Overview
When developing a financial report, you will be required to analyze financial statements and advise stakeholders on business decisions. In financial reporting, it is crucial to understand the company background and determine the rationale in the flow of financial statements. As you gain more knowledge about a company in which you are employed, you will be able to apply accounting methods to current assets and liabilities, and you must understand the principles in GAAP behind the accounting methods for correct compliance to accepted standards.
This milestone will support your understanding of the flow of financials and current assets and liabilities, which will support your work on the project.
Directions
Choose one company from the Milestone List of Publicly Traded Companies document in the Supporting Materials section and write a professional accounting report on the chosen company. From the EDGAR website, navigate to Selected Filings and click on 10-K (annual reports) and 10-Q (quarterly reports). Choose the most recent annual report. Use the consolidated financial statements, which are located throughout the report.
Specifically, you must address the following rubric criteria:
- Summarize the background of your company. Include the following in your response:
- Financial origin
- Purpose of company
- Describe the flow of financials using the most current reporting available. Include the following in your response:
- GAAP within the flow of financials
- Net income
- Ending balance of the statement of retained earnings
- Ending balance of the balance sheet
- Identify the total current assets from the financial statements. Consider the following in your response:
- Cash
- Receivables
- Inventory
- Identify the total current liabilities from the financial statements. Consider the following in your response:
- Accounts payable
- Sales tax payable
- Payroll tax payable
- Analyze the companys current assets and liabilities from information from the financial statements. Consider the following your response:
- GAAPs impact on the reporting of current assets and liabilities
- Financial success of this company
What to Submit
Submit your report as a 3- to 5-page Microsoft Word document with double spacing, 12-point Times New Roman font, and one-inch margins. Sources should be cited according to APA style.
Supporting Materials
The following resource supports your work on this assignment:
Resource:
This resource provides you with a list of publicly traded companies to choose from.
AI Usage
If you use gen AI tools to support your work on this assignment, be sure to follow . You must acknowledge your use of these tools in your work. Guidelines on how to cite AI tools can be found in .
Milestone One Rubric
| Criteria | Exceeds Expectations | Meets Expectations | Partially Meets Expectations | Does Not Meet Expectations | Value |
|---|---|---|---|---|---|
| Background | Exceeds expectations in an exceptionally clear, insightful, or sophisticated manner (100%) | Summarizes the background of the chosen company (90%) | Shows progress toward meeting expectations, but with errors or omissions; areas for improvement may include adding details related to summarizing the background of the chosen company (70%) | Does not attempt criterion (0%) | 20 |
| Flow of Financials | Exceeds expectations in an exceptionally clear, insightful, or sophisticated manner (100%) | Describes the flow of financials using the most current reporting available (90%) | Shows progress toward meeting expectations, but with errors or omissions; areas for improvement may include adding details related to describing the flow of financials using the most current reporting available (70%) | Does not attempt criterion (0%) | 20 |
| Total Current Assets | N/A | Identifies the total current assets (100%) | Shows progress toward meeting expectations, but with errors or omissions; areas for improvement may include adding details related to identifying the total current assets (70%) | Does not attempt criterion (0%) | 15 |
| Total Current Liabilities | N/A | Identifies the total current liabilities (100%) | Shows progress toward meeting expectations, but with errors or omissions; areas for improvement may include adding details related to identifying the total current liabilities (70%) | Does not attempt criterion (0%) | 15 |
| Current Assets and Liabilities | Exceeds expectations in an exceptionally clear, insightful, or sophisticated manner (100%) | Analyzes the companys current assets and liabilities through information from the financial statements (90%) | Shows progress toward meeting expectations, but with errors or omissions; areas for improvement may include adding details related to analyzing the companys current assets and liabilities through information from the financial statements (70%) | Does not attempt criterion (0%) | 20 |
| Clear Communication | Exceeds expectations with an intentional use of language that promotes a thorough understanding (100%) | Consistently and effectively communicates in an organized way to a specific audience(90%) | Shows progress toward meeting expectations, but communication is inconsistent or ineffective in a way that negatively impacts understanding(70%) | Shows no evidence of consistent, effective, or organized communication(0%) | 5 |
| Citations and Attributions | Uses citations for ideas requiring attribution, with few or no minor errors (100%) | Uses citations for ideas requiring attribution, with consistent minor errors (90%) | Uses citations for ideas requiring attribution, with major errors (70%) | Does not use citations for ideas requiring attribution (0%) | 5 |
| Total: | 100% | ||||
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