QuestionACC202 INTERMEDIATE ACCOUNTING IHere are topics to summarize in each paragraph: choose a publicly-traded company (for example Microsoft). Publicly traded companies who have the shares listed on?tock exchanges?re required to file regular financial statements and disclosures with regulators, such as the securities and exchange commission (SEC) in the United States. Among the most?idely read of these are a company’s annual report, which tells investors and analysts how the company has performed over the previous fiscal year (FY), how its businesses look going forward, and summarizing corporate financials for use in fundamental or ratio analysis through scrutinizing the balance sheet, income statement, and statement of cash flows.1. Introduce to the FASB’s Conceptual Framework and FASB’s GAAP Codification, if any in their reports including their accounting principles or concepts. 2. Explain the annual Income Statement. Give a full summary ofearnings and operating expenses. Do they have Other Revenue and Gains or Other Expenses and Interest? Do they have discounting Operation or Extraordinary Items? Explain.Will find the information at the end ofIncome Statement or Footnotes. What is their EPS??. Explain the annual Balance Sheet? Give a full summary of Assets, Liabilities, and Stockholder’ equity. How many shares outstanding are stated? Do they have additional information at the bottom of the Balance Sheet (Notes disclosed to the Balance Sheet)?4. Explain the Cash Flow Statement. Give a full summary cash flows. Are they using the indirect or direct method to calculate the results? 5. Calculate the Financial Statements using the following financial ratios:???????Current Ratio???????Debt Ratio???????Debt to equity ratio???????Asset Turnover???????Return on Assets???????Return on Equity???????Gross margin ratio6. Conclusion7. 2020: Was the company affected by the Covid-19? Explain BusinessFinanceINTERMEDIA AC123

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