Finance & Accounting

Westfield Corporation Accounting Assignment

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4.1 The three significant items of Income Statement of Westfield Corporation

The three significant items identified are the structure of revenue, expenses and the profit after tax or the net profit from the Income Statements of Westfield Corporation over the three accounting years from 2012 to 2014. 

Revenue: This form to be one of the vital items of income statement revenue dignifies the amount of sales generated by the business over the accounting period. Growth in the sales or the revenue is considered to be a good sign for the growth and development of business, and this also signifies that higher profitability of the business (Helfert and Helfert, 2001). The structure of revenue is analyzed by the investors and other stakeholders of the business to judge the operational efficiency of the business, attained by the way of earning greater revenue. From the income statements of Westfield Corporation over the three accounting period, evident that during the year of 2013 and 2012 the business has been able to generate consistent and sound revenue, but, during the accounting period of 2014 it has decreased considerably.

Expenses: The expenses of the business is another essential element and control of the same reflects the efficiency and also signifies the probability of greater return, as the expenses of the business is deducted from the revenue earned to find out the profit (Zeff, 2007). Greater value of business expenses erodes the profit, and results in lower rate of return. The expenses level of Westfield Corporation has been consistent over the period of 2013 and 2012 and it decreased noticeably in the year of 2014, despite of that the business resulted in net loss.

Net profit: The net profit is the resultant item of the income statement after the deducting the expenses of the business from the revenue, if it results in surplus amount, is known as net profit and if it results in deficit, is termed as net loss (Antill and Lee, 2008). Finding out the net profit / loss is the main reason behind the preparation of the income statement and the net profit is vital for the purpose to determine the financial performance and health of the business. From the net profits earned by Westfield Corporation over the three accounting period state that the net profit of the business is reflecting a decreasing trend over the period of study. Considering the financial period the 2013 the net profit reduced marginally compare to that of the financial year of 2012 and in 2014 the business incurred net loss of 215, therefore, in the profitability of the business has deteriorated at an alarming rate.          

4.2 The three significant items of Balance Sheet of Westfield Corporation

The three significant items of balance sheet that can be considered are the totals assets, total liabilities and balance of equity of Westfield Corporation.

Total assets: The total assets of the business signifies a set of business resource that the business is utilizing or can utilize for the coming number of years for the purpose to generate effective return and greater sales and is also vital in order to maintain the required solvency and liquidity of the overall business (Stittle and Wearing, 2008). Over the period of 2012 and 2013 the balances of assets of the business have been consistent, yet, the balance of assets in 2013 has increased marginally. However, in year 2014 there is major fall noticed in the total asset balance of the business.  

Total liabilities: The liabilities presented in the balance sheet of the business reflect the financial obligations that the business need to meet in the process. In the process of business the business often need funds, and also conduct business in credit terms with the suppliers these result in the formation of liabilities, that the business need to meet within the stipulated time period, however, too much of liability or more of liability is not preferred (Bradbury and Schröder, 2012). From the balances of liabilities of the business, evident that in the year 2013 the liabilities of the business has increased marginally in contrast to the year of 2012, and during 2014 the liabilities also reduced to a greater extent, as it happened in case of business assets. 

Equity: The equity balance signifies the owed capital of the business or the share capital utilized by the business for the conduction of the overall operations of the business and investment made in the assets. This is one the vital elements determined by the market investors while buying the shares or making investment in the business. The balances of equity of Westfield Corporation have somewhat consistent reflecting minor decrease in the balance during 2013 than in 2012, however, like other elements of the balance sheet the equity also decreased.    

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