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Watkin Company is a pesticide manufacturer. Its sales declined greatly this year due to the passage of legislation outlawing the sale of several of Watkin's chemical pesticides. In the coming year, Watkin will have environmentally safe and competitive chemicals to replace these discontinued products. Sales in the next year are expected to greatly exceed any prior year's. The decline in sales and profits appears to be a one-year aberration. But even so, the company president fears a large dip in the current year's profits. He believes that such a dip could cause a significant drop in the market price of Watkin's stock and make the company a takeover target. To avoid this possibility, the company president calls in Diane Leno, controller, to discuss this period's year- end adjusting entries. He urges her to accrue every possible revenue and to defer as many expenses as possible. He says to Diane, "We need the revenues this year, and next year can easily absorb expenses deferred from this year. We can't let our stock price be hammered down!" Diane didn't get around to recording the adjusting entries until January 17, but she dated the entries December 31 as if they were recorded then. Diane also made every effort to comply with the president's request. Instructions (a) Who are the stakeholders in this situation? (b) What are the ethical considerations of (1) the president's request and (2) Diane's dating the adjusting entries December 31? (c) Can Diane accrue revenues and defer expenses and still be ethical?
Post the above transactions to T-accounts. Determine the cost of goods sold for the period.
using the appropriate interest table compute the present values of the following periodic amounts due at the end of the
Management has determined that they should record a valuation allowance equal to the net deferred tax asset. Assuming a tax rate of 34%, prepare the journal entries to record the deferred tax provision and the valuation allowance.
the balance sheet of the Indian River Electronics Corporation as of December 31, 2012, included 12.25% bonds having a face amount of $90 million.
what are internal controls? why do companies need them? what are some examples of internal controls? who is responsible
xavier company has a customer that is just starting up and the customer wants to acquire merchandise but defer payment
barker company has a single product called a zet. the company normally produces and sells 80000 zets each year at a
What is her 2010 gift tax liability under the assumption that she made the $200,000 if taxable gifts in 1974 instead of 1997?
journalize the following transactions that occurred in september 2015 for aquamarines. no explanations are needed.
How many of the above items will appear as a cash inflow from investing activities on a statement of cash flows for the current year?
1.after management has set short-term goals the budgeting process typically starts witha.a set of procedures or
Top Company obtained 100 percent of Bottom Company's common stock on January 1, 20X6 by issuing 12,500 shares of its own common stock, which had a $5 par value and a $15 fair value on that date.
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