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Intermediate week 2

Paper details Project Information:
You will be using EDGAR (http://www.sec.gov/edgar.shtml) and the FASB codification system to research a company’s financial statements and to research a proposed accounting standard for the current or prior year (asset-type transactions only). You will be creating financial accounting information and commenting on the proposal you selected as it applies to the company you selected.
Week 2 Writing Project Part 2:
Find a company’s financial statements, using the EDGAR database. Use Excel to create an applicable supporting schedule and financial statement(s) that would provide an example of the application of the proposed standard you selected for the company you selected. Ex. if the standard you found included a different method to calculate inventory you would create a worksheet using that proposed inventory method and then show how that change would affected the financial statements of the company you selected from EDGAR.
Week 2: Submit your Excel schedule and corresponding financial statement(s)

Intermediate week 2

Paper details Project Information:
You will be using EDGAR (http://www.sec.gov/edgar.shtml) and the FASB codification system to research a company’s financial statements and to research a proposed accounting standard for the current or prior year (asset-type transactions only). You will be creating financial accounting information and commenting on the proposal you selected as it applies to the company you selected.
Week 2 Writing Project Part 2:
Find a company’s financial statements, using the EDGAR database. Use Excel to create an applicable supporting schedule and financial statement(s) that would provide an example of the application of the proposed standard you selected for the company you selected. Ex. if the standard you found included a different method to calculate inventory you would create a worksheet using that proposed inventory method and then show how that change would affected the financial statements of the company you selected from EDGAR.
Week 2: Submit your Excel schedule and corresponding financial statement(s)

AD1

Paper details AD1:
Think about how you might use business analytics in your personal life. Identify specific ways you could benefit and apply business analytics principles and functions to save money and increase your ability to be efficient.(100 WORDS is fine)

AD2:
After reviewing Appendix 1, give examples of ways various functions can assist you when analyzing data within a spreadsheet. Specifically, address how two of these functions: SUM, MIN, MAX, AVERAGE AND COUNTIF can help inform business decisions. Provide a specific application of how two of these functions would assist you in your current position, a past position or a future position.

Current position (didn’t have)
Past position (didn’t have)
Alwasy be a fall time international student
Future position (accountant)

Case study

Paper details Macy’s, Inc. is a premier retailer in the United States, operating nearly 900 stores in 45 states. Macy’s, Bloomingdale’s, and Bloomingdale’s Outlet are all brands that operate under Macy’s, Inc. The company sells a wide range of merchandise including apparel and accessories, cosmetics, home furnishings, and other goods. Macy’s, Inc. purchases it merchandise from many suppliers and also develops its own private label brands.

Requirements

1. Under the new revenue recognition rules, how will Macy’s record and recognize sales revenue? Which financial statement is sales revenue reported on?
2. Macy’s, Inc. reported cost of sales of $16,496 million for the year ending January 30, 2016. Which financial statement is cost of sales (also known as cost of goods sold) reported on? What does cost of sales represent? What type of account is cost of sales?
3. Assume Macy’s, Inc. purchases $100,000 of inventory from one of its vendors. The terms of the purchase are FOB shipping point. Who pays the freight and how does the cost of the freight get recorded? Assume Macy’s uses the perpetual inventory system.
4. On which financial statement will Macy’s report its merchandise inventory?
5. Assume Macy’s, Inc. prepares a multi-step income statement. What would the format of that income statement look like? What is one benefit of preparing a multi-step income statement for merchandising companies such as Macy’s, Inc.?

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