the Financial Reporting Framework for Small and Medium Entities. Retrieved from: http://www.aicpa.org/InterestAreas/FRC/AccountingFinancialReporting/PCFR/DownloadableDocuments/FRF-SME/FRFforSMEs_Illustrative_Financial_Statements.pdf â€Å"Chron† Small Business. (2015). Guide-making Footnotes to Financial Statements. Retrieved from:

The Probability of Landing on Different Properties in Monopoly :: Applied Statistics Essays

One of my favorite board games is Monopoly. I have noticed when I’ve played Monopoly that it seems like you always land on certain squares more than others. For instance, it seems like no one ever lands on Boardwalk, and players land on the pink and orange properties more often than they land on the others. The aim of this exploration is to find out if, over the course of a Monopoly game, a player will land on some squares more often than others and to use this information to figure out which properties are most profitable. This knowledge could help a player decide which properties to buy. The rules of Monopoly are fairly simple. In each turn, the player rolls two dice and moves the number of squares that is the total dice roll. The player then may buy the property he or she lands on if it is available, or if another player already owns it, the first player pays rent according to the instructions on the card associated with the property. If a player owns all the properties in a color group, he or she can increase the rent that other players pay when they land on a square by buying houses or hotels. There are some more complications in the game, but they are not important to this exploration. I decided that the most practical way to find out if a player will land on some squares more than others was to run a simulation. In order to do so, I needed to figure out how many times a player would roll the dice in a game of Monopoly, as that was the number of repetitions I would need to have in my simulation. To find that number, I played a game of Monopoly which I timed and counted the number of rolls in. It was 93 minutes long and the dice were rolled 201 times. I divided the time by the rolls to find the time per roll . The average game of Monopoly is 60 to 240 minutes long (Wikipedia) so I decided to use the middle value, 150. I divided the average length of a Monopoly game by the average time per roll to find the number of rolls in an average length Monopoly game . I decided to assume a four person game, so I divided 324 by 4 and got 81 rolls per person.

Apocalyptic and post-apocalyptic fiction Essay

†¢Apocalyptic and post-apocalyptic fiction: concerned with the end of civilization either through nuclear war, plague, or some other general disaster. Post-apocalyptic fiction is set in a world or civilization after such a disaster. The time frame may be immediately after the catastrophe, focusing on the travails or psychology of survivors, or considerably later, often including the theme that the existence of pre-catastrophe civilization has been forgotten (or mythologized). Post-apocalyptic stories often take place in an agrarian, non-technological future world, or a  world where only scattered elements of technology remain. There is a considerable degree of blurring between this form of science fiction and that which deals with false utopias or dystopic societies. †¢ †¢Dark fantasy: a subgenre of fantasy which can refer to literary, artistic, and filmic works that combine fantasy with elements of horror. The term can be used broadly to refer to fantastical works that have a dark, gloomy atmosphere or a sense of horror and dread and a dark, often brooding, tone. †¢Gnome, being of earth (gnomus). He describes them as two spans high, very reluctant to interact with humans, and able to move through solid earth as easily as humans move through air. [4] [5] †¢Undine or nymph being of water Undines are almost invariably depicted as being female, which is consistent with the ancient idea that water is a female element. [8] They are usually found in forest pools and waterfalls,[9] and their beautiful singing voices[10] are sometimes heard over the sound of water. †¢Sylph, being of air (sylevestris) is a mythological spirit of the air †¢Salamander, being of fire (Vulcanus).

Pronouncing the Spanish K and Q in Spanish

The Spanish k is pronounced basically the same as it usually is in English, except perhaps a bit softer, often something like the c in scatter. The q is pronounced the same. As in English, the Spanish q is always followed by a u except in a very few words of foreign origin. Spanish is even more particular in the sequences in which the q is used: the qu is always followed by by an e or an i, and the u is silent. Thus que is pronounced something like keh would be in English and quien is pronounced something like kyen. The sound is also the same as the c sound except when the c precedes an e or i. In order to maintain the correct pronunciation, the Spanish cognates of English words with qua or quo are often spelled with a c in Spanish instead. Thus the Spanish word for quartz is cuarzo, and the word for quota is cuota. The k is rare in Spanish, used almost exclusively for words of foreign origin such as kilo and kayak. In the audio lesson on pronouncing the k and q  sounds  you will hear the phrase quà © tal and the number quince spoken by native speakers.