Dole Food Company Essay Example | Topics and Well Written Essays - 750 words

Dole diet Company - Essay ExampleIn July 2001, it was reincorporated as a Delaware corporation. Its headquarters is find in Westlake village, California. Dole is one of the worlds leading producers of pineapples, bananas, packed spanking vegetables, salads and fruit products. In the fiscal year ended 2, 2010, this company generated in operation(p) income of about $352 million and total revenue of approximately $6.8 billion. By January 2, 2010, Dole had total revenue of $4.1 billion. Dole has divided its business operations into three segments the fresh vegetable segment produces and look ats fresh-packed and value added salads, and vegetables to institutional customers and retailers primarily in Europe, North America and Asia (Dole diet Company, Castle & Cooke, Inc, 2003). The fresh fruit segment is divided into several(prenominal) departments, which are responsible for the production and distribution of fresh fruits to retail, wholesale and institutional customers worldwide. T he third segment is packaged foods segment, which also includes a number of divisions that process and distribute packed foods including frozen fruit, juices, fruit and healthy snack food (U.S. International Trade Commission, 2002). The writer chose to analyze the accounting process and financial statements of Dole Food Company because of its outstanding performance in the food processing industry. In addition, it was not difficult obtaining the companys financial statement since my mother whole kit and caboodle in the company as a quality assurance manager. The financial statements used for this project were obtained from the internet, by opening the companys Website link I was given by my mother. The main aim of this paper is to understand the analysis of the accounting process and financial statements of Companies by focusing on Dole Food Company. In the paper, I will analyze Doles balance sheet, statements of bills flow, and income statements. Before analyzing Doles accounting process and financial statements, it is unavoidable to understand some of the key accounting concepts and terms that are used by Doles accountants when recording and balancing financial statements and other transactions. 1) mainly Accepted chronicle Principles (GAAP) - this principle refers to the standard framework of guidelines for financial accounting (Bernstein & Wild, 2000). It includes conventions, standards and principles that accountants observe when recording and balancing financial statements and other transactions. GAAP can be obtained from several sources including promulgation of the Accounting Principle Board and Financial Accounting Standards (Pefianco & Rosario, 2006). 2) Accrual Basis verses Cash Basis Accounting accrual basis is the income gain and reported in particular tips despite of when it was received (Costales & Szurovy, 1993). It also includes the expenses that were incurred regardless of whether they were paid or not. In the financial statements used for this project, it is evident that Doles accountants recorded both expenses and income when they occurred. Cash basis accounting involves recording of transactions based on cash position and cash flow. Revenue is recorded upon cash receipt, and expenses when cash is paid. This accounting method is evident in Doles financial statements however, it is not commonly used like Accrual Basis Accounting (Hey-Cunningham, 2007). 3) Current Assets and Liabilities verses Non-Current Items Current assets are items that are available in cash form, or can be changed into cash within a short period (Dyckman, 2001). Example that is present in Doles financial statement is inventory or accounts receivable. Fixed assets, on the other hand, are assets which cannot easily be converted