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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 ration down to 1.40 on December 15. Rita Grant, the 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.
Question 1: Journalize the revenue transaction and indicate how recording this revenue in December would affect the current ratio.
Question 2: Discuss whether it is ethical to record the revenue transaction in December.
Question 3: Identify the accounting principle relevant to this situation, and give the reasons underlying your conclusion.
Lokal Food Manufacturer produces the "Fresh" brand of pasteurised coconut milk from one of its manufacturing processes.
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evaluated based on the thoroughness, professionalism, substance, and persuasiveness of your argument
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SCC Bhd needs $4 million to built a new assembly line. The target debt to equity ratio is 1.0. It is expected to generate after tax cashflow of $500,000 per tear forever.
Is the plant a partnership for federal income tax purposes?
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