Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Question
Moss Exports is having a bad year. Net income is only $60,000. As well, two important overseas customers are falling behind in their payments to Moss and Moss's accounts receivable are ballooning
The company desperately requires a loan. The Moss Exports board of directors is considering behaviors to put the best face on the company's financial statements. Moss's bank closely observes cash flow from operations. Moss's controller, Daniel Peavey, suggests reclassifying as long-term the receivables from the slow-paying clients. He describes to the board that removing the $80,000 increase in accounts receivable from current assets will increase net cash provided by operations. This approach may support Moss get the loan
1 Using only the amounts given calculate net cash provided by operations, both without as well as with the reclassification of the receivables. Which reporting makes Moss look better?
2 Under what situation would the reclassification of the receivables be ethical? Unethical? Assists your response
Provide an example of resources that are temporarily restricted as to (a) purpose, (b) time, and (c) occurence of a specific event. Provide an example of permanently restricted resources.
Explain how has the Sarbanes-Oxley Bill influenced reporting by governmental agencies and not-for-profit organizations? Does the Public Company Accounting Oversight Board have authority to establish auditing standards for not-for-profits?
why financial accounting standards inspire or encourage political action and social involvement during the standard setting process
Identify the authoritative literature that addresses disclosure of information about capital structure. What information about securities must companies disclose? Discuss how Hincapie should report the proposed preferred stock issue.
Calculate the amount of phantom profit that would result if the company used FIFO rather than LIFO. Describe why this amount is referred to as phantom profit
What variable overhead cost could have been incurred to fill the orders for the 120,000 items? How much does this differ from the actual variable overhead cost?
What recommendation would you make to the, management of Busy Beaver Corp. about evaluating capital expenditure proposals? Support your recommendation with the appropriate rationale.
Determine the balance in the income taxes payable account at 31 st December, 2007.
Calculate the break-even value in Rands, calculate the income to be expected on sales of R180 000 and calculate the sales revenue required to produce net income of R5 000.
Determined that general and administrative overhead was $246 million. Transferred 70 percent of the materials purchased to jobs (work) in process. Completed work on 55 percent of the jobs in process. Costs are assigned equally across all work in proc..
Since you still own General Motors and General Electric, could these be reclassified to long-term securities?
What is the amount of profit on the sale and the amount of interest income that Risen should record for the year ended December 31, 2008?
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd