Thursday, December 5, 2019

IFRS Adoption and Financial Statement †Free Samples to Students

Question: Discuss about the IFRS Adoption and Financial Statement. Answer: Introduction The main purpose of this report is to analyze the financial statements of Just Wear it ltd. The report will be considering the profit and loss account of the company in order to determine whether the business has earned profit or loss during the year and also be analyzing the retained earnings which has been generated by the business during the year (Brochet, Jagolinzer Riedl, 2013). In addition to this, report will be commenting on the various aspects of the balance sheet of the company and analyze the financial position of the company as for the month of January. The main focus is to ascertain the level of profits generated and also determine the financial performance of the company in respect of previous years performance (Collier, 2015). Analysis of Profit and Loss Statement As per the Income Statement of Just Wear ltd for the month of January, shows that the company has an annual sales revenue of $ 120,804 and also has the additional revenues which is shown in the Income statement as investment revenues and interest revenues. The expenses of the company comprise of various expenses which are of variable nature such as phone expenses, petrol expenses, electricity expenses and similar other expenses (Oberholzer, 2013). The expenses which relates to depreciation is shown for Van, furniture and equipment and on the value of property. Such depreciation expenses represent the non-cash expenses of the business which is result of the reduction in the value of assets which needs to be recorded in the financial statement. The total expenses of the company for the month of January shows a figure of $ 61,415. It can be said that the company has incurred less amount of costs in terms of the sales which is generated by the company. The income statement of any company is prepared so that the statement can provide clear information about how much profits is earned by the business, how much costs are incurred by the business and how much sales revenue is generated by the business. The statement of income clearly states the revenue which is earned by a company during a year and also the expenses which are incurred by the company during the month (Weygandt, Kimmel Kieso, 2015). The profit of the business is obtained by deducting the expenses from the income. In the case of Just Wear it ltd, the company has earned a net profit of $ 60,714 for the year. The performance of the company is quite splendid as the company has earned a profit of around 50% approx. of the total revenue generated during the month which is an indication that the business has good policy of cost reduction. The business can compare the performance of the company by analyzing the financial statement of previous year. The business can determine whether they have had growth in terms of profit and sales from the previous year figures or not. The business can improve the profitability of the company by increasing the sales of the business and also can also follow the cost reduction strategy which will allow the business to reduce the cost further and thereby increase the profits of the business (Ball et al., 2015). Retained earnings may be defined as the part of the profits which is generated by the business which is not distributed by the business as dividends but which can be used for the purpose of reinvesting the amount in the business (Thirumalaisamy, 2013). In the case of Just Wear it ltd, the retained earnings of the company for the month of January amounts to $ 2,47,514 which is more than the retained earnings for the month of December which was $ 1,96,800. There has been an increase in the amount of retained earnings in the business which suggest that the business is performing well. Retained earnings are financial indicators that the business is financially strong and reliant. As per the statement of Retained earning prepared for the month of January, the company has declared and paid a amount of $ 10,000 as dividends to the shareholders of the company. This is a positive sign for the business as it shows that business can retain a major part of the profit as retained earnings and sti ll provide dividends to the shareholders which shows the financial strength of the company. The retained earnings of the business can be used in times of emergency or financing project and is an effective source of financing. The company can improve the retained earnings of the business by increasing the sales of the business and also by reducing the costs of the business. In this way the business will be able to generate profits which in turn can be apportioned into retained earnings and dividends. Analysis of the Financial Position of the business The balance sheet of the company reflects the financial position of the company during a year. This is the statement on the basis of which potential investors decide whether or not to invest in the shares of the company (Bazley et al., 2013). The balance sheet also checks the accuracy of the financial statement as the assets total must always match the total of equity and liabilities as per the matching concept in accounting (Aiken, Lu Ji, 2013). As per the balance sheet of Just Wear it ltd, there has been changes in the value of cash due to the various expenses which the business has undertaken during the month. Then there is the revenues which the business has earned. The inventory of the company has decreased which suggest that the company has used more stocks for increasing the sales. The figure of account payable has increased from the previous month which suggest that the company has taken some credit during the year. There was a bank overdraft which was paid off in the month of January which is not shown in the balance sheet of January. The management of the company can improve the cash balance by reducing costs which results in cash outflow and engage in revenue generating activities. Moreover, the company needs to control the creditors as too much debt is not good for business. Conclusion The analysis of the financial statement of the company Just Wear it ltd shows that the business is performing well. In comparison with the previous years performance the company is doing extremely well as there are lot of positive indicators such as increase in cash, repayment of bank overdraft, increase in sales and profit. The financial statements of the company suggest that the company is achieving growth for the business. In order to further improve the profitability of the business in future the company needs to reduce the costs or increase the sales of the business. Reference Aiken, M., Lu, W., Ji, X. D. (2013). The new accounting standard in China.Perspectives on Accounting and Finance in China (RLE Accounting),8, 159. Ball, R., Gerakos, J., Linnainmaa, J. T., Nikolaev, V. V. (2015). Deflating profitability.Journal of Financial Economics,117(2), 225-248. Bazley, M., Hancock, P., Fisher, C., Lovell, A., Berk, J., DeMarzo, P., ... DeMarzo, P. (2013). Financial Accounting: An Integrated.Thomson Pty Ltd, South Melbourne. Brochet, F., Jagolinzer, A. D., Riedl, E. J. (2013). Mandatory IFRS adoption and financial statement comparability.Contemporary Accounting Research,30(4), 1373-1400. Collier, P. M. (2015).Accounting for managers: Interpreting accounting information for decision making. John Wiley Sons. Oberholzer, M. (2013). A non-parametric comparison among firms' income statement-based and balance sheet-based performance.The International Business Economics Research Journal (Online),12(11), 1467. Thirumalaisamy, R. (2013). Firm Growth and Retained Earnings BehaviorA Study on Indian Firms.European journal of business and management,5(57), 40-57. Weygandt, J. J., Kimmel, P. D., Kieso, D. E. (2015).Financial managerial accounting. John Wiley Sons.

Thursday, November 28, 2019

Who Caused The Death Of Romeo And Juliet Essay Example For Students

Who Caused The Death Of Romeo And Juliet Essay Romeo and Juliet, is a story of two young lovers, whose love was destined for destruction. They did not imagine that their love would lead to the tragedies that it did. These two young people did nothing wrong except fall in love. Three aspects of their destruction included the feud between the two families, the nurse and her betrayal of Juliet and the most important aspect of all, fate. The feud between the two families was one factor that contributed to the love of Romeo and Juliet being destined for destruction. From ancient grudge break to new mutiny. (Romeo Juliet, Prologue, pg.2 l.3)The two families, Montagues and Capulets, had many problems. There was hate between the two families so much so that even the servants hated each other. This feud would have caused many problems for Romeo and Juliet: These two young lovers knew this and this is why they kept their marriage a secret. If their parents discovered their secret, they would have made their childrens lives miserable. Romeo and Juliet would not have been able to see each other. Both of these families were very stubborn and there was hardly any thing that would have made them become friends. In the prologue we learn that the only way the strife could be ended was by the deaths of Romeo and Juliet. We will write a custom essay on Who Caused The Death Of Romeo And Juliet specifically for you for only $16.38 $13.9/page Order now Doth with their death bury their parents strife. (Romeo ; Juliet, Prologue, l.8)Neither the Montagues or the Capulets would have accepted the marriage. Keeping the marriage a secret caused Romeo and Juliet to turn to other people for help. Sometimes these people gave them the wrong advice or just betrayed them. The Nurse was one of these characters who betrayed the young couple. The Nurse who was also Juliets friend turned against her at a very crucial time. The Nurse told Juliet that it would be best if she married Paris. I think it best you married with the county. (Romeo Juliet, pg.101, III, v, l.219)This betrayal by the Nurse left Juliet alone. She was a wise young woman but it still would have been beneficial for her to have the help of the Nurse. Juliet was left on her own to make some very important decisions. I believe that if the Nurse had been around to help Juliet things may have turned out differently. Juliet had no one to turn to and ask for help. She could not have gone to her parents because they would not have understood. The Nurse was supposed to be one of Juliets best friends. Now when it was important for Juliet to have someone there, for her she was betrayed. When considering the destruction of Romeo and Juliet the most sifnificant fact you must think about is fate. Fate, above all, destroyed Romeo and Juliet. Many instances in the play reveals that the love of Romeo and Juliet would end in death. A pair of star-crossed lovers take their life. (Romeo ; Juliet,pg.2, Prologue, l.6)From the very beginning it is evident that they were destined by the stars to bad fortune. Some people may think that there is no way to control fate or change what is in the stars. It could be that the love of Romeo and Juliet was destined for death so that their parents feud would be over. Also, in the prologue it states that the dreadful course of their love was destined for death. The fearful passage of their death marked love. (Romeo Juliet, pg.2, Prologue, l.9) Both of these quotes show us that the love of these two was destined to end tragically. The masquerade party was above all the most important aspect of fate. The fact that Romeo was wearing a mask and his face was hidden allowed juliet to fall in love with him before she saw who it was. If Juliet had known who Romeo was she would probably have not fallen in love with him. Fate could not have been changed whatever was meant to be would happen and no one could change that. In conclusion, from the very beginning, the love of Romeo and Juliet was destined to be destroyed. It is tragic that both these people had to die. There were circumstances throughout the course

Sunday, November 24, 2019

Dyslexia essays

Dyslexia essays The hardest thing a child or an adult can ever experience, which happens to be a fact is to be labeled by society as an ILLITERATE. This misconception comes about a pre-judged opinion by society, who think themselves capable of classifying people, by either their looks, their money, or their power. I can sincerely say we need to realize that these Special People need our help and understanding as unfortunately in the philippines, we do not have the proper educational facilities nor professional training necessary to give them a chance to live a normal life. They are crying for help, and as christians we should do everything in our human power to extend a helping hand. Its not their fault that they were born with this kind of deffeciency, in other countries especially the United States they have funding from different government agencies to help them overcome their dissabilities. With this paper I hope that questions like what is Dyslexia? Or its symtoms would be answered in such a way that it can be fully understood. ...

Thursday, November 21, 2019

Grading System or Salary Scales for an organization Assignment

Grading System or Salary Scales for an organization - Assignment Example r most of the varied local government services workers and for this reason all these are totally decided by the National Joint Council for the local government services. Thus it is of prime importance to understand that the employers use the past salary arrangement whichever they have used successfully during the past years to make payments and also to structure the salary structures for the present and the future years. Hence though it is up to the sole discretion and up to the employers to determine the salary of the employees they have to always bear in mind that the salary structure will always have a huge impact on the minds of the employees and also their productivity which can surely affect the performance of the company and also the profits acquired by the company and also the individual performance of the employees with respect to their commitment to the organization. This will surely go a long way and a simple fault on these lines in determining the salary structure of the individual employees will surely affect the overall organization in the future. For this very reason the employers have to be very clear and also very honest and also should be very liberal and also use all their discretionary powers when determining the salary structure of the employees. Hence it is of prime importance that the managers who are entrusted with the determination of the3 salary structure have to take extra precautions and also structure the salary scales based on various factors and not based on their individual whims and fancies. It is for this very reason that the organization and its managers who are going to structure the salary scales have to attend meetings and also should be very well trained pack of officials who can very well determine what type of salary should be fixed for the employees and also on what basis. Thus before the determination of the salary structures they should have high level meetings and also conduct a proper performance appraisal for the