In this paper, in addition to presenting the computed answers, please also discuss how you arrived...

Question

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 ofPolly’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.

5110u1-financial-2-nkvurfez.xlsx

Nitish Lath · Accepted Answer

Balance Sheet
	Polly's Pet Products
	Balance Sheet as of December 31, 2018
	ASSETS
	CURRENT ASSETS
	Cash		200,000
	Accounts receivable		50,000
	Other assets		25,000
	Total current assets		275,000
	LONG TERM ASSETS
	Fixed Assets		75,000
	TOTAL ASSETS		350,000
	LIABILITIES AND STOCKHOLDERS' EQUITY
	CURRENT LIABILITIES
	Accounts payable		75,000
	Accrued expenses		30,000
	Income tax payable		5,000
	Current portion of notes payable		12,000
	Deferred income taxes		1,500
	Total current liabilities		123,500
	LONG TERM LIABILITIES
	Notes payable (long term)		38,000
	TOTAL LIABILITIES		161,500
	STOCKHOLDERS' EQUITY
	Common stock	5,

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...

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