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Financial Reporting Problem

In its Annual Report 2007, Microsoft Corporation presents its financial reviews for the current year including its Balance Sheet. The Balance Sheet is a statement of the company’s financial condition position in which the corporation’s Assets, Liabilities and Stockholders’ Equity. At the end of the most recent accounting period, which is year 2007, Microsoft reports its Accounts Payable amounting to $ 3, 247 (in millions).

This is the ending balance of its Accounts Payable for the fiscal year ended June 30, 2007 and will serve as the beginning balance of Accounts Payable for the fiscal year ending June 30, 2008.

This value comprises 12. 96% of the Total Current Liabilities.

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On the other hand, Microsoft reports its Accounts Payable for the previous reporting period, which is 2006, amounting to $ 2, 909 (in millions). This amount was the ending balance for the fiscal year ended June 30, 2006 and served as the beginning balance of Accounts Payable for the fiscal year ending June 30, 2007, which is the current year.

This amount constitutes 13. 67% of the Total Current Liabilities. With the given ending balances of Accounts Payable for the fiscal years ending June 30, 2006 and 2007, there was an 11. 62% increase in Accounts Payable from the previous to the current reporting period. The Microsoft Corporation reports its liabilities in “foreign currencies translated at the exchange rate on the balance sheet date” (Microsoft).

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Financial Reporting Problem. (2020, Jun 02). Retrieved from http://studymoose.com/financial-reporting-problem-new-essay

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