Review of Financial Statements Essay Example for Free

Review of Financial Statements Essay Financial statements are essential accounting tools which include balance sheets, cash flow statements, and income statements that provide information on a companys past and present financial history. Information on financial statements can be used by any number of public and private entities to determine if an organizations financial status is healthy. Burger King and McDonalds are two organizations that use financial statements in conducting business. Further, this paper will discuss the financial statements of each company, the firms which audit each companies financial statements, and define accounting concepts, terminologies, and transactions used in the financial statements. Additional information will provided regarding when McDonalds and Burger King were established and what product and services they provide to the public. Overview of Organizations McDonalds first opened its doors in 1940 introducing the concept of the speedee service system offering french fries, hamburgers, and shakes to satisfy the hungry customer quickly at a low price. Over the next 65 plus years the McDonalds menu has changed from just french fries and hamburgers to salads, wraps, chicken nuggets and many more items which cater to the ever changing tastes of consumers. McDonalds has been criticized over the years as being a major contributor high obesity rates, in part due to the speedee service concept. These criticism have caused McDonalds to rethink menu items and helped the company to enact numerous changes to the menu which now offers nutritional guides for each menu item and healthier choices such as salads, fruit, and milk. McDonalds has changed the oil used to fry foods to make the fries healthier and includes a choice of meal sizes and most recently started a new line of coffee drinks, which offers the desired Starbucks taste for a fraction of the cost. The fast food chain currently has 31,000 restaurants worldwide and operates in 119 countries and serves approximately 47 million customers daily. McDonalds is also highly associated with the Ronald McDonald House Charities (RMHC) that has donated money and services to families and communities for over 35 years to approximately 37 million children and families. (McDonalds, 2009). The McDonald Corporation pays for most of  RMHCs global administration cost so that all donations go directly to the community and families. The charity is in such high demand that RMHC plans to expand their programs by 37% by 2010 to better help those in need. Burger King started in 1953 first known as Insta Burger King offering hamburgers to consumers that was cooked on a small cooker called an Insta-Broiler oven; the concept proved to be successful. In 1954 the name changed to Burger King, the broiler oven first used was replaced with the flame broiler and soon became popular for offering their flame broiled hamburgers and what is now known as the Whopper burger. (Burger King, 2009). The next 60 plus years for Burger King began suffering the same criticisms as McDonalds. It seemed all fast food chains were being blamed for the increased obesity rate in the U.S. Burger King followed suit and began making changes to their menus adding chicken, salads, fruit, food nutritional guides, smaller sizes, choice of drinks such as tea, milk, and changing the oil used to fry French fries as well as additional changes. Burger King Corporation is associated with a few charity organizations such as Have It Your Way which works to alleviate hunger, disease, and promotes community education through scholarship programs; the McLamore Foundation provides scholarships and is associated with several charities for When Organizations Were Established Burger King was founded in 1954 in Miami, Florida by James McLamore and David Edgerton. McLamore and Edgerton, both of whom had extensive experience in the restaurant business before starting their joint venture, believed in the simple concept of providing the customer with reasonably priced quality food, served quickly in attractive, clean surroundings. (New York Job Source, 2009), thus, the invention of the Whopper which was an instant success. Today Burger is found in all 50 states and 74 countries and territories throughout the world with more than 11,700 restaurants. In 1967 the Pillsbury Company based in Minneapolis, Minnesota purchased the company and its employees and the company went public in May 2006 at $17 a share. Today the company remains majority-owned by an equity group comprised of Texas Pacific Group, Bain Capital Partners and the Goldman Sachs Funds. (New York Job Source, 2009). McDonalds was founded by two brothers, Dick and Mac McDonald of San  Bernardino, California. Ray Kroc, a milkshake machine distributor happened on the brothers restaurant as he was curious to discover why such a small establishment would need 10 milkshake machines. Kroc was impressed by the speed with which these two brothers were able to provide service in their busy hamburger stand and he asked the brothers for a briefing on their McDonalds Speedee System and after the briefing he requested and secured the rights to duplicate the system throughout the United States. Ray Kroc opened his first outlet in Chicago in 1955, 50 years later the number of McDonalds locations had expanded to over 31,500. (Albrecht, Stice, Stice, Swain, 2008, pg. 76). Today McDonalds averages over 100 million dollars a day and is located in 121 countries around the world. Both companies had meager beginnings and have grown into fast food superstars. Accounting Organizations Providing Audits Both McDonalds and Burger King offer burgers, fries, and creamy shakes. However, the differences between McDonalds and Burger King are far more than golden arches and golden crowns. McDonalds has both and internal and external audit committees. The internal audit committee is composed of five Directors, each of whom meets the independence and other requirements of the New York Stock Exchange (Santona, 2009). The committee abides by a charter which states all its responsibilities and is reviewed annually. Ernst Young LLP (Ernst Young), the Companys independent auditors, is responsible for performing an audit of the Companys annual consolidated financial statements in accordance with generally accepted accounting principles (GAAP) and for issuing a report on those statements (Santona, 2009). The Burger King Corporation also has both internal and external audit committees. The internal committees perform quarterly internal audits that are published for investors, but these audits are indicated as unaudited by an external entity. KPMG LLP is the external organization the Burger King Corporation uses for its external audits. Financial Statements Used and Terminology As a publicly traded company within the United States Burger King Corporation (BKC) has taken all the necessary steps required to abide by the regulations set forth the Sarbanes-Oxley Act  of 2002. The annual report for FY2008 includes information such as business information, risk factors, physical assets, legal proceedings, stockholder matters, and finally a comprehensive financial statement. (Burger King Corp, 2009). This section of the annual report begins with management reports on internal controls which are in place regarding financial reporting which explains in detail the understanding of both the CEO and CFO and their obligation to take full responsibility for the content of the annual report. The report of the independent registered public accounting firm (KPMG) is and additional statement of responsibility from the independent accounting firm which states the firm has reviewed the information. Paged within the reportcontain the balance sheet, statement of income, statem ent of stockholders equity, and statement of cash flows for FY2008 compared to 2007, 2006, and 2005. While BKCs annual report was presented in a standard no-frills format, McDonalds Corporations 2008 annual report included graphics and photos as the driver of the information. Along with the financial statements, McDonalds annual report focused on highlights from the menu to the money along with letters of welcome from the Chairman, Andy McKenna and CEO, Jim Skinner. (McDonalds Corporation, 2009). The financial reporting still included the managements report on internal controls, the report of independent registered public accounting firm (Ernst Young, LLP), the balance sheet, statement of income, statement of stockholders equity, and the statement of cash flows. In both instances a dedicated effort was made to satisfy the requirements regulated by the United States Securities and Exchange Commission. Basic Accounting ConceptsIn 2008, McDonalds financial report shows annual total revenue at 23,522.4 million dollars compared to Burger Kings 2,455.0 million dollars; a difference of 21,067.4 million dollars; McDonalds clearly having earned more revenue (MSN Money, 2009). However, prior to 2003, the difference between McDonalds profits and Burger Kings were even greater. From 2001 through 2003 Burger King was losing money, but has made a steady annual gross profit since. (CNN Money, 2006). Transactions In 2008, Burger Kings annual profit was 1,452.0 million dollars and in 2007 the profit was 1,317.0 million dollars, a growth of 135 million dollars. McDonalds has also encountered gross profit over the past two years, however, at a much greater scale. In 2008 the gross profit recorded was 8,639.2 million dollars and in 2007 a gross profit was recorded of 7,905.2, an increase in profit of 734 million dollars. Accounts Affected by Transactions While the two fast food restaurant chains are no where near comparable in revenue, both chains are increasing revenue year after year. Since 2006, when Burger King became a publicly traded company; like McDonalds, they both worked to maintain a profitable growth for share holders which has increased the amount of profit each year (MSN Money, 2009). Both companies have cash assets as well as land and property, rental fees, food, supplies, salary responsibilities, and advertising. Financial Statements Affected by TransactionsEach of the transactions listed for Burger King and McDonalds are provided in detail on a number of the financial statements. Specifically, the profit can be followed on the balance sheet, the statement of income, and the statement of cash flows located in each annual report. In addition these figures are compared to the previous years numbers on each of these statements. Conclusion McDonalds and Burger King have been in business for decades and each company has established its respective company in the hearts of the American people and consumers across the globe when they expanded into global market. Both companies use reputable accounting firms and the same types of financial statements in order to assess the health of their financial status. This paper has shown how important understanding the concepts, terms, and transactions listed on financial statements are in order to better gauge how a company is faring financially on a year to year basis. References Albrecht, W.S., Stice, E.K., Stice, J.D. Swain, M.R. (2008). Accounting: Concepts and applications, (10 ed). Cengage Learning Center, Mason, Ohio. Burger King Corp. (2009). Company Info. Retrieved June 20, 2009 http://www.bk.com/Companyinfo/corporation/fact.aspxCNN Money. (2006). The King Meets his Public. Retrieved June 18, 2009, from http://money.cnn.com/magazines/fortune/fortune_archive/2006/03/06/8370602/index.htmMcDonalds. (2009). Our company. Retrieved June 18, 2009 from http://www.aboutmcdonalds. Com/mcd/our_company.htmlMcDonalds Corporation (2009). 2008 annual report. Retrieved June 18, 2009, from http://www1.mcdonalds.com/annualreport/index.htmlMSN Money. (2009). McDonalds Corporation: Financial Statement. Retrieved June 18, 2009,from http://moneycentral.msn.com/investor/invsub/results/statement.aspx?Symbol=MCD1stStatement=IncomestmntView=AnnMSN Money. (2009). Burger King Holdings Inc.: Financial Statement Retrieved June 18, 2009, from http://moneycentral.msn.com/investor/invsub/results/statement.aspx?Symbol =BKC1stStatement=IncomestmntView=AnnNew York Job Source. (2009). Burger King: Worlds second largest food chain. Retrieved June 19, 2009 from http://www.nyjobsource.com/burgerking.htmlSantona, G. (2009). McDonalds: 2009 Annual Shareholders Meeting and Proxy Statement. Retrieved June 20, 2009, from http://www.aboutmcdonalds.com/etc/medialib/aboutMcDonaldsinvestor_relations.Par.58.686.File.tmp/2009%20Annual%Shareholders%20Meeting%20Proxy%20Statement.pdf

The Trial And Death of Joan of Arc :: St Joan of Arcs Heresy Trial and Death

On May 16, 1920, Pope Benedict XV conducted a ceremony at St. Peter’s Basilica in Rome to canonize Joan of Arc, often referred to as the Maid of Orleans. This ceremony was the final step in a process that was begun in 1849 by the Bishop of Orleans, Felix Dupanloup, over 400 years after St. Joan’s was tried, convicted and executed in the name of the Church. A study of her heroic deeds and an intensive review of her life, virtues and the trial transcripts that condemned her to be burned at the stake, resulted first in her beatification in 1909, and finally her canonization 11 years later in 1920 (Pernoud 245). Amazingly, two years after that, the woman who had been condemned, put to death, and then canonized as a saint by the Catholic Church, was declared the patroness of France (McBride 82). Jeanne d’Arc was born around January 6, 1412, in the village of Domremy in France (Thurston). At the time of her birth, France and England had been engaged in the longest war in history, which has come to be known as the Hundred Years' War. These two countries were fighting over whose right it was to rule. The English had occupied much of northern France, and the primary issue became the survival of France as an independent state rather than as part of an Anglo-French empire ruled by the English monarchy. The French were determined to drive the English out and crown Charles VII as their king (Reither 227-229).   Ã‚  Ã‚  Ã‚  Ã‚  Joan was a simple peasant girl who was raised in a Catholic home as the youngest of five children (Thurston). Her mother was very religious and had a big influence on Joan's life. Joan never learned to read or write, but was skilled in spinning and sewing. She was also always very strong and healthy (Michelet 8). At the age of thirteen, Joan began to have holy visions and hear the voices of saints she identified as St. Margaret, St. Catherine, and St. Michael (Thurston). Her voices convinced her to vow to remain a virgin (Lucie-Smith). When Joan was seventeen years old, the voices revealed her divine mission. Joan was told that she had been chosen to lead the French army into battle against the English, to drive them from French soil. The voices instructed her to go to see Robert Baudricourt, the Captain of Vaucouleurs, who would arrange for her to be taken to see the king (Michelet 12).

Oliver Twist by Charles Dickens Essay

Oliver Twist is a novel written by Charles Dickens. The novel follows an orphan boy named Oliver through many trials and tribulations he must endure. Through this he does have a few kind, compassionate, and stable people to rely on. Two of the most important were Nancy and Rose Maylie. Within this essay I will give a detailed description of both Rose and Nancy and also compare and contrast the two. First I would like to introduce you to Nancy. Nancy is the only female character of Fagin’s group. Being a part of this group Nancy must steal from the rich in order to make money for basic necessities and keep her relationships with the crew. This lifestyle puts he in the criminal social class or otherwise know as the lowest of the low social class. Nancy, much like Oliver, was also an orphan growing up. She acquires no formal education; therefore she can neither read nor write. Even though Nancy was not blessed with the luxury of the basic upbringing, she maintains very impressive street smarts. She displays this when bringing stolen goods to Fagin that are bundled like a baby so it is not witnessed as suspicious. Nancy may have been a criminal but she had a great heart. She had a great relationship with all of Fagin’s boys and cared for all of them. She also cared greatly for her boyfriend Bill Sikes who, in my opinion, did not return this love. Bill was very abusive towards Nancy and seemed to threaten her on a regular basis. When confronted with the question, â€Å"Do you love me Bill?† by Nancy, he did not directly answer and proceeded to ignore the question. In the end it was also Bill who ended up murdering Nancy. Apparently, Bill Sikes thought Nancy telling Mr. Brownlow and Rose where to find Oliver was punishable by death. By following through with the action of â€Å"peaching†, Nancy shows how much she truly cares about Oliver. Another major character in Oliver’s life was Rose Maylie. Rose Maylie was a ward of Mr. Brownlow, therefore also making her an orphan. Mr. Brownlow was an Upper Middle Class man, which made Rose and Upper Middle Class â€Å"Victorian woman.† She, like many others from her social class, was well educated. She even was very talented at playing the piano. Mr. Brownlow’s grandson, Edward, wanted to marry Rose. Rose, seeing that Edward’s thinking was wrong, expressed to him how against the idea she was; something very uncommon for that day in age. Oliver was brought into the home by Mr. Brownlow after Oliver was wrongfully accused of pick pocketing him. While Oliver is changing into clean, more appropriate clothing, Rose notices scars on Oliver’s back due to beatings. From then on Rose feel obligated to protect poor Oliver. She becomes somewhat of a sister figure to him. Throughout the novel Rose protects and defends Oliver. As you can see Nancy and Rose are different in many ways. However, both women do have a few things in common. Rose and Nancy both had very different social classes.

Sample Resume Beach Cleanup - 1243 Words

David Arellano Arellano, 1 Expository Composition Ms. Hayes 1 October 2015 Beach Cleanup In the country California alone is home to seven of ten of the United States’ highly polluted beaches. This is disappointing seeing as beaches are more than just a part of the vast ocean. They’re beneficial for the state’s tourism, part of our summer vacation memories and give us a glimpse into the healthy marine ecosystems. However, how can we keep these assumptions alive when tourism decreases, our loved ones are affected by harmful pathogens found on our shores and the marine life is affected due to our inability to maintain a clean beach? These images of our beaches are slowly dying out due to the growing problem of beach pollution. Beach pollution is mainly caused by plastic debris and other types of waste being poured carelessly onto our beaches. The various communities of California should dedicate time to address the growing problem of polluted beaches. By having the various communities of California participate in beach clean ups we can pre vent what Ocean Conservancy’s website, a nonprofit organization, calls â€Å"an avalanche of plastic debris† that is expected to â€Å"enter the ocean in the coming decade†. The organization reported having collected 16,186,759 pounds of trash in their 2015 report and 144,606,491 pounds since its founding in 1972. This does not even include tiny pieces of trash. This is collected only from the International Coastal Cleanup, but it’s almostShow MoreRelatedFundamentals of Hrm263904 Words   |  1056 PagesCandidate 169 Selection for Self-Managed Teams Reliability 171 Validity 171 Content Validity 171 Construct Validity 172 Criterion-Related Validity 172 Recruiting: A Global Perspective 146 DID YOU KNOW?: Posting Online Rà ©sumà ©s 147 Your Own Job Search 147 Preparing Your Rà ©sumà © 148 Some Final Remarks 149 Summary 149 Demonstrating Comprehension: Questions for Review 150 Key Terms 150 151 HRM Workshop 170 Key Elements for Successful Predictors 170 Linking Concepts to Practice: Discussion QuestionsRead MoreMarketing Mistakes and Successes175322 Words   |  702 Pagesgenius is going to be difficult to take out of the company.† By mid-2002, Silicon Valley was in its second full year of recession, and tens of thousands of young technology workers were unemployed, and the only firm hiring was Google. Thousands of rà ©sumà ©s poured in each week, and most were tossed away without any acknowledgment, and the bad mouthing began. More than 100,000 advertisers were using its services by 2003, yet its customer service was abysmal. Google preferred to automate customer interactionsRead MoreProject Mgmt296381 Words   |  1186 Pagesgreatly enhance your competitive edge as a project manager. The field of project management is growing in importance and at an exponential rate. It is nearly impossible to imagine a future management career that does not include management of projects. Rà ©sumà ©s of managers will soon be primarily a description of the individual’s participation in and contributions to projects. Good luck on your journey through the text and on your future projects. xi Brief Contents Preface vii 2 1. Modern Project