Expert answer:Intermediate Accounting

Answer & Explanation:Assignment
1: Exxon
versus Chevron
According
to the textbook (Intermediate Accounting:
Volume I – With Problem Solving Survival Guide Fifteenth Edition Kieso Weygandt
Warfield), the income statement measures the success of a company’s
operations for a given period. The income statement is important to investors
and creditors, because it determines the profitability, investment value, and
creditworthiness of a company. Specifically, the income statement helps
investors and creditors predict the amounts, timing, and uncertainty of future
cash. Income statement preparers can make such informed predictions by
analyzing a company’s financial statements, calculating the price-earnings ratio,
and reviewing notes to the financial statements on the income statement. 
In
order to complete this assignment, use the Internet to research and review
financial statements for Exxon and Chevron for the years 2012 and 2013.
Write
a five to six (5-6) page paper in which you:
1. 
Compare
and contrast the limitations and usefulness of the single-step income statement
and the multi-step income statement.
2. 
Analyze
the gross profit, operating profits, and net income of both Exxon and Chevron for
2012 and 2013. Of the two (2) companies, speculate on the main reasons why one (1)
company may have been more profitable than the other company.
3. 
Compute
each company’s price-earnings (P / E) ratio and price-to-sales ratio (PSR).
Identify primary estimates or assumptions that could result in overstated
earnings, and use the ratio data to compare the quality of each company’s
earnings.
4. 
Review
notes to both Exxon’s and Chevron’s financial statements. Next, identify at
least two (2) notes pertaining to the income statement, and explain the main
way in which the notes in question could influence your decision to invest in
each of the companies. Provide a rationale to justify your decision.
5. 
Use
at least three (3) quality academic resources in this assignment. Note: Wikipedia and other Websites do
not qualify as academic resources.
Your
assignment must follow these formatting requirements:

Be typed, double
spaced, using Times New Roman font (size 12), with one-inch margins on all
sides; citations and references must follow APA or school-specific format.
Check with your professor for any additional instructions.
Include a cover
page containing the title of the assignment, the student’s name, the
professor’s name, the course title, and the date. The cover page and the
reference page are not included in the required assignment page length.

The
specific course learning outcomes associated with this assignment are:
· 
Analyze
the functions and the main sections of the four (4) primary financial
accounting statements: the income statement, the statement of retained
earnings, the balance sheet, and the statement of cash flows.
· 
Prepare
the main sections of the four (4) primary financial accounting statements: the
income statement, the statement of retained earnings, the balance sheet, and
the statement of cash flows. 

Use technology
and information resources to research issues in intermediate accounting
Write clearly
and concisely about intermediate accounting using proper writing mechanics.

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