would Magazine Luiza be required or advised to include notes to the financial statement to clarify...

Question

Question

would Magazine Luiza be required or advised to include notes to the financial statement to clarify the lack of inventory list

Add a comment Improve this question Transcribed image text

Answer 1

Answer #1

Answer :

Apparently, it seems that financial statement does not show true and authentic report of financial activities, since inventory

can not be excluded from financial statement at the most it can be NIL but can not be excluded. Thus, Magazine Luiza should

prepare the financial statement that includes inventory figure under assets, if it is NIL then NIL word should appear in the

notes to financial statement. In other words, Magazine Luiza is required to put correct and authentic inventory figure in

financial statement and note to financial statement will represent correct picture as shown in the financial statment.

Add a comment

Answer 2

Similar Homework Help Questions

would Magazine Luiza be required or advised to include notes to the financial statement to clarify...

would Magazine Luiza be required or advised to include notes to the financial statement to clarify the lack of inventory listed under assets?
6.Which statement is not true? a.Disclosures related to receivables are reported in the financial statement notes....

6.Which statement is not true? a.Disclosures related to receivables are reported in the financial statement notes. b.Cash and cash equivalents are the first items reported under Current assets. c.Current assets are normally reported in order of their liquidity. d.All receivables that are expected to be realized in cash beyond 265 days are reported in the Noncurrent assets section.
Who are the users of financial information, which financial statement would they be interested in and...

Who are the users of financial information, which financial statement would they be interested in and why? You may use an example to clarify your point.

Which of these would you only see on an accrual basis financial statement? Check all that...

Which of these would you only see on an accrual basis financial statement? Check all that apply. Owner's Equity Long-term Assets Depreciation Expense Inventory Loans Cash Q2. Organize the items in the list by placing it under the type of financial statement to which it belongs. Income Statement Balance Sheet Owner's Equity Statement Cash Flow Statement - - - - - - - - - - - - - - - - - - - - - - - -...
Financial Disclosures The following are typical disclosures that would appear in the notes accompanying financial statements....

Financial Disclosures The following are typical disclosures that would appear in the notes accompanying financial statements. For each of the items listed, indicate where the disclosure would likely appear — either in (A) the significant accounting policies note, or (B) a separate note. 1. Depreciation method 2. Information on related party transactions 3. Method of accounting for acquisitions 4. Composition and details of long-term debt 5. Inventory method 6. Basis of revenue recognition 7. Major damage to a plant facility...
less inventory will be shown in notes to financial statements or management discussion and analysis? that...

less inventory will be shown in notes to financial statements or management discussion and analysis? that a company would explain a new strategy, in an Annual Report such as less Inventory than in previous balance sheets. Would it be in Notes to Financial Statement or on a Management Discussion & Analysis?

6. Identify This Financial Statement: Which financial statement would best display a company's plant, property and...

6. Identify This Financial Statement: Which financial statement would best display a company's plant, property and equipment used in their factory everyday to help generate sales revenue? A) Income Statement B) Statement of Retained Earnings C) Balance Sheet D) Statement of Cash Flows nol ebast 9/7O i smoAbabolroeA 7. Understanding This Financial Statement: The Statement of Cash Flows reflects a section for each of the major categories of business activities as of the reporting date. Accordingly, the Statement of Cash...
HELP FAST PLEASE The following financial statement items were taken from the financial statements of Gomez...

HELP FAST PLEASE The following financial statement items were taken from the financial statements of Gomez Corp. Match each of the financial statement items to its proper balance sheet classification. If the item would not appear on a balance sheet, use "Not Applicable." Trademarks Notes payable (current) Interest revenue Income taxes payable Debt investments (long-term) Unearned sales revenue Inventory Accumulated depreciation Land Common stock Advertising expense Mortgage payable (due in 3 years) Trademark Current Liabilities Notes payat Interest reve Long-term...
Use the attached Income Statement and Balance Sheet to compute the required financial ratios for Seward...

Use the attached Income Statement and Balance Sheet to compute the required financial ratios for Seward Inc. and compare to the industry averages. After that, write a brief summary as to what each ratio is measuring and how Seward compares to the industry. For example, you may find that Seward's Inventory Turnover is not as high as the industry average, so they are either not managing their inventories or may be experiencing a decrease in sales. Seward Industries a. Compute...

1. In the annual report, where would a financial statement reader find out if the company’s...

1. In the annual report, where would a financial statement reader find out if the company’s financial statements give a fair depiction of its financial position and operating results? a. Notes to the financial statements b. Management discussion and analysis section c. Balance sheet d. Auditor’s report e. None of the options listed 2. Which accounting assumption assumes that an enterprise will continue in operation long enough to carry out its existing objectives and commitments? a. Monetary unit assumption b....

would Magazine Luiza be required or advised to include notes to the financial statement to clarify...

Homework Answers

Add Answer to:
would Magazine Luiza be required or advised to include notes to the financial statement to clarify...

Post as a guest

Earn Coins