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    jenaie42's Avatar
    jenaie42 Posts: 2, Reputation: 1
    New Member
    		  
    #1

    Oct 27, 2009, 11:17 AM
    Over Statements
    The net income of Reliable Provision company decreased sharply during 2003. Clay Rollins, owner of the store, anticipates the need for a bank loan in 2004. Late in 2003, he instructed the accountant to record a $70,000 sale of recreational gear to the Smith family, even though the goods will not be shipped from the manufacturer until January 2004. Rollins told the accountant not to make the following adjusting entries:

    Salary owed to employees: $1,000

    Expired prepaid insurance: $500

    Is income overstated or understated? Why did Rollins take these actions? Are they ethical? Give reasons for your answer. As a friend, what advice would you give the accountant?
    morgaine300's Avatar
    morgaine300 Posts: 6,561, Reputation: 276
    Uber Member
    		  
    #2

    Oct 27, 2009, 06:52 PM

    Can we please not post duplicates of the same post. It tends to just confuse everyone.
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