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Question: Grant Film Productions wishes to expand and has borrowed $100,000. As a condition for making this loan, the bank requires that the business maintain a current ratio of at least 1.50. Business has been good but not great. Expansion costs have brought the current ratio down to 1.40 on December 15. Rita Grant, owner of the business, is considering what might happen if she reports a current ratio of 1.40 to the bank. One course of action for Grant is to record in December $10,000 of revenue that the business will earn in January of next year. The contract for this job has been signed.
Requirements: 1. Journalize the revenue transaction, and indicate how recording this revenue in December would affect the current ratio.
2. Discuss whether it is ethical to record the revenue transaction in December. Identify the accounting principle relevant to this situation, and give the reasons underlying your conclusion.
Summarize two (2) new areas of knowledge you gained during this course. Discuss the manner in which these two (2) new areas of knowledge will benefit you in your current or future career
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A self-employed person deposits $3,000 annually in a retirement account (called a Keogh account) that earns 8 percent.
Suppose an executive has been granted 1,000 stock options (the right to buy at the strike price) with a strike price equal to the current stock price of $3.00.
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The pattern is, count heads, toss heads, count tails, toss tails, count heads, toss heads, etc., and X0 = 3. Then (Xn) is a Markov chain. What is its transition matrix?
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An investor has many choices that need to be made before investing his or her money. Identify 5 strategies that require to be reviewed before an investor can reach his or her personal aims.
Outline the relative benefits to users of financial reports relating to information about the past, information about the present and information about the future.
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