ACC 290 Financial Reporting Problem, Part I

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ACC 290Financial Reporting Problem, Part IACC/290University of PhoenixFinancial Reporting Problem, Part IThe companys annual report is important because it gives the shareholders a clear picture and understanding about how the company is doing financially. The annual reports provide thorough information on very significant section of the accounts, such as the balance sheet, the income statement, and the cash flow statement. The information presented in the annual report would also be essential to potential investor, employee, and any other people that may have interest in financial aspect of the business.The companys total assets at the end of 2009 were $39,848,000 (PepsiCo, n.d.). However, in 2010 its most recent annual report shows an increase to the previous annual reporting period of $28,305,000 that brings PepsiCos total assets to $68,153,000 (PepsiCo, n.d.). This information is important because it demonstrate what the company owns. It gives an understanding of the financial condition of the company, whether or not there have been improvement from the previous years.The current assets are the first thing on the balance sheet under the asset column. A company lists all of the possessions that it may convert into cash in a short period, that normally takes place with a year or less. Because these assets can easily turn into cash the company refers to them as liquid assets. Cash and cash equivalents are the most liquid assets fou

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