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Joshua Thorp opened Laser Co. on January 1, 2011. At the end of the first year, the business needed additional funds. On behalf of Laser, Joshua applied to Vermont National Bank for a loan of $500,000. Based on Laser financial statements, which has been prepared on a cash basis, the Vermont National Bank loan officer rejected the loan as too risky. After receiving the rejection notice, Joshua instructed his accountant to prepare the financial statements on an accrual basis. These statements included $90,000 in accounts receivable and $35,000 in accounts payable. Joshua then instructed his accountant to record ad additional $25,000 of accounts receivable for commissions on property for which a contract had been signed on December 28th, 2011. The title to the property is to transfer on January 5th, 2012, when an attorney formally records the transfer of the property to the buyer. Joshua the applied for a $500,000 loan from NYC Bank, using the revised financial statements. On this application, Joshua indicated that he had not previously been rejected for credit. Discuss the ethical and professional conduct of Joshua Thorp in applying for the loan from NYC Bank.
What are the benefits and costs of Sarbanes-Oxley? Should Sarbanes-Oxley be reformed? What provisions would you include in a revised Sarbanes-Oxley.
keller company estimates that variable costs will be 60 of sales and fixed costs will total 1920000. the selling price
1.the creation of s corporation as an alternative available for business organization created a variety of
mimosa company is putting together its budget for the first half of the coming year. based on its history the company
a corporation was formed on january 1 and was authorized to issue 400000 shares of common stock at 2 par value. during
oscar is retiring from the jms partnership. in january of the current year he has a 120000 basis in his partnership
new tire retreading equipment acquired at a cost of 140000 at the beginning of a fiscal year has an estimated useful
Farley Corporation's common stockholders' equity at the beginning and end of 2007 was $450,000 and $550,000, respectively. Farley Corporation's payout ratio for 2007 is ??
MBA 640 Exam 1, Spring 1, 2014: Compute the unit product cost for one barbeque grill for each of the costing methods described in Chapter 9. Prepare an income statement for the year using the absorption approach.
Prepare the necessary journal entry to close the overhead account of the balance is considered immaterial.
The selected accounts appear in the adjusted trial balance columns of the worksheet for Batan Company - Indicate the financial statement column
the rogers leasing company signed an agreement to lease an asset that has a fair value of 800000 on december 312010.
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