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Corporate Accounting - Research Paper Example

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The purpose of this paper is to examine the accounting practices and issues of a company such as Santos Limited. By looking at the company's annual report and financial statements for the year 2008, issues regarding the company's accounting practices are looked at…
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Corporate Accounting
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Download file to see previous pages The individual items are identified as regards the policies associated with accounting them, as well as the changes that have taken place within the company over the year and their significance with the company's performance.
Lastly, the conclusion about the company's state of operations is made based on the findings of the operational performance of Santos Limited. Based on the figures presented in the annual report, the company's overall performance is gauged.
Santos Limited is an Australian oil and gas exploration company. The company's major activities include looking for oil and gas fields, then developing these fields to produce gas, oil, and other energy resources.
The company has produced 54.4 million barrels of oil equivalent, lower than the previous two years. This figure is comprised of sales of gas and ethane, condensate, crude oil, liquefied petroleum gas, and liquefied natural gas. The company has posted substantial growth in 2008 with 11% increase in sales revenue from 2007. Consequently, the company has experienced an increase in its net profits as well as operating cash flow. The company's return on equity for 2008 is 48.6%.
During the year, the company is faced with challenges due to the fluctuating oil prices, reaching up to $150 per barrel. The volatility of the stock market, as well as the effect of the financial credit crunch, have impacted the industry as a whole. However, Santos is able to counter these events by its fixed price contracts. The level of the company's resources has enabled it to prepare during times of volatile prices.
The equity of Santos Limited is comprised of its share capital, its retained earnings, and reserves. From 2007 to 2008, the company's equity has grown from 3093.1 million to 4478.3 million (Santos Ltd 2008, 107).
The company's share capital amounts to 2531.3 million in 2008, up from its figure of 2331.6 in 2007 (Santos Ltd 2008, 107). This significant increase in share capital can be attributed to the following activities: 2.5 million in shares options exercised by the employees, issue of additional shares which amounts to 253.1 million. ...Download file to see next pagesRead More
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