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Mike Trenach is the owner and president of Digital Imagery and More Ltd., a company in the multimedia industry. The revenue of the business is about $16 million a year.
In the past few years, Mike has spent the following:
Swimming pool built at his home: $40 000Renovations to his cottage: $7500Landscaping around his home: $4000Plumbing and air conditioning installed in his home: $6000
Although each of these expenditures was of a personal nature, Trenach requested that invoices for the charges be sent to his company, Digital Imagery and More Ltd. All of the expenditures were recorded in the books of the company in various expense accounts.
Problem 1: As his accountant, what will you advise Mike to do? In your answer, be sure to include accounting principles and CPA Code of Conduct reference.
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