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Example of the effect on income statement

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Reference no: EM133272751

Crazy Eddie was an electronics retailer. The company was brought up on fraud charges for using unethical accounting standards. Read more about the case using the following article by White Collar Fraud: "Crazy Eddie Fraud". After you read the article, using your knowledge of merchandising firms, in a 500-word essay, answer the following bullet prompts.

Analyze how Crazy Eddie's fictitious purchase discounts affected the company's profit on the income statement.

Create your example of the effect on the income statement.

Examine how the premature recognition of sales affected the company's profit on the income statement.

Construct an example of how this might look.

Describe how the overstatement of inventory assets affected the balance sheet.

Describe how this balance sheet would appear.

When establishing a set of records for a merchandising company, describe what procedures you implement to ensure ethical decisions were made.

Reference no: EM133272751

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