In what ways are the balance sheet and the income statement different? How do retailers use these two financial statements?
Answer all of the following in an essay that is no less than two full pages in length, double spaced, 12-point Times New Roman. Cite concepts from the book and other sources. Provide both APA Style in-text citations and an APA-Style bibliography. Using JC Penney as your frame of reference and examples, answer LO 2 Questions 7, 8, 9, 10a, 10b, 10c, and 10d on page 344 of our text. https://ir.jcpenney.com/sec-filings/annual-reports
7. In what ways are the balance sheet and the income statement different? How do retailers use these two financial statements? 8. What accounting statement reports on the retailer`s financial performance over a period of time, and which statement reports a retailer`s financial condition at a given point in time? 9. What is the difference between a statement of cash flow and an income statement? 10. How would the following activities affect the retailer`s balance sheet and income statement for the current year? a. The retailer overestimates the amount of year-ending inventory that is obsolete, thus reducing inventory. b. The retailer overestimates the breakage on a current rebate program. c. The value of your inventory shrinks by a higher than expected amount. You had planned for 46,500$ shrinkage, but your July count was 68,200$ lower. d. The retailer switches from LIFO TO FIFO
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