In this paper, in addition to presenting the computed answers, please also discuss how you arrived at each answer the accounting problem asks. The accounting problem presents a company’s balance sheet, income statement, and statement of cash flows for a theoretical company, Polly’s Pet Products. Each of these statements has blank lines. Determine the values that would be appropriate for each blank line. Provide a narrative of how you arrived at each value. Include in this narrative an explanation of:
- the financial statement being completed;
- the account being valued;
- its relationship to the other financial data.
For example, if the accounts payable (AP) line was missing, describe what a balance sheet is and explain that you can derive the AP value based on knowing all the other values of the current liabilities section. Then explain what an account liability is, as well as why it would belong in the current liabilities section of the balance sheet. Finally, analyze, evaluate, and develop a conclusion about the company’s performance based on the completed statements.
Please refer to the income statement, balance sheet, and statement of cash flows of Polly’s Pet Products.
Superior papers will mention and explain the following elements when responding to the assignment question:
- Provide correct balances for the blank financial account lines.
- Define the financial statement being completed.
- Discuss how the values were determined.
- Define and explain each account line that was completed.
- Analyze, evaluate, and develop conclusions about the company’s performance based on the financial information.