ACC 290 Financial Reporting Problem, Part II

May 1st, 2015
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ACC 290Financial Reporting Problem, Part IIACC/290University of PhoenixFinancial Reporting Problem, Part IIPepsiCo is a highly known beverage distributor. The cola started in the late 1800s in a drugstore, andits original name was Brads Drink.In 1898, cola introduced Brads Drink to the market. Then, later change the name to Pepsi. It is a large company that has numerous assets and liabilities. Many investors and creditors would be willing to work with this company because they run a good business.Currents assets are very significant to companies like PepsiCo. In the balance sheet, currentassetsare assets that a company expects to convert to cash or use up within one year or its operating cycle, whichever is longer. For most businesses, the cut off for classification as current assets is one year from the balance sheet date (Kimmel, Weygandt, & Kieso, 2011, p. 49).The company can use these assets to support its routine operations. For example, the company can use the assets to pay their current expenses.The common type of current assets consist of cash, marketable securities, inventory, accounts receivable, prepaid expenses and additional liquidassets that the company can quickly convert into cash. However, according to Kimmel, Weygandt, and Kieso, 2011, companies normally arrange their current assets in the order in which they anticipate to convert them into cash. Therefore, the proper order for a compan

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