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Joseph Josephs, CPA is auditing the Elder Company's current year's annual financial statements and notices that the Company has violated the 2.1 to 1.0 current ratio requirements as part of its debt agreement with the Sunshine Bank. The company's current ratio is 1.85 to 1. Elder's management believes (strongly) that it will improve their current ratio during the 90-day grace period. Nonetheless, the bank has the "right" to call in the entire $2 million loan. However, Joseph is not so sure and must issue his report before this grace period expires. Should Joseph qualify his opinion or demand that Elder re-classify this loan as a short-term liability, in light of the above circumstances?
The proposed accounting standard for leases is just another layer of significant added complexity to already complex financial statements which will further reduce the usefulness for all users unless they have an academic degree,- says Tom Pockett, W..
A corporation's balance sheet presents information as of a point in time. The balance sheet conveys information about a company's assets, liabilities and stockholder's equity. This discussion will provide you with the opportunity to analyze an act..
The XYZ company sells approximately 900,000 gizmos annually. Each gizmo consists of 15 components. Management is currently evaluating which vendor to choose as the primary supplier of one of the 15 components. Four vendors have been identified.
Prepare a pension worksheet for 2014 IN EXCEL. Include in the worksheet the calculation of pension expense, prior service cost amortization, actual/expected/unexpected return, contributions and benefit payments Prepare the journal entry to record ..
write a four-to-six sentence paragraph on the following question. Good business and accounting practices require the exercise of good judgment. How should ethics be incorporated into making accounting judgments
Cisco doing work that he was capable of performing. The idea was to try him out at various positions to see what worked for John and worked for Cisco. Obviously his pay would be reduced, but Cisco management was willing to commit to paying him a s..
Lewis Inc. began operations in January 2013. For certain of its property sales, Lewis recognizes income in the period of sale for financial reporting purposes. However, for income tax purposes, Lewis recognizes income when it collects cash from th..
Now assume that the Hall of Fame wants special hologram baseball cards. Hobby-Cardz will spend $5,900 to develop this hologram, which will be useless after the special order is completed. Should Hobby-Cardz accept the special order under these cir..
Do you believe that it is appropriate that we have a single, global set of accounting standards as well as one conceptual framework that has global applicability?
Beverly Crusher is a licensed CPA. During the first month of operations of her business (a sole proprietorship), the following events and transactions occurred. April 2 Invested $32,000 cash and equipment valued at $14,000 in the business.
IAS3/AASB 3 Business Combinations IAS116/AASB116 Property, plant and equipment IAS138/AASB138 Intangible assets
Explain diversity through annual reports of foreign companies on the internet.
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