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SCF+presentation+case - Team Assignment#2 Part 2 SCF...

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Team Assignment #2, Part 2: SCF presentation issues Minas Morgul, Inc. (MMI) designs, manufactures and sells a wide range of orcs used by evil sorcerers such as Suaron. The company’s fiscal year ends on December 31; the company prepares its financial statements in accordance with US GAAP. MMI’s chief sources of liquidity are revolving credit facilities and debt, internally generated cash flows, and the sale of its trade receivables. The chief accountant, Wormtongue, is captured by the Elves on January 2, 2012 before he completes all of the accounting work that needs to be done for the fiscal year ended December 31, 2011. Questions have arisen about how to properly reflect three transactions that had occurred during 2011, and as a result the Statement of Cash flows had not yet been prepared at the time of Wormtongue’s detainment. The company’s CEO, Saruman, has turned to your team for help in determining the proper accounting treatment for the transactions.
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