prob017 - Problem 17 (Text: Ch. 4) The following analysis...

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Unformatted text preview: Problem 17 (Text: Ch. 4) The following analysis of certain expense accounts and related additional information was discovered during the December 31, 2008 year-end audit in the month of April 2009 for Meshigoneh Distributors Limited, a Canadian-controlled private company, owned 100% by I.M. Meshigoneh. Employee remuneration: Salaries.................................................................................................... $125,000 Commissions accrued but not paid until Jan. 2009................................. 10,000 Bonuses (Note (1)).................................................................................. 50,000 Christmas presents to employees (Note (2))............................................ 2,000 $187,000 Fee for loan guarantee provided by Meshigonehs spouse (Note (3))........... $ 8,000 Bond discount: (Note (4)) Amortization on new bonds.................................................................... $ 20,000 Paid on redemption of old bonds.............................................................Paid on redemption of old bonds....
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prob017 - Problem 17 (Text: Ch. 4) The following analysis...

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