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As the book-keeper for your company you are required to create quarterly financial statements (Income Statement, Statement of Owner's Equity Balance Sheet and Statement of Cash Flows) in order to report on the financial activities of the company for the quarter (three months). It is now March 29th, and in preparation for creating the 1st quarter's financial statements ( as of 3/31), you have called a meeting with the Dept. Managers for Accounts Receivable and Accounts Payable to confirm deadlines that have to be met. As the meeting is about to start the owner walks in - she sits quietly as you explain the deadlines, but as soon as you have finished she says "Well, for this quarter, there is no need to record transactions for invoices that we have not paid by March 31. We can enter/expense those invoices when we pay them in April." We have learned about four types of adjustments: (1) prepaid expenses, (2) unearned revenues, (3) accrued revenues, and (4) accrued expenses. Is the owner correct or do you feel that one of these types of adjusting entries is necessary in this situation? If so, name the type of adjusting entry that is needed.
Why is this type of adjustment necessary? (Refer to concepts in the chapter) Discuss the status of the accounts affected if the adjustment is not made (understated or overstated), and explain the impact of the adjustment on the financial statements
Provide an example of the type of adjusting entry you think is needed; include the debit and credit, with dates and amounts.
When recording a Sales Return in MYOB, which of the following tax codes is most appropriate
Required: What do you think about the criteria used to determine which costs should be included in the inventory
at the beginning of the current period griffey corp. had balances in accounts receivable of 240500 and in allowance for
Compute the following ratios for The Home Depot's year ended February 2, 2014: fixed asset turnover, days to sell, and debt- to- assets. To calculate the ratios, use the financial statements of The Home Depot in Appendix A at the end of this book, or..
accounts receivable arising from sales to customers amounted to 35000 and 40000 at the beginning and end of the year
Outline what the Sarbanes-Oxley Act is and what impact it has on financial reporting. Discuss what Section 302 requires of the chief executive officer (CEO) and chief financial officer (CFO).
What is comprehensive income? How does comprehensive income differ from net income? Where do companies report it in a balance sheet?
Performance audits differ from financial audits
Polk Company manufactures basketballs. Materials are added at the beginning of the production process and Calculate the equivalent units of production
Operating Leverage
What is the history for accounting for business combinations? Identify and discuss the Financial Accounting Standards (FAS) that govern business combinations and consolidations?
on january 1 2008 fred leased equipment to ned for 70000 a year for 6 years with the first payment being made on
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