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Larry has been the chief financial officer (CFO) of Maxima Auto Service for the past 10 years. The company has reported profits each year it's been in business. However, this year has been a tough one. Increased competition and the rising costs of labor have reduced the company's profits. On December 30, Larry informs Robert, the company's president and Larry's closest friend for the past 10 years, that it looks like the company will report a net loss (total expenses will be greater than total revenues) of about $50,000 this year.
Problem 1: Understand the reporting effect: What effect does reporting additional revenue have on reported profit?
Problem 2: Specify the options: If the additional revenue is not reported, do both Robert and Larry potentially lose benefits?
Problem 3: dentify the impact: Does reporting the additional revenue strengthen the company's financial appearance to those outside the company?
Problem 4: Make a decision: Should Larry report the additional revenue without source documents?
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