Financial Accounting and their report

Added on -2020-02-24

| FIAC214| 10 pages| 2471 words| 39 views

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Running head: FINANCIAL ACCOUNTINGFinancial accountingName of the studentName of the universityAuthor note
1FINANCIAL ACCOUNTINGTable of Contents1.Introduction of Harvey Norman.........................................................................................22.Dominant art of the annual report.......................................................................................33.Details of directors and their report....................................................................................34.Details of auditor’s and their report....................................................................................55.Sales analysis......................................................................................................................56.Cash inflow from operating activities.................................................................................67.Retained profit....................................................................................................................68.Calculation of ratios............................................................................................................7Reference..................................................................................................................................10
2FINANCIAL ACCOUNTING1.Introduction of Harvey NormanIan Norman and Gerry Harvey opened the 1st store during 1961 and that store wasspecialised in the electrical appliances and goods. The success of the store influenced them toexpand their business. As they were struggling to establish their brand name, they starteddoing the business with the name of Norman and the name of the manager, Peter Ross whichthen named as the retail chain of Norman Ross. Eventually they became one of the biggestretail chains for larges appliances and by the year 1979 they were in control of 42 stores withthe sales revenue amounted to more than A$ 240 million. However, during 1992, NormanRoss liquidated and Norman and Harvey together bought new shopping centre in the outerSydney for an amount of A$ 3 million and they started operating their 1st store under thename of Harvey Norman (Harveynormanholdings.com.au 2016).A large Australian based multi-national retailer, Harvey Norman primarily deals inconsumer electrical, computer, furniture and communication related goods. Various stores ofHarvey Norman are owned and operated by the parent company Harvey Norman HoldingsLimited that is listed under the Australian Stock Exchange. Their operating strategies differfrom the competitors as each distinct stores of the company are managed by distinctmanagement. The main purpose of the entity is to become the global leader and gettingrecognition with regard to the delivery of various retail services in fast growing consumergoods sector and create shareholders value through improving the working environment andinviting the local communities to participate in the business (Harveynormanholdings.com.au2016).Harvey Norman deals in various products like wardrobe, kitchen, bathroom, bars,home office and renovations of home theatre, laundry and vacuum appliances, cooling andheating air treatment, gaming products, photo centre, printers, camera, body and hair care,

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