Maurice Tutor

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Teaching Since: May 2017
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  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Algebra Posted 24 Sep 2017 My Price 5.00

Gulf Coast.

Exeter is a building contractor on the Gulf Coast. After losing a number of big lawsuits, it was facing its first annual net loss as the end of the year approached. The owner, Hank Snow, was under intense pressure from the company"s creditors to report positive net income for the year. However, he knew that the controller, Alice Li, had arranged a short-term bank loan of $10,000 to cover a temporary shortfall of cash. He told Alice to record the incoming cash as “construction revenue” instead of a loan. That would nudge the company"s income into positive territory for the year, and then, he said, the entry could be corrected in January when the loan was repaid.

 

Requirements

1. How would this action affect the year-end income statement? How would it affect the yearend balance sheet?

2. If you were one of the company"s creditors, how would this fraudulent action affect you?

Answers

Maurice Tutor
(5)
Status NEW Posted 24 Sep 2017 07:09 PM My Price 5.00

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