The transportation Industry Assignment Example | Topics and Well Written Essays - 500 words

The transportation Industry - Assignment ExampleThe 2011 RynAir financial commands are illustrated in Appendices A-D. The report go away also include a discusssion of the accounting cycle.The accounitng cycle is a systematic system used by accountants to keep track of economic activities in order to prepare the financial staments of the company. The flow chart below shows the steps of the accounting cycle.RynAir Corporation must pay close attention to its accounting cycle. It every last(predicate) starts with the put across and source document that are used to analyze the journal transactions. The firm could implement a revolutionary system that digitalizes all receipts. This system would improve the accountability of the system since it would create a backup of all receipts. Accountants instead of sorting through a bunch of small paper receipts they can crap a digital image of each receipt in front of their computer monitor. The accountants would be equal to(p) to work faste r because inefficiencies in the journal recording process would be reduced.The income statement is a statement that reflects the profitability of a company during an accounting period. In 2011 RynAir had total revenues of 3629.5 million. In comparison with fiscal course of study 2010 the company increased its revenues by 21.46%. The net margin of RynAir in 2011 was 10.32%. The firm achieved earnings per share of 25.21. The in operation(p) expenses of the company were 3141 million, which was higher than the 2010 total of 2586 million. A cost factor that increased a lot in 2010 was the fuel and cost expenses. Traditional fuel and oil expenses are the biggest cost factor in the air lane industry. In 2011 the company spends 1,227 million in fuel and cost which is an increase of 37.26%. Since the company increased its revenues at a higher rate than its expenses the overall profitability of the company was better. The balance sheet of the company is very much referred to as the statem ent of