Accounting Cycle Paper

923 words 4 pages
WAlmart | Accounting Cycle Paper | Accounting Cycle of Walmart | | Melanie Bartholomew | September 2, 2012 |

When a company, like Walmart, begins to prepare financial statements and reports at the end of an accounting cycle they generally use Generally Accepted Accounting Principles and “the collective process of recording and processing the accounting events” (Definition of ‘Accounting Cycle’, 2012), known as the accounting cycle. There are nine steps involved in the accounting cycle. Walmart would begin the process by collecting and analyzing data from their events and transactions. Next, the company puts those transactions into a general journal. After journalizing their transactions the company posts these entries to the
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The statements of incomes ends with dividends declared per common share. The next financial statement included in Walmart’s financial report is its unaudited Condensed Consolidated Balance Sheets. This financial statement shows Walmart’s financial condition at the statement date, six months prior, and one year prior. The balance sheets begin with the asset accounts; listing current assets, property and equipment, property under capital lease, goodwill, and other assets and deferred charges. Next is the liabilities and equity accounts. Current liabilities are listed first; followed by long-term debt, long-term obligations under capital leases, deferred income taxes and other, redeemable noncontrolling interest, and commitments and contingencies; respectively. Under the equity section of the balance sheets is common stock, capital in excess of par value, retained earnings, and accumulated other comprehensive income. These values give the total Walmart shareholders’ equity amount; noncontrolling interest follows. The last financial statement in Walmart’s financial report is its unaudited Condensed Consolidated Statements of Cash Flows. This financial statement reports cash provided and used by operating, investing, and financing activities during the six month period ending on the


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