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Holman Electronics manufactures audio equipment, selling it through various distributors. Homan's days sales (accounts receivable/average daily credit sales) figures increased steadily in 20X1 and then spiked dramatically in 20X2, peaking at 120 days in the second quarter. In the third quarter of 20X2, Holman's days sales outstanding figures dropped to 90 days. Its chief financial officer engineered this drop by artificially reducing the amount of outstanding accounts receivable. Channel partners with large outstanding receivables were pressured into signing notes for those amounts. Once sales personnel secured the notes, the CFO directed a reclassification entry to the general ledger converting more than $30 million in trade receivables into notes receivables, which are not included in the days sales outstanding calculation. This reclassification was not disclosed in the Form 10-Q that Homan filed for that quarter.
What might be the motive of the CFO's actions?
Finance is about Gunns Ltd, a company in dealing with forestry products in Australia. The company has also been listed in Australian Stock Exchange. As many companies producing forestry products, even Gunns Ltd is facing various problems. Due to the ..
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