Who audit Wal-Mart Stores Inc balance sheet statement 2009?
Look i'm an expert at buying clothes and being at the store but i hate boring stuff like this
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Income Statement is another type of a financial statement. It summarizes activities and events of one company which happened in a period of time. Usually, there are monthly, quarterly, and annual income statement. An income statement will show all revenues, all expenses, and net profits in detail. O…n the contrary, a balance sheet show a company financial positions such as assets and debt at that precise date. A balance sheet will show company's assets, liabilities and sharesholders equities. Assuming no asset or liability changes, one take the net profit figures from an income statement and add it to the shareholders equities portion. For financial statement analysis purposes, having either one is useless. It is essential to have both income statement and balance sheet together. -------------------- Additional Answer Balance sheet indicate what the firm owns and how these assets are financed in the form of liabilities or ownership interest. While income statement purports to show the profitability of the firm, the balance sheet declineates the firm's holdings and obligations. Together, these statements are intended to answer two questions: How much did the firm make or lose, and what is na measure ot its worth? An income statement (profit and loss statement) summarises the company's income and expenditure coming down the the profit or loss for the period. This is a statement over a certain period of time, for example a month or a year.A balance sheet summarises the assets and liabilities of the business and is a statement at one period in time ( Full Answer )
Balance Sheet: Balance sheet is the financial picture of an organization on a given day.. while financial statement is a broader term and it can be for a very long time. financial statment is a formal record of business financial activities. it can be a day. month a year or so on.. while balance s…heet is just a part of a financial statement. in short balance sheet is also a finanaical statement.. but finanacial statement can not be balance sheet.. ( Full Answer )
Income statement describes the current year performance whilebalance sheet describes the overall position of company right fromthe starting year of business to current year. The Income Statement, also know as a Profit and Loss Statement,details the entity's income and expenses for a specific period …oftime. The last entry on the statement, or "bottom line," is theentity's net profit or loss for that period. The Balance Sheet is a "snapshot" of the entity's financialcondition at a specific point in time. The first section is Assets,or things the entity owns, which includes cash and investmentaccounts, fixed assets, and receivables, among others. The next section of the Balance Sheet is Liabilities and Equity.Liabilities, or things the entity owes, may include such accountsas vendor payables, payroll taxes due, notes and mortgages. Equityis the book value of the entity, and equals Assets - Liabilities.What accounts are included depends on the business form of theentity. A sole proprietor has Owner Equity; partners have PartnerCapital; corporations have Capital Stock and Retained Earnings. ( Full Answer )
Profit and loss sheet - show the depreciation for the current year only as an expense Balance sheet - show the cost price of the asset less any accumulated depreciation from previous years and less the depreciation for the current year. Hope this helps
Income statement shows the income and expenses related to one fiscal year while balance sheet shows the overall performance from inception to till date.
unearned income is to be shown as a liability in balance sheet until the commitment for such receipt is satisfied.
Balance sheet is a type of financial statement. Other types of financial statements could be income statement and statement of cash flow.
Difference between fund flow statement and balance sheet? Funds flow statement and balance sheet both are the statements of different nature. Funds flow statement is a statement summarizing the significant financial changes which occurred between the beginning and the end of a company's accounting… period while balance sheet is a statement of assets and liabilities at a particular point of time. Here are some of the important differences between the two: . Funds flow statement include only those items which causes changes in working capital while balance sheet includes the assets and liabilities of the company and shows total resources of the company. . Funds flow statement can be used for decision making purpose while balance sheet is used for examining the financial soundness of the company. . Funds flow statement is prepared for the use of internal management and hence its preparation is not mandatory, while balance sheet is for the use of external parties like creditors, shareholders, government and hence its preparation is mandatory for the company. . Funds flow statement is prepared after preparation of balance sheet and for a relatively short period of time as compare to balance sheet. " Hence it can be said that funds flow statement is not a substitute of balance sheet but it is a supplementary statement and hence they should both be used together in order to reach at right conclusion regarding the financial position of the company" ( Full Answer )
Income statements refer to a period of time, Balance sheets refer to a point in time. For things such as revenue and expenses (which are reported on an income statement) last years revenue and expenses have no bearing on the current periods figures. i.e. once you have reported your income for all …your activities in a period, the accounts must be wiped clean so you can begin accounting figures for the new period. A balance sheet is like a snapshot of a business's assets and liabilities, and the accounts must be carried over to a new period. i.e., if you have a warehouse full of books ready to be sold on December 31st, they will still be there on January 1st, therefore the account must remain open. ( Full Answer )
\nbal sheet is a statement which shows assets and liabilities of the co./firm or any organisation with profit or losses
Current period profit or loss is shown on both financial statements - at the bottom of the Income Statement and in the Retained Earnings section of the Balance Sheet.
interest expense is deducted from EBITA (Earnings before interest and tax). This is in the income statement. Note that interest expense is NOT the monthly or yearly mortgage being paid, birt the fraction of it that is just interest.
Let's take a moment to catch our breath in the discussion of the Income Statement, and look at all the information we've absorbed so far and the importance of the Income Statement in fulfilling the financial picture for the state of a business. . The Income Statement is a direct result of the infor…mation that is recorded in the journals and ledgers, and then transformed into concise, compiled revenue and expense figures. It is usually prepared directly from the monthly "closing of the books" and provides an accurate picture of the revenue and expense of the business for a specified period of time; usually a month, quarter or year. The Income statement is used by management within the company, but also by investors and creditors outside the company to evaluate profitability, performance and aid in the assessment of risk for the investor or creditor. . The Income Statement is divided into three parts: Total revenues, total expenses, and net income. The first section listed on the Income Statement is the Total Revenues reported for the particular period of time reported. Other than revenues generated from the normal operations of business, there are other sources of revenue that must also be included in the "Total Revenue" area. Rent and Interest Revenue would be included at this point. Next, you have the section known as "Total Expenses". This section includes all expenses incurred in the direct operation of the business. The most common forms of expense include wages, salaries, rents, utilities, insurance and supplies. Almost every business has an inclusion of variable expenses that is lumped into one category known as "miscellaneous expense"; these expenses are generally listed from largest to smallest, with miscellaneous always being the last expense reported, no matter how large or small. Finally, the entry known as "Net Income" is a result of the subtraction of the total expenses from the total revenues. . The Net Income that is reported on the Income Statement is then transferred to the Statement of Owner's Equity, and incorporated further into the information that is made available through the Financial Statements. . There are basically two formats for preparing the Income Statement: single-step and multiple-step. The single-step statement is a recording of two groups of information: income and expense and the net result. Expenses are deducted from revenues, and no separation of operating activities or expenses is provided. The single-step method does not tie individual contributions to the area responsible for the contribution. In this way, it is as inconclusive as the direct format for the Statement of Cash Flows when it comes to accountability. . The multiple-step method, although a bit more complex, provides the more useful information simply because it separates the operating and non-operating activities and classifies revenue and expense accordingly. The end result is a better comparison of performance and ratio to ratio computations of the company's finances. . Analysts, investors, stockholders, potential investors and lenders use these reports in order to assess the financial health of a business. A sample Income Statement was provided in the first article in this series. The importance of this report and the ability to accurately read and analyze the information is invaluable to an accountant. So, take the time to become familiar with this report, as well as the other 3 that complete the Financial Statement set. ( Full Answer )
The income statement is part of the "Profit and Loss" ("P&L") statement. Here you state what is accounts receivable and what is paid, and end up with a profit or a loss. Now that is taken on to the balance, to make a profit is an asset, while a loss is a liability that has to be covered. So, in the… balance, the profit appears as an increased bank deposit, or that you have increased inventory and bought cars and other things for the profit - or paid off debt. Now if you have made a loss, your debt should be increased, and your bank deposit decreased or you may have sold off inventory to pay off. This is seen in the balance. Taking the entire profit and use it to pay debt will decrease the balance, which bluntly does not look good. Here a good accountant makes a difference, place the profit to impress the bank and shareholders, articulate that you are doing fine by "pruning" the balance according to GAP rules that also makes the bank smile. ( Full Answer )
Depends on the item. Normally, it is the same as walmart.com, which you can view at: http://www.walmart.com/returns. Airbeds 15 days.. Ammo/Gun---All sales final. Guns can be sent out for repair.. Walmart prides itself with saying we will do refund, exchange or repair.. I work for walmart. A ite…m that always seems to get a different answer depending on which worker you ask and each store is how long do i have on the fish i buy. The next time you want to have some proof in your hand on fish, it to keep the bag that your fish come in. The reason is the bag that the put the fish in, has the return policy and amount of time printed on the bag.. Some stores are very by the book on returning something and others are not. Let me know if you have a particular item you are curious about or what to do if they are not willing to help.. email@example.com ( Full Answer )
You can try this.. President & CEO of Walmart Stores/Supercenters USA: Eduardo Castro-Wright Email Address: Euardo.Castro@wal-mart.com Phone: 1-479-277-2430. firstname.lastname@example.org
i was looking for the same answer.... so9 here it goes.. A financial audit , or more accurately, an audit of financial statements , is the verification of the financial statements of an entity. The opinion is intended to provide reasonable assurance that the financial statements are presented fair…ly, in all material respects, and/or give a true and fair view in accordance with the financial reporting framework (the GAAS requirements) AND An unaudited financial statement is that which an auditor has prepared, but not according to the Generally Accepted Auditing Standards (GAAS). Auditors preparing unaudited statements are required to issue a disclaimer stating that they are not rendering opinions and that the statement does not abide by the GAAS. hope it helped clear the difference!! :) ( Full Answer )
balance sheet show the financial position of the any business entity from beginning to up to date.
Prepaid Income is a balance sheet item. Income received in advance is treated as Liability of the firm. The same get transferred to Income Statement / Profit & Loss Account when income is earned. Followed by Accrual Accounting concept and Accounting Period Concept, such income received before they a…re actually earned are booked as a liability and get transferred to Income Statement as income upon actually earning them. ( Full Answer )
An income statement, as d word itself says, is d statement of our income aggregated by ur expenditures. An income statement depicts ur income for a particular year, generally an year and it also shows ur profit or loss earned during d year. whereas a balance sheet shows d position of ur business… assets and liabilities as on a particular date. both these financial statements depict ur financial positon. the income stmnt would depict a view of ur current financial position and d balance sheet will present a fair view of your business till date. ( Full Answer )
Financial statements of company or firm includes Income and expenditure or profit and loss statement and balance sheet of financial year. Income and expenditure statement shows l income earned by them and expenditure spend by them, gross profit and net profit Balance sheet includes assets , liabilit…ies and net worth( capital & reserves) of the company or firm. Net profit or loss of income and expenditure statement transfer to balance sheet under head of net worth. ( Full Answer )
balance sheet refers to position of assets n liabilities @ end of s yr..but stt of affairs refers to transactions entered into by the comp. durin tat yr..generaaly stt. of affairs is prepared in absence of bal sheet (ie) if bal sheet cudn b prepared due to unavoidable circumstances or its prepared,b…ut currently N/A ( Full Answer )
Some opportunities may include: . new technology and innovation . consumer demand . government regulations (tax incentives etc.)
Some threats may include: . the competition . the economy . government interference (laws, regulations, etc)
When you report revenue, you will either increase cash or accounts receivable on the balance sheet depending on whether the cash was collected when earned.
Answer: Equipment is an asset and is presented on the debit side of the balance sheet. As the equipment is used over the economic lifetime, the value of the asset is reduced, which is called depreciation (expense). Depreciation expense is included in the income statement.
R&D goes on the income statement, generally as an operating expense in the current year. You can no longer capitalize (balance sheet) R&D.
They're prepared after the financial year end. For large companies and corporations on stock markets they have 6 months to prepare them. While smaller companies tend to have longer, in the UK it is currently 10 months, soon to be just 9 months.
Income statement shows the activity of current or one fiscal yearof business while balance sheet shows the overall financialcondition of business from start of the business to till date.
Prepaid rent is a rent which is paid but rent is not yet due that'swhy it is the asset of business and shown in current asset part ofbalance sheet.
Unearned Rent would be a liability on the Balance Sheet. Assuming the rent would be earned within the next 12 months, it would be considered a Current Liability.
Accounts receivables are on the balance sheet. They are an asset of the firm, that is they represent a future economic benefit. The income statement holds the revenues and expenses of the business.. It goes to the Balance sheet (Debtors) under Current Assets. What goes into income statement is Sale…s (both cash and credit). DR Debtors CR Sales. Debtor goes to B.S and Sales goes to P&L. ( Full Answer )
Essentially the Income Statement shows how much profit (or loss) an entity generated for a certain period. For example, the income statement of XYZ Corp. for the Year Ended December 31, 2010 would list all their income (i.e. product sales, rents received, royalties received, etc.) and all the expens…es incurred to generate those revenues (i.e. salaries, cost of products sold, maintenance and repairs, etc.) - the difference is the income (or loss). The Balance Sheet, on the other hand, is a summary of all the financial transactions that the entity has been involved with since it began. For instance, say new entity were starting, and 10 people bought 100 shares each 1,000 per share. The entity (i.e. the corporation) would now have cash on one side equal to $1,000,000 and common stock outstanding equal to $1,000,000. Now if the entity used some of that money to purchase equipment, say $500,000, they would now have $500,000 cash and $500,000 in property, plant and equipment. ( Full Answer )
Gains and losses are listed in the income statement, because they factor into the calculation of net income. Net income is later reflected on the balance sheet once it is closed into Retaind Earnings.
Balance sheets are ordinarily projected after income statementsbecause the firm's growth in retained earnings, an outcome ofprojected income, is a required input for the balance sheet.
All expenses incurred are part of income statement of company whleadvance expenses or expenses payable are part of balance sheet.
Machinery is an asset of business and long term asset so it is partof long term asset in balance sheet.
Mortgage payable is liability so it is part of balance sheet andnot part of income statement.
Yes income in balance sheet is the same amount which is calculatedin income statement if there is any difference then it may be dueto distribution of net income between retained earnings anddividend.
Common stock is a liability account in nature and it is the amountwhich is payable by business back to it's owners that's why it isshown in balance sheet and not in income statement.
expenditures and revenue go to income statement while assets, liabilities and capital go to the balance sheet.
Accounts payable are shown in balance sheet only under currentliability section because it is the future liability of thebusiness to be cleared.
balance sheet is linked to financial statements as both statement are prepared for business authenticity, and are also link to each other because it is government requirements.
for adequate check and balances,and also for reference purpose in order not to have problem with customers
Profit & Loss Account is the Statement showing indirect expenses and receivable of a Company where as Balance Sheet is the Statement highlighting Assets and Liabilities of the said Company.
Income statement and balance sheet are linked in this way thatincome statement describes how assets and liabilities are utilizedto earn revenue and net income while balance sheet describes theinformation about remianing amount of assets and liabilities.
By using international accounting standards for preparing offinancial statement will standardize them and standardization hasbenefit that it helps every body to read the financial statementsand anybody can easily compare with each other and done analysis aswell.
If taxes of current period then it will shown in profit and lossaccount, if taxes are still payable then it will be shown inbalance sheet under current liabilities section.
It belongs on BOTH. In the balance sheet, the closing inventory is included in Current Assets. In the income statement, both opening and closing inventories are taken into account when calculating Cost of Goods Sold (or Cost of Sales). Cost of Goods Sold is calculated as: Opening inventories… + Purchases - Closing inventories It is worthy to note that in terms of double entry, the closing inventory is accounted for as follows: Dr Closing inventory (Balance Sheet - Current Assets) Cr Closing inventory (Income Statement - Cost of Goods Sold) ( Full Answer )
Depreciation on the income statement is the amount of \ndepreciation expense that is appropriate for the period of time \nindicated in the heading of the income statement. The depreciation \nreported on the balance sheet is the accumulated or the \ncumulative total amount of depreciation that ha…s been reported as \nexpense on the income statement from the time the assets were acquired \nuntil the date of the balance sheet. \n. Letâs illustrate the difference with an example. A company has only \none depreciable asset that was acquired three years ago at a cost of \n$120,000. The asset is expected to have a useful life of 10 years and no\nsalvage value. The company uses straight-line depreciation on its \nmonthly financial statements. In the assetâs 36th month of service, the \nmonthly income statement will report depreciation expense of $1,000. On \nthe balance sheet dated as of the last day of the 36th month, \naccumulated depreciation will be reported as $36,000. In the 37th month,\nthe income statement will report $1,000 of depreciation expense. At the\nend of the 37th month, the balance sheet will report accumulated \ndepreciation of $37,000. ( Full Answer )