Yellow Leaf Scenario:prepare financial statements, including a balance sheet, income statement, and a statement of cash flows in accordance with GAAP

Requirements:

Use the attached “Yellow Leaf Scenario,” “Yellow Leaf Workbook,” and “Yellow Leaf Approved Ratios” to complete this task for 2014 in accordance with GAAP.

  1. Prepare the adjusted trial balance in the attached “Yellow Leaf Workbook,” including the schedule for the general journal adjusting entries.
  2. Prepare the multistep income statement for Yellow Leaf Fashion in the attached “Yellow Leaf Workbook.”
  3. Include the earnings-per-share computation in the multistep income statement for Yellow Leaf Fashion.
  4. Prepare the classified balance sheet for Yellow Leaf Fashion in the attached “Yellow Leaf Workbook.”
  5. Prepare the statement of cash flows for Yellow Leaf Fashion in the attached “Yellow Leaf Workbook.”
  6. Prepare the statement of retained earnings for Yellow Leaf Fashion in the attached “Yellow Leaf Workbook.”
  7. Prepare a vertical analysis of the balance sheet with total assets as a base in the attached “Yellow Leaf Workbook.”
  8. Prepare a vertical analysis of the income statement with revenue as a base in the attached “Yellow Leaf Workbook.”
  9. Prepare the schedule for income taxes in the attached “Yellow Leaf Workbook.”

Prepare a report (suggested length of 6–8 pages) that analyzes the financial position and performance of Yellow Leaf Fashion by doing the following:

  1. Compute tworelevant financial ratios from the attached “Yellow Leaf Approved Ratios” to assess liquidity.
  2. Explain why the two ratios you chose for part I1 are relevant to the company’s financial position and performance.
  3. Compute tworelevant financial ratios from the attached “Yellow Leaf Fashion Approved Ratios List” to assess activity.
  4. Explain why the two ratios you chose for part I2 are relevant to the company’s financial position and performance.
  5. Compute tworelevant financial ratios from the attached “Yellow Leaf Fashion Approved Ratios List” to assess profitability.
  6. Explain why the two ratios you chose for part I3 are relevant to the company’s financial position and performance.
  7. Compute tworelevant financial ratios from the attached “Yellow Leaf Fashion Approved Ratios List” to assess coverage.
  8. Explain why the two ratios you chose for part I4 are relevant to the company’s financial position and performance.
  9. Evaluate the overall financial position and performance of the company, based on the analysis performed in parts I1–I4a.
  10. Recommend two areas where the president and store managers should perform further analysis to improve future performance.

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