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Competency
Interpret how the components of a balance sheet and income statement
Competency
Interpret how the components of a balance sheet and income statement communicate the financial position of an organization.
Student Success Criteria
View the grading rubric for this deliverable by selecting the “This item is graded with a rubric” link, which is located in the Details & Information pane.
Scenario
You are interested in a position managing the front-end operations of Costco, a publicly traded company. Whenever you interview for a new position, experts suggest you do research to make sure you understand all the components of the position, as well as the company. As part of the interview process, you need to demonstrate competencies in both financial and managerial accounting. To prepare for your upcoming interview, you decide to demonstrate an understanding of the accounting components and uses of the balance sheet and income statement.
Some questions that Human Resources have about accounting components are:
What is a balance sheet and income statement?
What does a balance sheet and income statement explain about the company?
Why would the balance sheet and income statement be important to Costco?
How are accounts classified on the balance sheet and income statement?
What are the differences in the balance sheet and income statement for a service, merchandising, and manufacturing industries, and which category suits Costco?
How are Costco’s revenues generated, and how would the revenue and operations affect inventory on the balance sheet?
What is Costco’s current financial position based on the previous year’s financial statements?
You will need to address these questions and others to the human resources department and recommend how the income statement and balance sheet for Costco can show a stronger financial position in the following year.
Instructions
In a written memo to the Human Resources department of Costco, demonstrate you researched the company by addressing the following:
Explain the purpose of a balance sheet and income statement and what they illustrate for a company.
Explain the different classifications of accounts contained in the balance sheet and the income statement and the process for the income to move from the income statement to the balance sheet.
Explain the differences in the balance sheet and income statement for service, merchandising, and manufacturing industries and which category suits Costco.
Evaluate the different accounts on the balance sheet and the income statement as these relate to Costco.
Elaborate on whether Costco’s revenues are generated through providing a service, selling merchandise, manufacturing operations, or a combination of these processes.
Explain how the revenue and company operations, in general, affect various inventories on the balance sheet.
Analyze the financial position of Costco based on the previous year’s financial statements and recommend how the income statement and balance sheet for Costco can show a stronger financial position in the following year.
Your memo should be a 2–3-page memo in Microsoft Word (or similar) with a minimum of three scholarly resources listed (including the company website).
NOTE – Be sure the documents display proper grammar, spelling, punctuation, and sentence structure.
Assessment Requirements/Submission Requirement:
Submit a 2–3-page memo.
Include a minimum of three scholarly sources listed in APA format.
Resources
Research
Use Mergent Online to access financial statements.
Use First Research for Industry Information
For assistance with Mergent and First Research, visit Database Help – *School of Business* – RasGuides at Rasmussen University
Need assistance with research? Ask a Librarian!
Writing
Visit the APA Guide for citation style assistance.
Proofread your work in seconds using Grammarly.
The Business Writing Guide provides resources for common forms of business writing, including memos.
Use the Writing Lab for detailed feedback to help you fine-tune your work before you submit it for grading.
A – 4 – Mastery
Accurately and articulately explains the purpose of a balance sheet and income e-statement and what they illustrate for a company.
A – 4 – Mastery
Accurately and articulately explains the different classifications of accounts and processes.
A – 4 – Mastery
Accurately and articulately identifies different components on the balance sheet and income statement and correctly identifies Costco’s industry.
A – 4 – Mastery
Memo correctly evaluates different accounts on balance sheet and income statement.
A – 4 – Mastery
Memo accurately assesses whether revenues are generated through service, sales, manufacture, or a combination.
A – 4 – Mastery
Memo accurately explains how revenue and company operations affect various inventories on the balance sheet.
Summative analysis of the organization’s financial position is accurate, articulate, and well-supported.
Do you need this or any other assignment done for you from scratch?
We have qualified writers to help you.
We assure you a quality paper that is 100% free from plagiarism and AI.
You can choose either format of your choice ( Apa, Mla, Havard, Chicago, or any other)
NB: We do not resell your papers. Upon ordering, we do an original paper exclusively for you.
NB: All your data is kept safe from the public.