Week1_Bancroft

Week1_Bancroft - 1-231Miller has ethical responsibilities...

Info iconThis preview shows pages 1–4. Sign up to view the full content.

View Full Document Right Arrow Icon

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: 1-231Miller has ethical responsibilities to the company, her position and herself. It would not be ethical to report revenue in any period, other than the one that it was earned in. There is a responsibility to accurately report financial records and that falls within that scope. 2If Maloney were to order Miller to record the sales, before the fact, she should seek guidance from the company controller. If the company controller urges her to record the sales, she should not take responsibility for any reports that reflect that informationIf later, the inaccurate reporting were to be discovered, she could be held repsonsible and she wouldn't want to get in trouble for doing that.n.2-301 $250,000.00 Purchases 260,000.00 Freight-in 10,000.00 Less: 270,000.00 Purchase Discounts 9,000.00 Returns and Allowances 11,000.00 20,000.00 Cost of goods purchased $250,000.00 2 $243,000.00 Beginning merchandise, Jan 1, 2011 45,000.00 Cost of goods purchased (above) 250,000.00 Cost of goods available for sale 295,000.00 Ending inventory, Dec 31, 2011 52,000.00 Cost of Goods Sold $243,000.00 3Conseco CompanySchedule of Cost of Goods ManufacturedFor the Year Ended December 31, 2011RevenueRevenuesCost of Goods SoldBeginning Inventory 45,000.00 Add:Purchases 260,000.00 Freight-in 10,000.00 Inventory Available 315,000.00 Less: Purchase Discounts 9,000.00 Returns and Allowances 11,000.00 Ending Inventory 52,000.00 Cost of Goods Sold...
View Full Document

Page1 / 11

Week1_Bancroft - 1-231Miller has ethical responsibilities...

This preview shows document pages 1 - 4. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online