This week’s Discussion once again will involve the public company’s financial statement that you chose in Week 1. Required: Look at that company’s balance sheet and income statement
This week's Discussion once again will involve the public company's financial statement that you chose in Week 1.
Required:
Look at that company's balance sheet and income statement. Based on your readings this week, do you believe that any of the elements require adjusting entries? Explain
2
Amazon Accounting Standards
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Amazon Accounting Standards
Amazon is an online retail company located in the United States that offers various products and services to consumers around the globe. In the first quarter of the financial year of 2014, the corporation added the AWS segment to the initial two segments to help developers and enterprises of all sizes access technology that allows businesses to operate efficiently (SEC, 2014). In their monetary statements, Amazon established new accounting standards for the new AWS segments (SEC, 2014). The AWS entails amounts gained from sales of computers, databases, storage, and other AWS services for government organizations, new businesses, scholarly institutions, and enterprises (SEC, 2013).
The company established new accounting and recording standards for sales in the AWS sector or segment. The 2013 monetary statements included the recasting segment financial information considering that the corporation had changed its reportable segments to the AWS segments (SEC, 2013). Amazon Inc. obeys the Generally Accepted Accounting Standards of the United States when preparing its financial statements. The standards need the estimates and all the assumptions that affect the reported figures of the liabilities and assets, expenses, revenues, and other associated disclosures of the accountable obligations in the complementary notes and the consolidated monetary statements (SEC, 2013).
References
SEC (2013). Amazon Annual Report Form (10-K)" (XBRL). United States Securities and Exchange Commission. Retrieved from https://www.sec.gov/Archives/edgar/data/1018724/000101872414000006/amzn-20131231x10k.htm
SEC (2014). Amazon Announces Second Quarter Sales up 23% to $19.34 Billion". Retrieved from https://www.sec.gov/Archives/edgar/data/1018724/000101872414000023/amzn-20140630xex991.htm
SEC (2013). Amazon Form 10-K, Annual Report, Filing Date Jan 30, 2013" (PDF). SEC database. Retrieved from http://pdf.secdatabase.com/1562/0001193125-13-028520.pdf
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