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Comparison Of Financial Statements For The Sony Corporation And The Google Corporation

1038 words - 5 pages

Prof. William C. AudenACC 403Principles of AccountingSubmitted by: Jason K. HauckMODULE 1 CASEIn the following pages I will be discussing several topics to include: the importance of the GAAP (Generally Accepted Accounting Principles), as well as comparing current assets and liabilities to non-current items. I will also review the financial statements for the Sony Corporation and the Google Corporation, locating the balance sheets, income statements, and statement of cash flows for each. I will give my opinion about each of them in reference to the usefulness of their net income vs. cash from operating activities. Finally I intend to make a prediction about each company after reviewing their ...view middle of the document...

Some activities, like the aging of alcohol, take more than one year, hence the reference to operating cycle as a time element in the definition. Prepaid expenses are included because they are usually non-material and there is no other practical place to house them.Current liabilities are simply liabilities that are to be liquidated (paid) with a current asset. In the background material there is a scenario provided which explains that we may have a $100,000,000 bond issue that is due in five days and that we intend to liquidate that bond issue with a non-current sinking fund we have accumulated over the life of the bond. It further states that this liability is a non-current liability because we intend to liquidate it with a non-current asset. The background material also provides us a scenario in which we assume that we intend to liquidate this bond issue with issuance of additional capital stock. Again, this is a non-current liability because it will be liquidated with an equity instrument. In both cases above, the liabilities are classified as non-current even though they will be liquidated in days.Now I am going to talk about the two companies that I mentioned at the beginning of this essay, the Sony and Google corporations. Throughout my research I have learned that the majority believe that operating cash flow is the lifeblood of a company and the most important barometer that investors have. There are two main reasons for this; operating cash flow is a better way to obtain the measure of a company's financial health than net income. First, cash flow is harder to manipulate under GAAP than net income. Second, "cash is king" and a company that does not generate cash over the long term is on its deathbed.According to Google's First Quarter 2007 Financial Report, I believe that this company benefits more from their cash from operating activities than they do from their net income. The following is an excerpt from...

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