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Horizon Corporation manufactures personal computers. The company began operations in 2002 and reported profits for the years 2004 through 2009. Due primarily to increased competition and price slashing in the industry, 2010's income statement reported a loss of $20 million. Just before the end of the 2011 fiscal year, a memo from the company's chief financial officer to Jim Fielding, the company controller, included the following comments:
If we don't do something about the large amount of unsold computers already manufactured, our auditors will require us to write them off. The resulting loss for 2011 will cause a violation of our debt covenants and force the company into bankruptcy. I suggest that you ship half of our inventory to J.B. Sales, Inc., in Oklahoma City. I know the company's president and he will accept the merchandise and acknowledge the shipment as a purchase. We can record the sale in 2011 which will boost profits to an acceptable level. Then J.B. Sales will simply return the merchandise in 2012 after the financial statements have been issued.
Discuss the ethical dilemma faced by Jim Fielding.
What main ethical issues face Jim Fielding? Choose at least two issues, select an approach, and explain your justification using accounting principles learned in this module.
Analyze the balance sheet, statement of owners' equity, and notes to the financial statements. Search for "dividends". Relate topics in our textbook to your company
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The year-end market price per common share was $12 and there were 425,000 weighted-average shares of common stock outstanding. Calculate company's price-earnings ratio.
'Commentators on financial reporting practices argue that financial statements produced under the historic cost convention do not provide relevant information to users of those statements in times of rising prices.'
Create a PowerPoint presentation for a seminar aimed at future business owners who will be dealing with large amounts of cash. Explain the importance of the three areas of cash control and make recommendations for procedures that could be implemen..
Evaluate what amount of gain or loss should be reported on consolidated financial statements for 2010 and which of the subsequent will be included in a consolidation entry for 2011?
Prepare a marginal costing cost statement for your product on a per unit and 12months sales/production basis.
What does the concept of impairment mean in accounting? What effect does impairment have on profitability and cash flows? Why would the concept of impairment be referred to as a conservative accounting principle?
Prepare an inter office decision-aid/memo to your tax staff - he primary and secondary authoritative sources, a description, and the differences between them and the steps needed to conduct tax research, including the use of tax research databases.
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