starbucks financials 1
Your task is to research the irregularities, audit the financial statements, and correct the irregularities to put Starbucks back in good standing with the SEC. Your corrections should accompany a formal memo to the SEC explaining the remedy of the irregularities.
Week 1
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Order Paper Now: Download the materials provided and install Microsoft XML Notepad on your computer. Read
over the financial statements and make sure your professor had given you access to the FASB
Codification.
Week 2
: Use the following data to help you hone in on the financial statement irregularities:
1) The SEC has indicated that the cash carrying value transmitted in the XBRL file does not tie
to the balance sheet number in the printed copy of Starbucksâ€
10-K. Find the XBRL element
in the FASB Codification, search the XBRL/XML file, and reconcile the 10-K to the XBRL file
and correct the error. Once identified use a text editor to correct the issue.
2) The value transmitted to the SEC for accounts payable is incorrect as compared to the 10-K.
The error is causing the right side of the balance sheet equation to be off by double the
accountâ€s total value. Find the XBRL tag in the FASB Codification, search the XBRL/XML file,
and reconcile the 10-K to the XBRL file and correct the error. Once identified use a text
editor to correct the issue.
3) The value of retained earnings is overstated as compared to the 10-K. Find the XBRL tag in
the FASB Codification, search the XBRL/XML file, and reconcile the 10-K to the XBRL file and
correct the error. Once identified use a text editor to correct the issue.
4) The Company-operated stores Net Revenue number is understated due to a typographical
error. Find the XBRL tag in the FASB Codification, search the XBRL/XML file, and reconcile
the 10-K to the XBRL file and correct the error. Once identified use a text editor to correct
the issue.
Week 3
: Correct the errors in the XBRL file based on your previous weekâ€s audit. Deliver the modified
XBRL file. Use Microsoft XML Notepad or Notepad to make your modifications. Make sure your file is
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