CA24-5 Coburn Corp

Feb 3rd, 2012
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Walsh College of Accountancy and Business Administration
Course: account
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CA24-4 (Post-Balance-Sheet Events) At December 31, 2014, Coburn Corp. has assets of $10,000,000, liabilities of $6,000,000, common stock of $2,000,000 (representing 2,000,000 shares of $1 par common stock), and retained earnings of $2,000,000. Net sales for the year 2014 were $18,000,000, and net income was $800,000.

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Showing Page: 1/2
SOLUTION1. The monetary articulations ought to be balanced for the normal misfortune relating to the staying receivable of $240,000. Such modification ought to diminish records of sales to their feasible value in December 31, 2014. 2. Report the flame misfortune in a footnote to the monetary record and allude to it regarding the pay articulation, since profit influence is probably influenced. 3. Strikes are viewed as general learning and accordingly exposure is not needed. Numerous reviewers, be that as it may, would empower indulgence in all cases. 4. This case is a troublesome iss

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