Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Late one Thursday afternoon, Joy Martin, a veteran audit manager with a regional CPA firm, was reviewing documents for a long-time client of the firm, AMT Transport. The year-end audit was scheduled to begin Monday.For three months, the economy had been in a down cycle and the transportation industry was particularly hard hit. As a result, Joy expected AMT's financial results would not be pleasant news to shareholders. However, what Joy saw in the preliminary statements made her sigh aloud. Results were much worse than she feared."Larry (the company president) already is in the doghouse with shareholders," Joy thought to herself. "When they see these numbers, they'll hang him out to dry.""I wonder if he's considered some strategic accounting changes," she thought, after reflecting on the situation. "The bad news could be softened quite a bit by changing inventory methods from LIFO to FIFO or reconsidering some of the estimates used in other areas."
Required:
1. How would the actions contemplated contribute toward "softening" the bad news?
2. Do you perceive an ethical dilemma? What would be the likely impact of following up on Joy's thoughts? Who would benefit? Who would be injured?
on january 1 of year 1 arthur and aretha franklin purchased a home for 1.40 million by paying 230000 down and borrowing
the comparative income statement in thousands of dollars for the fiscal years 2008 and 2007 was adapted from the annual
preparing its annual financial statements in anticipation of applying for a loan. During the last week of the year, the company received a shipment of inventory but has not paid for it
kolbys korndogs is looking at a new sausage system with an installed cost of 777000. this cost will be depreciated
After merging with Northwest Airlines, Delta Airlines increased the estimated useful life and increased the estimated residual value of its flight equipment. All else equal, how will each of these changes affect Delta's Depreciation Expense and Net I..
What is the problem with leaving abandoned cable in place in a building? It creates a fire hazard because of the extra combustible material.
determine whether the following items in india imports bank reconciliation require adjusting or correcting entries on
jane smith age 40 is single and has no dependents. she is employed as a legal secretary by legal services inc. she owns
What are the main features that distinguish debt from equity? Is there more debt or more equity outstanding in the United States?
During 2010, the partnership sold the land for $85,000 to an unrelated third party. What amount of gain from the partnership's sale of the land should be allocated to Beth?
yates company uses the periodic inventory system to account for inventories. information related to yates companys
robert and sylvia propose to have their corporation wolverine universal wu acquire another corporation emu inc. in a
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd