User Account

All Pages

Compute the overall effects of these transactions

Assignment Help Accounting Basics
Reference no: EM131722230

Question - The net income of Steinbach & Sons, a landscaping company, decreased sharply during 2016. Mort Steinbach, owner and manager of the company, anticipates the need for a bank loan in 2017. Late in 2016, Steinbach instructs the company accountant to record $2000 service revenue for lascape services for the steinbach family, even though the services will not be performed until january, 2017. Steinbach also tells the accountant not to make the following December 31,2016, adjusting entries:

Salaries owed to employees................................................$900

Prepaid Insrance that has expired.......................................$400

1. Compute the overall effects of these transactions on the company's reported net income for 2016.

2. Why is Steinbech taking this action? Is his action ethical? Give your reasons, identifying the parties helped and the parties harmed by Steinbach's actions.

3. As a personal friend, what advise ould you give the accountant?

Reference no: EM131722230

Questions Cloud

Commentary on limitations of using markov cohort model : commentary on the limitations of using the Markov cohort model in this HPV case - As well as the broader limitations of this modeling approach
What objectives must be accomplished : What objectives must be accomplished? How will they be accomplished? How will progress be measured? Who will be responsible for accomplishing the objectives?
Initial volume and concentration of naoh : The leaf compost jar and the control jar both contained the same initial volume and concentration of NaOH.
Establish p-chart to monitor the production process : Acme Company manufactures widgets. The company wants to establish a p-chart to monitor the production process using Z = 3.00.
Compute the overall effects of these transactions : The net income of Steinbach & Sons, a landscaping company, decreased sharply during 2016. Compute the overall effects of these transactions on the company's
Average time customer spends waiting for service to begin : Compute the utilization, average time a customer spends waiting for service to begin, and the average number of people in the system.
Discuss the properties of the obversion : Some distant galaxies are not structures visible to the naked eye. Therefore, some structures visible to the naked eye are not distant galaxies.
Reaction an endothermic reaction : EXPLAIN which type of reaction an endothermic reaction or an exothermic reaction, would be most useful for making a cold pack.
How do the findings inform the work of early childhood : How do the findings inform the work of early childhood program administrators and/ or teachers?

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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