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Point 1: Sact Creek Company's most recent financial statements showed dismal performance. There was a net loss of $10,000 and the statement of cash flows showed a net cash decrease in all categories. The company president called all the managers together and asked them to do what they could to make sure the next quarter's performance was better. Ted Flay, manager of the manufacturing division, sold off old manufacturing equipment. He also reclassified several workers to part time (30 hours per week) and hired additional temporary workers to take up the slack. This saved the company money, since part-time workers do not have the same insurance and other benefits as full-time workers. Will Smith, financial manager, immediately suspended payments on all accounts except those on which interest would accrue. He also instituted aggressive collection procedures. To receive full credit, answer all:
Question 1: Were Ted Flay's actions ethical? Explain.
Question 2: Were Will Smith's actions ethical? Explain.
Question 3: Were the company president's actions ethical? Explain.
Prepare the Journalize the share transactions of Fairly Company in 2020. The equity section of Foley Corporation at December 31, 2019
Kirk was insured for 70% of his actual loss, and he received the insurance settlement. Illustrate what is Kirk's allowable casualty loss deduction?
GTB, Inc., has a 20 percent tax rate and has $71,330,000 in assets, currently financed entirely with equity. Equity is worth $5 per share, and book value of equity is equal to market value of equity.
What is the nature of the effects of the factors studied in this experiment?What strategy would you use to reduce invoice errors, given the results?
Determine whether Division C is a reportable segment. Justify your conclusion.
You are auditing the financial statements of a New York City company that buys a product from a manufacturer in Los Angeles. The buyer closes its books on June 30. On what date did the buyer realize the liability? On what date did the buyer recognize..
Studios reported a net capital loss of $36,000 in year 5. It reported net capital gains of $26,000 in year 4 and $39,000 in year 6. What is the amount and nature of the book-tax difference in year 6 related to the net capital carryover?
You need to complete the accounting cycle for Jordan Company for the month of December 31, 2015. 1. Prepare the general journal entries to record these transactions using the accounts below. Dec. 1 Jordan invests $50,000 cash along with office equipm..
Determine the variances, Materials price and Materials quantity and Net materials variance
On May 1, a two-year insurance policy was purchased for $19,200 with coverage to begin immediately. What is the amount of insurance expense that would appear on the company's income statement for the first year ended December 31?
The Apollo Delivery Service has the following information about its truck fleet miles and operating costs: Year Miles Operating Costs 2011 250,000 $160,000 2012 300,000 $175,000 2013 350,000 $210,000 What is the best estimate of fixed costs for fleet..
what is the translation amount to be shown on American Golf's equity account for the year if the peso is the functional currency? How would your answer change if the dollar were the functional currency?
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