Khaled company facing its first annual net loss as the end of the year approached and he i

Sigchi4life
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Business & Finance
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Question description

Khaled company facing its first annual net loss as the end of the year approached and he is under the pressure from the company’s creditors to report positive net income for the year. He told the controller to record the $ 10,000 incoming bank loan as a 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.

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