Assignment: Current Assets
Using the Annual Report of your selected company answer the following questions in the Discussion:
• What is the name of the outside auditing firm for your company?
• How long after the company's year-end did the auditor's issue their opinion?
• Who bears primary responsibility for maintaining effective internal control over financial reporting? How can you tell?
• Does it appear the company has adequate internal control procedures? How can you tell?
• By how much did the company's cash balance change from the beginning of the year to the end of the year?
• What type of instruments does the company consider to be cash equivalent?
• Calculate the cash ratio. How does this ratio compare with the industry?
• What is the balance of accounts receivables for the company?
• Compute the acid-test ratio. If the current liabilities came due immediately, could the company pay them?
• Compute the accounts receivable turnover at year end.
• Compute days sales in receivables at year end.
• Based on the acid-test ratio, accounts receivable turnover, and days sales in receivables, how does the company compare to the industry?
Format your assignment according to the following formatting requirements:
1. The answer should be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides.
2. The response also includes a cover page containing the title of the assignment, the student's name, the course title, and the date. The cover page is not included in the required page length.
3. Also include a reference page. The Citations and references should follow APA format. The reference page is not included in the required page length.