General economic conditions

Assignment Help Financial Accounting

Reference no: EM13921980

As an auditor, how would you handle these events? What is the proper treatment?

-On July 10, 2015, while you are doing the audit fieldwork, the company suffers an uninsured loss estimated to be $2,000,000 due to a fire at its main facility.

-One of your JMP'S major customers filed for Chapter 11 bankruptcy protection on July 28, 2015. The company cited "general economic conditions" as the reason. The customer owed JMP $52,000 on June 30,2015. The company controller was not aware of any financial difficulties at this supplier prior to the bankruptcy announcement.

-On July 20, 2015, JMP announced a merger with QRS Corporation, effective July 1, 2015. The combined companies will be required to prepare consolidated financial statements in accordance with GAAP.

Reference no: EM13921980

Questions Cloud

What is the opportunity cost of going to the soccer game : What is the opportunity cost of going to the soccer game? If you would not normally pay to go to the soccer game, which will you choose?

How does the aca strive to increase access to care : How does the ACA strive to increase ACCESS to care? Can you think of a downside this may cause? How does the ACA try to cut COSTS within the health system? Can you think of a way it may actually increase costs

Data file show the energy consumption per capita : The U.S. government collects data on energy consumption per capita for each state and the District of Columbia. The provided data file show the energy consumption per capita (in million Btu) for the year 2010.

Draw the arrow diagram and the matrix representation : If the patient takes the medication, then he will have some side effects.

General economic conditions : One of your JMP'S major customers filed for Chapter 11 bankruptcy protection on July 28, 2015. The company cited "general economic conditions" as the reason. The customer owed JMP $52,000 on June 30,2015. The company controller was not aware of any f..

Explain the market equilibrium in this new situation : Suppose that a unit tax imposed to a good is removed. Explain the market equilibrium in this new situation by using appropriate graphs. Show the loss of government and compare it to the changes in the consumer and producer surpluses. Are they the ..

Create a folder in the top level of the public directory : Create a folder in the top level of the public directory of your Webhost account and name it your given name (e.g. jimmy). Upload everything you create in this assignment into that folder

Does tom have comparative advantage in producing products : Two men, Tom Hanks and Forest Gump, have been marooned separately on the same deserted island. Does Tom have a comparative advantage in producing both products? Explain.

Where all material is assembled : Washington, Inc., makes three models of motorized carts for vacation resorts, X-10, X-20, and X-40. Washington manufactures the carts in two assembly departments: Department A and Department B. All three models are processed initially in Department A..

User Account

All Pages