Question

In: Accounting

Obtain the latest audited annual financial statements for the company identified. Generally, that will mean either:...

Obtain the latest audited annual financial statements for the company identified. Generally, that will mean either:

a. Use the information in Appendix A of your text, Accessing the EDGAR Database through the Internet, to obtain and download or print as a pdf the company’s latest, complete Form 10-K, including its complete financial statements; or

b. Navigate the company’s website to find its investor relations page from which you can download or print as a pdf its latest annual report or Form 10-K

Solutions

Expert Solution

We have audited the accompanying balance sheet of Rockstar Acquisitions, LLC (the “Company”) as of December 31, 2016 and the related statements of operations, changes in members’ deficit, and cash flows for the period November 18, 2016 (Inception) through December 31, 2016. These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. The Company is not required to have, nor were we engaged to perform an audit of the Company’s internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Rockstar Acquisition, LLC as of December 31, 2016, and the results of its statements of operations, changes in members’ deficit, and cash flows for the period November 18, 2016 (Inception) through December 31, 2016 in conformity with U.S. generally accepted accounting principles.

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 4 to the financial statements, the Company has sustained operating losses and needs to obtain additional financing to continue the development of their product. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. Management’s plans in regard to these matters are also described in Note 4. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.


Related Solutions

Financial statements are based on generally accepted accounting principles (GAAP) and are audited by CPA firms....
Financial statements are based on generally accepted accounting principles (GAAP) and are audited by CPA firms. Do investors need to worry about the validity of those statements?
Take a look at the Notes to the Financial Statements of the latest Annual Report for...
Take a look at the Notes to the Financial Statements of the latest Annual Report for Procter & Gamble. What do these deferred tax assets and liablities mean and why might Procter & Gamble have these? As of June 30 2017 2016 DEFERRED TAX ASSETS Pension and postretirement benefits $ 1,775 $ 2,226 Loss and other carryforwards 1,516 1,077 Stock-based compensation 732 845 Unrealized loss on financial and foreign exchange transactions 259 122 Fixed assets 212 216 Accrued marketing and...
Locate the audited financial statements in the 2019 Walmart Annual Report and 2019 Target Annual Report....
Locate the audited financial statements in the 2019 Walmart Annual Report and 2019 Target Annual Report. Perform the following ratios: Current, Quick, A/R Turnover/Inventory Turnover/Debt to Equity, times interest earned, gross profit, profit margin, return on assets, return on sales
To analyze the financial statements of a publicly traded company Obtain an annual report from a...
To analyze the financial statements of a publicly traded company Obtain an annual report from a publicly traded corporation that is interesting to you. Be sure the company’s financial statements include deferred taxes, postretirement benefits, dilutive securities, and share-based compensation. Using techniques you have learned in the previous weeks, respond to the following questions. PICK ANY COMPANY and obtain a report What amount of deferred tax assets or deferred tax liabilities are on the two most recent years on the...
Review the Financial Year 2019 audited annual reports including financial statements presented to the shareholders for...
Review the Financial Year 2019 audited annual reports including financial statements presented to the shareholders for the following organisations:  Ramsay Health Care Ltd  Telstra Ltd Assume that your audit team is responsible for planning the audits for both companies for the most recent financial year. REQUIRE: Identify at least three inherent risks that you would have to consider for each company in the audit planning phase and justify your answer. Cite the relevant ASAs/ISAs to support your answer.
Why do governments publish audited annual financial statements? How does a CFO know what information financial...
Why do governments publish audited annual financial statements? How does a CFO know what information financial statements should contain and how that information should be presented?
First, select a publicly held company. Retrieve their annual financial statements either from their website or...
First, select a publicly held company. Retrieve their annual financial statements either from their website or from the SEC EDGAR Company Filings. Note: do a search for "Option" and make sure the selected company uses option contracts. What is the company you have selected? What is the company using their option contract for? What is the value of the option contract in the Annual Statements? Copy/paste a picture of the value from the financial statements. Imagine you are a retiree...
The following information is available from the audited financial statements of Molson Coors Brewing Company and...
The following information is available from the audited financial statements of Molson Coors Brewing Company and Big Rock Breweries Income Trust for their recent year ends. Molson/Coors (in millions of US dollars) Big Rock Breweries (in thousands of Cdn dollars) Net Sales $ 5,844 $ 38,701 Profit $ 373 $ 8,380 Total assets, ending $ 11,603 $ 42,170 Total assets, beginning $ 11,799 $ 41,786 Instructions: a) Calculate both companies' asset turnover and return on assets ratios. b) Compare the...
Every time a company prepares financial statements, adjusting entries are required. Generally, financial statements are prepared...
Every time a company prepares financial statements, adjusting entries are required. Generally, financial statements are prepared at the end of each month, the end of each quarter and at the end of each year. Each adjusting entry affects a balance sheet account and an income statement account. For example, Adjusting Entries for Prepaid Assets or Fixed Assets involve decreasing the asset account and increasing the expense account. Adjusting entries are made in order properly follow GAAP. Based on your review...
To analyze the financial statements of a publicly traded company COMPANY IS BEST BUY Obtain an...
To analyze the financial statements of a publicly traded company COMPANY IS BEST BUY Obtain an annual report from a publicly traded corporation that is interesting to you. Be sure the company’s financial statements include deferred taxes, postretirement benefits, dilutive securities, and share-based compensation. What kind of share-based compensation does the company have? What was compensation expense for the two most recent years? What are the key elements of this plan discussed in the footnotes? Please identify and describe other...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT