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Question - Roy Rogers is the accounting manager at Tire, Inc., a tire manufacturer. He plays golf with the CEO, who is somewhat of a celebrity in the local community. The CEO would be able to receive a huge bonus if the company increases net income by the end of the year. Roy, wanting to become part of the elite circle the CEO was in, explained he knows some tricks to increase the company income. This would require revising some journal entries on the rent paid on storage units used by the company. Roy changed the rental payments to prepaid rent, allowing the CEO to receive his bonus and the revisions were never discovered.
-By Roy changing the journal entries, how did it cause the net income to increase and the CEO to get his bonus?
-With the change of the journal entries, who gained and who lost?
-What are the consequences of Roy's actions if they are discovered?
D.C. Dawg started a business, Cats and Dogs Company, by contributing $6,000. Prepare the four basic financial; statements for the month of March. Show how each cash transaction affects the accounting equation.
Which entries are to be treated as accrued income or accrued expenses and why? Intereston term Loan for month ended 31.03.17 for Rs 4000 was paid in April 17.
Alfonso invests $9,000.00 at 4.3% simple interest for 27 months. How much is in the account at the end of the 27 month period?
It can purchase 2-year zero coupon bonds at 9% spot rate. What is the cost of financing your liability by holding the 2-year bond that would pay $20,000?
An asset's book value is $19,000 on December 31, Year 5. The asset has been depreciated at an annual rate of $4,000 on the straight-line method. Assuming the asset is sold on December 31, Year 5 for $16,000, the company should record:
What are the deferred tax amounts to report on the balance sheet for years ended December 31, 2018 and 2019 and how would they be classified?
Prepare the journal entries on the lessee's books to reflect the signing of the lease agreement and to record the payments and expenses
Identify the key ethical dilemma facing Stephen in the scenario above. Choose and Justify the Best course of action that Stephen should undertake
Prepare income statements ,compare and comment on leverages of companies. following details provided to you to prepare statement
the ceo of smartphone apps llc is preparing a loan application. using the data below only prepare an income statement.
A company has outstanding long-term bonds with a face value of $1,000, a 10% coupon rate, If the company's tax rate is 25%, what is the after-tax cost of debt
The variable manufacturing overhead cost incurred was $103266 and the fixed manufacturing overhead cost was $27245. What is the fixed overhead volume variance
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