cogS valuation

It is the end of a reporting period. Because there are more people than usual retiring this year, your manager has asked your accounting department to create 2 things:

· A process documentation detailing the different methods of preparing income statements, specific sections of the income statement, and how to handle the special types of income statement items

· Basic financial statements for your company

Individual Portion:

1. Visit the SEC's Web site ( http://idea.sec.gov/idea/searchidea/companysearch_idea.html ) if link doeS not work do Sec.gov

· Select a company filing of your choice that contains a multiple-step income statement.

· Communicate your selection with your group (each of you should submit a different company).

· Submit the link to this filing as proof of your research.

2. Prepare a process documentation that

· is prepared in a professional manner because it will be the desktop guide used by others in the event of your absence to prepare the financial statements for Music Warehouse.

· is in the form of a memorandum or as a numbered listing of items, depending on your individual preference.

· includes the following elements:

· a definition and description of the specific sections of the income statement

· a description of the different methods of preparing income statements

· an explanation of the conceptual guidelines for reporting income

· how to handle the special types of income statement items