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Week 5 Essay

453 words - 2 pages

1. (a) What are generally accepted accounting principles (GAAP)? | | |
| The generally accepted accounting principles (GAAP) are a |
| collection of rules and/or standards, having authoritative support, and | |
| recognized as a general guide for financial reporting | | | |
| | | | | | | | |
| | | | | | | | |
1. (b) What bodies provide authoritative support for GAAP? | | | |
| The bodies that provide authoritative support for GAAP are the | | |
| Financial Accounting Standards Board (FASB) and the Securities | | |
| and Exchange Commission (SEC). | | | | |
| | | | | | | | |
| | | | | | | | |
2. What ...view middle of the document...

20% | |
| | | | | | | |
Liabilities | | | | | | |
Current Liabilities | | $91,000 | $70,000 | $21,000 | 30.00% | |
Long-term Liabilities | | 133,000 | 95,000 | 38,000 | 40.00% | |
| Total Liabilities | 224,000 | 165,000 | 59,000 | 35.80% | |
| | | | | | | |
Stockholder's Equity | | | | | |
Common Stock, $1 par | 161,000 | 115,000 | 46,000 | 40.00% | |
Retained Earnings | | 136,000 | 150,000 | -14,000 | -9.30% | |
| Total Stockholder's | | | | | |
| Equity | | 297,000 | 265,000 | 32,000 | 12.10% | |
| Total Liabilities & | | | | | |
| Stockholder's Equity | $521,000 | $430,000 | $91,000 | 21.20% | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | Gallup Corporation | | | |
| | | Condensed Income Statements | | | |
| | | For the years ended Dec. 31 | | | |
| | | 2009 | | 2008 | |
| | | Amount | Percent | | Amount | Percent | |
Sales | | | $750,000 | 100.00% | | $600,000 | 100.00% | |
Costs of goods sold | | 465,000 | 62.00% | | 390,000 | 65.00% | |
Gross profit | | 285,000 | 38.00% | | 210,000 | 35.00% | |
Selling...

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