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Accounting Cycle Final

Accounting Cycle Final

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Published by Alvin Chang

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Published by: Alvin Chang on Jun 20, 2012
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05/13/2014

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!1!
UNITED STATES
 
SECURITIES AND EXCHANGE COMMISSION
 
Washington, D.C. 20549
 
Accounting Cycle Form
 
(Mark One)
 
!
 
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THESECURITIES EXCHANGE ACT OF 1934
 
For the fiscal year ended July 31, 2011
 
or
 
"
 
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THESECURITIES EXCHANGE ACT OF 1934
 
For the transition period from July 1, 2011 to July 31, 2011.
 
Commission File No. 1-10635
 
PLANET EXPRESS, Inc.
 
(Exact name of Registrant as specified in its charter)
 
New York 
 
93-0584321
 
(State or other jurisdiction
 
of incorporation)
 
(IRS Employer 
 
 Identification No.)
 
1802 Hartford
 
(212) 671-6453
 
 
Manhattan, New New York 97005-6453
 
(Registrant’s Telephone Number, Including Area Code)
 
(Address of principal executive offices) (Zip Code)
 
Securities registered pursuant to Section 12(b) of the Act:
 
Class B Common Stock 
 
 New York Stock Exchange
 
(Title of Each Class)
 
(Name of Each Exchange on Which Registered)
 
Securities registered pursuant to Section 12(g) of the Act:
 
 None
 
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of theSecurities Act. Yes
!
No
"
 
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes
"
No
!
 
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed bySection 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for suchshorter period that the Registrant was required to file such reports), and (2) has been subject to such filingrequirements for the past 90 days. Yes
!
No
"
 
 
!2!
Indicate by check mark whether the registrant has submitted electronically and posted on its corporateWebsite, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§229.405 of this chapter) during the preceding 12 months (or for such shorter period thatthe registrant was required to submit and post such files). Yes
!
No
"
 
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§229.405 of this chapter) is not contained herein, and will not be contained, to the best of Registrant’sknowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form10-K or any amendment to this Form 10-K.
"
 
Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,”“accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.
 
Large accelerated filer 
!
 
Accelerated filer 
"
 
 Non-accelerated filer 
"
 
Smaller Reporting Company
"
 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of theAct). Yes
"
No
!
 
As of November 30, 2010, the aggregate market value of the Registrant’s Class A Common Stock held by non-affiliates of the Registrant was $2,005,831,959 and the aggregate market value of the Registrant’sClass B Common Stock held by non-affiliates of the Registrant was $33,459,424,185.
 
As of July 18, 2011, the number of shares of the Registrant’s Class A Common Stock outstanding was89,989,447 and the number of shares of the Registrant’s Class B Common Stock outstanding was384,840,843.
 
DOCUMENTS INCORPORATED BY REFERENCE:
 
Parts of Registrant’s Proxy Statement for the Annual Meeting of Shareholders to be held onSeptember 19, 2011 are incorporated by reference into Part III of this Report.
 
!!!!!!!!
 
 
!3!
Part 1Item 1 Core Financial Statements DefinitionsFinancial Statements
Financial accounting information is conveyed through a standardized set of reports. Those reports are the balance sheet, income statement, statement of retainedearnings, and statement of cash flows.
Income Statements
A summary of an entity’s results of operation for a specified period of time isrevealed in the income statement, as it provides information about the revenues generatedand expenses incurred. The difference between the revenues and expenses is identified asthe net income or net loss. The income statement can be prepared using single-step or multi-step approach, and might be further modified to include a number of specialdisclosures relating to unique items.
Balance Sheets
The balance sheet focuses on the accounting equation by revealing the economicresources owned by an entity and the claims against those resources (liabilities andowner’s equity). The balance sheet serves as a snapshot of the company at one point intime, whereas the income statement and statement of retained earnings cover a period of time. Assets are recorded with their historical cost (price at purchase), rather than fair market value. A balance sheet is an extended form of the accounting equation. Anaccounting equation is: Assets = Liabilities + Equity. Components of a balance sheet areas follows:Assets—what a company ownsLiabilities—what a company owesEquity—net worth of a company
Part IIItem 2 Information ProcessingIntroduction
It is imperative that a business develops a reliable accounting system to captureand summarize its voluminous transaction data. In general terms, an accounting system isa system where transactions and events are reliably processed and summarized into usefulfinancial statements and reports. The heart of the system will contain the basic accountcycle tool: accounts, debits and credits, journals, and general ledger. What follows aregeneral definitions and principles that will help better understand Planet Express’saccounting cycle.
Accounts
It is imperative that a business develops a reliable accounting system to captureand summarize its voluminous transaction data. In general terms, an accounting system isa system where transactions and events are reliably processed and summarized into useful

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