SCF+presentation+case

SCF presentation cas - Team Assignment#2 Part 2 SCF presentation issues Minas Morgul Inc(MMI designs manufactures and sells a wide range of orcs

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
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. Descriptions of transactions
Background image of page 1

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

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 03/27/2012 for the course ACC 321 taught by Professor Staff during the Spring '08 term at Miami University.

Page1 / 2

SCF presentation cas - Team Assignment#2 Part 2 SCF presentation issues Minas Morgul Inc(MMI designs manufactures and sells a wide range of orcs

This preview shows document pages 1 - 2. Sign up to view the full document.

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