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Question: Required: You are a CPA and have been hired as a consultant to Brown Corporation's accounting staff and especially to assist Joe. Write a one-page (maximum) memo to Brown Corporation's CEO, John Baxter, with your recommendation of how this item should be reported. As part of your writing, consider the following:
1. Is what Joe considering unethical?
2. Should you mention to John Baxter about Joe's intentions? If yes, include it in your writing but if no, then do not mention it. (You make the call).
3. Are there alternatives that you can offer Joe or he has no options in reporting? Think about the objectives of financial reporting in making your decision.
Be sure to justify your decision with an accounting technical explanation to Mr. Baxter.
A 10-year $2,000 bond pays a nominal rate of 8% compounded semiannually. If the market interest rate is 9% compounded annually and the general inflation rate is 5% per year, find the actual and constant dollar amount (time = year zero dollars) of ..
a company reports the following beginning inventory and purchases for the month of january. on january 26 the company
In a recent year Flint Corporation had net income of $163000, What was Flint Corporation's times interest earned (rounded) for the year
Explain why the contribution approach is more useful to project profits. As an example, show your calculations when using a projected sales increase of 20%.
The Financial Statements for a Bank Savings Account (Medium) You received the following statement for 2012 for your savings account at a bank.
The predetermined overhead rate based on units produced
how companies manage their receivables
Determine the amount of retained earnings as of December 31, 2013.
1. the difference between the economic entity concept and the parent company concept approaches to the reporting of subsidiary assets and liabilities in the consolidated financial statements on the date of the acquisition.
Delta Company's flexible budget formula for overhead costs is $100,000 per month foxed costs plus $26.00 per unit variable costs. Standard volume is 5,000 units a month. Actual overhead costs for June were $280,000, and output was 6,000 units.
Sending a copy of the purchase order from the purchasing department to the receiving department. Having the "quantity ordered" field "blinded" on the receiving department copy of the purchase order.
Management has studied the problem and it appears that beginning inventories may be the cause of the unmatched information. The reason for this is that the inventories have a different financial base because of the severe inflation.
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