Reference no: EM132822482

Problem 1: On January 20, Jamika Nelson, the accountant for Brikar Enterprises, is feeling pressure to complete the annual December 31 year-end financial statements. The company president has said he needs up-to-date financial statements to share with the bank on January 21 at a dinner meeting that has been called to discuss Brikar's obtaining loan financing for a special building project. Jamika knows that she will not be able to gather all the needed information in the next 24 hours to prepare the entire set of adjusting entries. Those entries must be posted before the financial statements accurately portray the company's performance and financial position for the year ended December 31 (three weeks ago). Jamika ultimately decides to estimate several expense accruals at the last minute. When deciding on estimates for the expenses, she uses low estimates because she does not want to make the financial statements look worse than they are. Jamika finishes the financial statements before the deadline and gives them to the president without mentioning that several account balances are estimates that she provided. Identify several courses of action that Jamika could have taken instead of the one she took. If you were in Jamika's situation, what would you have done?