Quinn Inc. (QI) was formed in March 20X8 when Devon Goodman, Scott Adams, and Chase Beson pooled
Question:
It is now 27 January 20X9. Two weeks ago, Goodman hired you, Chen Ngu, Public Accountant, to be QI’s Chief Financial Officer. Goodman has requested a revised statement of financial position as of 31 December 20X8 and revised net earnings for the 10 months ended 31 December 20X8. She also asks that you provide her with journal entries to sup-port adjustments you make to the draft 31 December statement of financial position and earnings figures provided by Beson. She is interested in accounting choices that present QI as a strong company, but she has specified that generally accepted accounting principles must be adopted. QI is not subject to income tax.
Required:
Respond to the requests of Devon Goodman.
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Related Book For
Intermediate Accounting
ISBN: 978-0071339476
Volume 1, 6th Edition
Authors: Beechy Thomas, Conrod Joan, Farrell Elizabeth, McLeod Dick I
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