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It is February 16, 2011 and you are auditing the Davenport Corporation's financial statements for 2010 (which will be issued in March 2011). You read in the newspaper that Travis Corporation, a major customer of Davenport, is in financial difficulty. Included in Davenport's accounts receivable is $50,000 (a material amount) owed to it by Travis. You approach Jim Davenport, president, with this information and suggest that a reduction of accounts receivable and recognition of a loss for 2010 might be appropriate. Jim replies, Why should we make an adjustment? Ted Travis, the president of Travis Corporation, is a friend of mine; he will find a way to pay us, one way or another. Furthermore, this occurred in 2011, so let's wait and see what happens; we can always make an adjustment later this year. Our 2010 income and year end working capital are not that high; our creditors and stockholders wouldn't stand for lower amounts than they already are.Required:From financial reporting and ethical perspectives, prepare a response to Jim Davenport regarding this issue.
Describe some products whose adoption rates have been affected by complexity, compatibility, relative advantage, observability, and/or trial ability.
Keystone Hotels is considering the construction of a new hotel for $120 million. The expected life of the hotel is 30 years, with no residual value. The hotel is expected to earn revenues of $47 million per year. Determine the equal annual net cash f..
Prepare the necessary journal entries from the following information for Bonnie's Corp which uses a perpetual inventory system.
Identify the security requirements which need to be in place to ensure the integrity of information systems in the organization.
the following information is provided by sino ltdfor the year ended 30 june 2010 sino ltd earned profit of 8000000
Intermediate Accounting Locate an article from a financial periodical from the past 2 years about a company that restated its financial statements due to an error in accounting principal. Write a paper of no more than 700 words with references disc..
Journalize the entries to record the following selected bond investment transactions for Supper Club Trust: For a compound transaction, if an amount box does not require an entry, leave it blank.
brandywire homecare a not for profit business had revenues of 12 million in 2007. expenses other thatn depreciation
What is the amortization amount for every intangible asset in the existing year?
A company reports the following operation results for sales for 1 month: sales $310,000 (units 5000); variable cost $210,000; and fixed cost $75,000. If they take 3 different courses of action which will produce the highest income? Compute the net in..
Atlarge Inc. owns 30% of the outstanding voting common stock of Ticker Co. and has the ability to significantly influence the investee's operations and decision making. On January 1, 2013, the balance in the Investment in Ticker Co. What was the bala..
the computer workstation furniture manufacturing that santana rey started january is progressing well. as of the end of
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