finance

Income Statement: Although you did a good job outlining and discussing how the income statements would differ if presented under IFRS versus US GAAP, the income statement contained too many issues, such as the need to itemize each operating expense and other captions as necessary to provide adequate information to the readers; the net income for 2014 and 2013 are incorrect; and the EPS for all three years are incorrect.
Balance Sheet: The comparative balance sheets contain the following issues: the heading is incorrect; the current assets for 2015 and 2013 are incorrect; total assets are incorrect for 2013 and 2015; why no subtotal for current liabilities; total liabilities for 2014 and 2015 are incorrect; total SE for 2013 and 2015 is incorrect, and total liabilities and SE are incorrect for all three years –
Statement of Retained Earnings: The balance of RE for all three years are incorrect.
Statement of Cash Flows: Good attempt on this statement; however, the heading is incorrect; the operating section is wrong for both years; the investing section is wrong for 2014, and the financing section is wrong for both years.
Ratio Analysis: The financial ratios you calculated along with the great chart is professional and meaningful. Nice job.
Vertical and Horizontal Analysis: There are just too many issues with the horizontal and vertical analysis of the various financial statements to consider proficient in this area. For example, on the vertical and horizontal balance sheets, all of the percentages are incorrect – On the vertical income statement, all of the percentages are incorrect as gross sales are greater than 100% as net sales are 100% in all cases – Freight is not part of net sales as you have presented – The horizontal income statement percentages are all incorrect for both years –
Key Ratios: The financial ratios you calculated, along with its key competitors and industry standards, should provide very meaningful and relevant information for top management and other key personnel involved in its strategic planning process.
Vertical and Horizontal Analysis: You did a good job highlighting and discussing some of the key changes in the financial information over the three-year period that management needs to review.
Articulation of Response: Although I found no issues with writing skills or citations, there are several spelling issues that need to be resolved before final submission.