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Silva and Juanita Rodriquez are the owners of Year-Round Landscape, Inc., a small landscape and yard service business in southern California. The business is three years old and has grown significantly, especially during the past year. To sustain this growth, Year-Round Landscape must expand operations. While in the past, the Rodriquezes have been able to secure funds for the business from personal resources, they must now seek a bank loan. To satisfy bank requirements, Year-Round Landscape must provide a set of financial statements, including comparative income statements showing the growth in earnings over the past three years.
In analyzing the records, Silva notices that the nominal accounts have not yet been closed for this year. Furthermore, Silva is aware of a major contract that is to be signed on January 3, only three days after the December 31 year-end for the business. Silva estimates that this contract will increase current year earnings by 20% and suggests that the closing process be delayed one week so that this major contract can be included in this year's operating results.
What accounting issues are involved in this case? What are the ethical issues?
pear corporation is issuing 600000 of 8 5-year bonds when potential bond investors want a return of 10. interest is
Describe the problems, if any, at Reed Park. Specifically, discuss items related to decision making, cost allocation, and incentives.
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Write the appropriate audit report, assuming you believe the departure from GAAP is material but not enough to cause you to give an adverse opinion.
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A company sells one model of an exercise bicycle which sells for $500 each and has a $300 per unit variable cost. The company has $80,000 of fixed costs per quarter. Observe the following contribution based income statement when the company sells 500..
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Develop a memo to Texaco Inc’s chief accountant indicating the appropriate income tax allocation required for the above items, comprising the appropriate balance sheet presentation.
United, Inc., a U.S. corporation, entered into a contract on November 1, 2007 to sell two machines to International Company, for 80,000 foreign currency units (FCU). The machines were to be delivered and the amount collected on March 1, 2008.
Prepare a condensed income statement for the ear on both bases for comparative purposes.
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