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Flo Choi owns a small business and manages its accounting. Her company just finished a year in which a large amount of borrowed funds was invested in a new building addition as well as in equipment and fixture additions. Choi's banker requires her to submit semiannual financial statements so he can monitor the financial health of her business. He has warned her that if profit margins erode, he might raise the interest rate on the borrowed funds to reflect the increased loan risk from the bank's point of view. Choi knows profit margin is likely to decline this year. As she prepares year-end adjusting entries, she decides to apply the following depreciation rule: All asset additions are considered to be in use on the first day of the following month. (The previous rule assumed assets are in use on the first day of the month nearest to the purchase date.)
1. Identify decisions that managers like Choi must make in applying depreciation methods.
2. Is Choi's rule an ethical violation, or is it a legitimate decision in computing depreciation?
3. How will Choi's new depreciation rule affect the profit margin of her business?
Write a memo to your superior analyzing the performance of SAC for 2010 and 2011. This analysis should be based on the information found in the consolidated financial statements.
Higher National Diploma in Quantity Surveying & the Built Environment-QS 501-Management Accounting and Procedures-H2
problem
1. refer to the financial statements of urban outfitter in appendix c at the end of this book1. how much did prepaid
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