This preview shows page 1. Sign up to view the full content.
Unformatted text preview: Then, on the 31 st of December, 2011, Sinkhole again missed its interest payment. Assume each firm has a 31 st of December fiscal year-end. Show how each firms 2011 annual financial reports should reflect the 2010 and 2011 events: 1) Show how each firms balance sheet, income statement, and statement of cash flows for 2011 should report the note (showing your work fully); and 2) Describe the additional disclosures each firm should make about the note in the footnotes to the financial statements and why the disclosures are useful to the firms stakeholders....
View Full Document
- Fall '08