The company president has said he needs current financial

Assignment Help Accounting Basics
Reference no: EM13591715

On January 20,2011, the accountant for a corporation, is feeling pressure to complete the financial statements. The company president has said he needs current financial statements to share with the bank on January 21 at a meeting to discuss the corporation obtaining loan financing for a special building project. The accountant knows that she will not be able to gather all the needed information in the next 24 hours to prepare the entire set of adjusting entries. Those entries must be posted before the financial statements accurately portray the company's performance and financial position for the fiscal period ended Dec. 31, 2010. The accountant decides to estimate several expense accruals at the last minute. She used low estimates because she does not want to make the financial statements look worse than they are. She finishes the statements before the deadline and gives them to the president without mentioning that several account balances are estimates that she provided.

Required: Identify several courses of action that Tamira could have taken instead of the one she took.

Reference no: EM13591715

Questions Cloud

What is the surface area of the sphere to the nearest tenth : the volume of a sphere is 2098 m3. what is the surface area of the sphere to the nearest tenth? find the area of a
On august 1 2011 the company is paid 3840 cash in advance : on august 1 2011 the company is paid 3840 cash in advance to provide monthly service for an apartment complex for one
If 4847 ml of nitrogen gas measured at 7775 mmhg and 882oc : if 484.7 ml of nitrogen gas measured at 777.5 mmhg and 88.2oc reacts with excess iodine according to the following
Rolla company was founded in 2010 it acquired 30000 cash by : rolla company was founded in 2010. it acquired 30000 cash by issuing stock to investors and an additional 20000 cash by
The company president has said he needs current financial : on january 202011 the accountant for a corporation is feeling pressure to complete the financial statements. the
The pressure at the mountaintop is 083 atm and the midday : question a backpacker carries an empty soft-plastic water container into the mountains. the initial volume at 1.0 atm
How much metal trim is needed for the perimeter of the : a picture window has a length of 8 feet and a height of 6 feet with a semicircular cap on each end. how much metal
Compute the equivalent units of production for the first : the illinois company manufactures a product that goes through three processing departments. information relating to
A 250-l storage flask is filled with 247-mmhg of a gas at : a 25.0-l storage flask is filled with 247-mmhg of a gas at 30degc. if the total volume is increased to 45.5-l and the

Reviews

Write a Review

Accounting Basics Questions & Answers

  Nicholas company obtained an 80000 line of credit from the

nicholas company obtained an 80000 line of credit from the bank on january 1 2008. the company agreed to accept a

  If profit margin 10 fraud loss 436million then why the

if profit margin 10 fraud loss 436million then why the revenue to restore the effect on net income is 4.36 billion

  Affecting accounting data for the next fiscal period

Suppose that the nominal accounts are nto closed out at the end of the fiscal period. How does it affect accounting data for the next fiscal period?

  Allowance for bad debts

The allowance for bad debts os contra to which one of the following accounts?

  Cornucopia inc is planning to invest in new manufacturing

cornucopia inc. is planning to invest in new manufacturing equipment to make a new garden tool. the new garden tool is

  Kohlman company began its operations on march 31 of the

kohlman company began its operations on march 31 of the current year. projected manufacturing costs for the first three

  Expect the annual fixed manufacturing costs

Variable selling costs are 10% of sales dollars. The company expects the annual fixed manufacturing costs for the new camera to be $3,500,000.

  Double declining balance method and fractional year monthly

Using the double declining balance method and fractional year monthly amortization, answer the following questions:

  Write dwon a paper which describes the main aspects of the

write a paper that describes the main aspects of the regulatory environment which will protect the public from fraud

  Explain the areas in which the adelphia communications

explain the areas in which the adelphia communications engaged in fraudulent financial reporting and the circumstances

  The fraudulent financial statements of lehman brothers

From the third and fourth e-Activities, take a position whether Ernst & Young should be held liable in relation to the fraudulent financial statements of Lehman Brothers. Provide a rationale with your response

  During january 2012 the following transactions occurred

porter corporations balance sheet at december 31 2011 is presented below.porter corporation balance sheet december 31

Free Assignment Quote

Assured A++ Grade

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!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd