Activity-Based Costing System Activity-based costing is one of the most accurate methods that can be used to allocate overhead. However, it is not often used in many smaller organizations due….
Who is responsible for preparation of financial statements?
Annual Report Assignment – DUE MARCH 11, 2015
Financial Accounting I
For the Annual Report Assignment you must first locate the annual audited financial statements of Microsoft Corporation for the year ended June 30, 2014. You can locate the financial statements by searching the internet for the website entitled “Microsoft Investor Relations Home Page”.
Required: (20 marks)
Using the June 30, 2014 audited financial statements and other information at this website, please answer questions # 1 through and including # 4 below:
- (2 marks)
Who is responsible for preparation of financial statements? How is this responsibility fulfilled?
- (3 marks)
What are the responsibilities of the auditors and how do they fulfill their responsibilities? Which audit firm performs the audit of the company?
- (1 mark)
What is the main business of the company?
- (14 marks)
Compute the following ratios or amounts :
- The rate of return on shareholders’ equity for 2014
- The debt to equity ratio at June 30, 2014
- The accounts receivable turnover for 2014.
- The net profit margin for 2014.
- The net change in cash flows for 2014.
- The amount of common stock cash dividends paid in 2014.
- The gross profit ratio for 2014.
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