1,500–1,750 words (not including title page and references) Reminder: Initial Discussion Board posts due by Wednesday You have recently hired a new assistant, Susan Thompson, who previously worked in a financial accounting office preparing journal entries, which provide you with a recording of the day-to-day activities of the company and financial statements (income statement, statement of owners' equity balance sheet, and cash flow statement). Although your new assistant has experience with and fully understands financial accounting, she has no experience with managerial accounting. Assignment In a memo to your new assistant, Susan Thompson, explain to her the similarities and differences between financial and managerial accounting. Provide examples of managerial accounting reports that she could expect to see within EEC, and explain how management might use the information to make decisions. Keep in mind that the income statement, statement of owners’ equity balance sheet, and cash flow statement, although generated in financial accounting, are used to develop all of your managerial accounting reports. Examples of a few of those reports are the horizontal analyzes, vertical analyzes, and ratios. In your own words, please post a response to the Discussion Board and comment on other postings. You will be graded on the quality of your postings. Phase 1 - Task 2 Task Type: Individual Project Deliverable Length: 1,750–2,000 words (not including title and reference pages) Weekly tasks or assignments (Individual or Group Projects) will be due by Saturday and late submissions will be assigned a late penalty in accordance with the late penalty policy found in the syllabus. NOTE: All submission posting times are based on midnight Central Time. As EEC's corporate business financial analyst, you will be required to provide the EEC board of directors and executive management team with essential financial information on the management of the EEC enterprise. In a memo to the board of directors, discuss the information found in each of the following financial statements and how that information is used for the planning, controlling, and decision making of the company. Also, discuss what some of the reports and ratios are that the following financial statements can help you develop. (As you analyze the statements listed below, keep in mind that these statements are the foundation of financial accounting and are developed from transactions that happened during the time period of the statement. This information is used by external users as well as internal users. Managerial accounting focuses on the use from the internal user perspective. The information from these statements is used to analyze and establish budgets, forecast, variance reports, and ratios, among other things, with the key being that they are only used internally). Balance sheet Income statement Statement of cash flows Statement of stockholders’ equity Phase 1 - Task 3 Task Type: Individual Project 2 Deliverable Length: 1,750–2,000 words (not including title and reference pages) Weekly tasks or assignments (Individual or Group Projects) will be due by Saturday and late submissions will be assigned a late penalty in accordance with the late penalty policy found in the syllabus. NOTE: All submission posting times are based on midnight Central Time. Library Research Project Using the library and other course resources, find a manufacturing company's annual report. Calculate the following ratios for the company that you select: Return on assets Return on equity Gross profit margin Debt to equity ratio Debt ratio Current ratio Quick ratio Inventory turnover Total asset turnover Price earnings ratio Using the calculated ratios, analyze the financial performance of the firm. You will do this by looking at the ratios and comparing them to ratios from previous periods and in some cases, against their competitors. Keep in mind that you are trying to determine how the firm is performing under each of the listed ratios. In a memo to the chief executive officer (CEO), include the following: Explain the ratios that you calculated. Address other methods of analyzing financial statements aside from ratio analysis. Explain your analysis of the firm, and make recommendations for improvement.
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