This website uses cookies to ensure you have the best experience. Learn more

Review Of Financial Statements Paper

1855 words - 7 pages

The annual reports of Wal-Mart and Target are provided free of charge via and Upon inspection, the Wal-Mart and Target reports include meaningful financial statements included in their annual reports.Product or ServicesBoth Target and Wal-Mart sell roughly the same types of products and services. Wal-Mart has a few extra services or products that Target may not have but they are pretty much equals in their industries. They both focus on the sales of home care items, health care items, toys, clothing, groceries, appliances and electronics. Wal-Mart on the other hand also has an automotive department that will take care of maintenance and up keep of a customer's vehicle. Wal-Mart also has a contract with McDonald's whereas Target has a contract with Starbucks. Also, when a customer goes to Wal-Mart they can make a whole day out of it because not only is there a McDonald's but they also have hair salons, nail salons, arcades for the kids, and portrait studios. Target does have a portrait studio as well but they do not have all the other amenities that Wal-Mart has.EstablishedWal-Mart and Target were both established in 1962. However; there were different paths taken with each company to establish each company. According to "in 1881 Marshall Field & Company was founded. Then in 1902 George D. Dayton opened Goodfellows in downtown Minneapolis, MN, in 1903 Dayton Dry Goods Store was then founded. In 1911, it became The Dayton Company. So in 1918 The Dayton Foundation was created with an endowment of $1 million. Then in 1946 The Dayton Company's bylaws established the practice of giving 5% of pretax profits back to the community. Finally in 1962, The Dayton Company enters discount merchandising with the opening of its first Target Store" (, 2007). However, according to "in 1962 the company was founded with the opening of the first Wal-Mart in Rogers, AR. Then in 1967 Wal-Mart's 24 stores totaled $12.6 million in sales. In 1968 Wal-Mart moves outside of Arkansas with stores in Sikestone, MO and Claremore, OK. Finally in 1969, the company incorporated as Wal-Mart Stores, Inc. on October 31" (, 2007).Accounting FirmBoth Wal-Mart and Target utilized Ernst & Young LLP accounting firm to perform the audits on the financial statements. A little background on Ernst & Young LLP would show that they are one of the largest professional services firms in the world, and one of the Big Four auditors, along with Pricewaterhouse Coopers, Deloitte Touche Tohmatsu and KPMG. According to Forbes Magazine, as of the year 2007 it is also the seventh largest private companies in the United States. Ernst & Young is a global organization consisting of many member firms, their global headquarters is in London, England and their United States headquarters is in New York, NY (Ernst & Young, 2007).Financial StatementsOn Wal-Mart's website, listed under the investor's section, are three financial...

Find Another Essay On Review of Financial Statements Paper

Financial Statements Paper

1652 words - 7 pages 2010," said Dan Hesse, Sprint Nextel CEO.From research reported to MSN Money, we were able to observe that Sprint uses four types of financial statements. One would be the Income Statement which reports increase in the company's resources from the sale of goods or services and expenses which report the costs incurred in the normal course of business to generate revenues. Another statement would be the Balance Sheet which reports the assets

Examining Financial Statements Paper

1058 words - 4 pages for equipment and property is $ $965,574.991 and $830,930.131 by the end of the years 2003 and 2002 respectively.Throughout the year 2003, Landry's Restaurants exercised some stock options. The company exercised 251,196 for the year at an average price of $7.28 from the exercise of the stock option the company-received proceeds of $1,826,816. This information was found in two different financial statements the proceeds received information was

Financial Statements paper II

1512 words - 7 pages ’ management placed on their results, is the focus of this paper. Vertical Analysis Historians will likely commemorate 2008 as one of the worst years ever for the US economy. An overheated, speculative U. S. residential real estate market began to correct in 2007 and unraveled as extraordinary interest rate bets on collateralized mortgage obligations (CMO’s) by large investment banks threatened to bring down entire economies in the United States and

Analysis of Financial Statements

2370 words - 9 pages Income Statement reports the amount of net income earned by a company during a period.The Statement of Cash Flows reports the amount of cash collected and paid out by a company during a period of time.The Statement of Retained Earnings reports the change in retained earnings during a period of time.Our learning team has selected to review the financial statements of two of the leading companies in the retail pharmacy industry, Walgreen Co. and

ratio analysis of financial statements - UCL/finance - research paper

1157 words - 5 pages Walmart Ratio Analysis Ratio analysis enables scale to be determined and for comparison against similar firms within a given time frame. It is also done drawing references from a company’s financial statements. Walmart is a multinational retailing company whose mission is to be one of the top global producers as well as a provider of these services. It is important that both internal and external users have adequate knowledge of a company

Analysis of Financial Statements Simulation

979 words - 4 pages Analysis of Financial PAGE \* MERGEFORMAT 1 Running head: ANALYSIS OF FINANCIAL STATEMENTS SIMULATIONAnalysis of Financial Statements SimulationUniversity of PhoenixAnalysis of Financial Statements SimulationThis paper will answer two questions concerning the Analysis of Financial Statements Simulation. The first answers how the manager of Panorama should decide the relative importance of the five categories of financial ratios when assessing

The Purpose of Financial Statements

1835 words - 7 pages The Purpose of Financial Statements The financial statements of a business are used to provide information about the status of the business, set performance targets and impose restrictions on the managers of the firm as well as provide an easier method for financial planning. The financial statements consist of the Profit and Loss Account, Balance Sheet and the Cash Flow Statement. There are

Analysis of Insurance Financial Statements

1806 words - 7 pages price competition, which are the major causes for the current Hard Market in the Insurance Industry.Final Commentary Different sets of accounting principles are used for financial and insurance regulators. Insurance Financial Statements are much more conservative than most other Financial Statements, meaning that they don't make the company look any stronger than it is. This is partly because of heavy regulation, but also because of

Accounting: The Four Types of Financial Statements

752 words - 4 pages Accounting Wizard Lorenzo Crawford ACC100 Ms. Galarza 5/28/2014   When it comes to Accounting, there are four types of financial statements. These statements are critical when managing a business. The four types of financial statements are Statement of Financial Position, Income Statement, Statement of Changes in Equity, and Cash Flow Statement. Statement of Financial Position is the company’s financial position of an entity at any given

"Four Basic Financial Statements". Provide an explanation of the four basic financial statements used in business

913 words - 4 pages an external user would have to sift through to get a general idea of a company's financial health, companies typically produce four different types of basic financial statements.The four basic financial statements are:1) Income Statement - "Presents the revenues and expenses and resulting net income or net loss of a company for a specific period of time." (Weygandt, Kimmel and Kieso, 2008. pg.21). This is probably the simplest of the four

Preparation of Financial Statements and Prevention of Fraud

1843 words - 7 pages auditor that should be followed in order to form a financial report of a company with utmost transparency so to improve the audit quality. The basic job of an auditor is to review and verify a company's financial statements and to form a report based on his findings about the company's financial health. As claimed by the article (Responsibilities and Functions of the Independent Auditor, 1972) 'The objective of the ordinary audit of financial

Similar Essays

Review Of Financial Statements Paper

1330 words - 5 pages I have selected two of America's most established and well known companies ever, Coca-Cola and Pepsi, on which to conduct a review of financial statements. These two companies combined have been in business 230 years. Coca-Cola and Pepsi have come to dominate the global market with their products. They both have production plants in every major country on this planet. This paper will provide a brief overview of each company, which includes when

Review Of Financial Statements

1840 words - 7 pages conducting business.Further, this paper will discuss the financial statements of each company, the firms which audit each companies financial statements, and define accounting concepts, terminologies, and transactions used in the financial statements. Additional information will provided regarding when McDonald's and Burger King were established and what product and services they provide to the public.Overview of OrganizationsMcDonalds first opened its

Financial Statements Paper Principles Of Accounting

644 words - 3 pages IntroductionThis paper will define the purpose of accounting and identify the four basic financial statements. These financial statements include, the income statement, retained earnings statement, balance sheet and statement of cash flows. This paper will further explain how these financial statements are related with each other and why they are useful to business managers, investors, creditors, and employees.AccountingThe purpose of accounting

Financial Statements Paper

717 words - 3 pages "Accounting is an information system that identifies, records, and communicates the economic events of an organization to interested users" (Kimmel, Weygandt & Kieso, 2005). The four basic financial statements in accounting will be identified. Along with the identification of the basic financial statements this paper will show how the statements are interrelated with each other. The statements are useful to the managers, investors, creditors