You were recently hired by a $35 million manufacturing company ($35 million in sales) as the company
Question:
You were recently hired by a $35 million manufacturing company ($35 million in sales) as the company staff accountant. The controller (your boss) has asked you to explain several accounting practices to the two existing members of the accounting staff. The four areas the controller wants you to explain to the staff include,
Closing entries
Retained Earnings Statement
Year-end Adjustments
Weighted-Average Common Shares Outstanding:
The previous months financial statements (prepared just before you were hired) were incorrect. The Controller did not catch the errors before the incorrect financials were presented to the President. The Controller has become heavily involved in company operations (hoping to become the Chief Operating Officer) and does not have the time to carry out all the accounting responsibilities. It became clear last month that the company needed to hire an accountant with a four-year accounting degree (you).