In addition to the transactions listed in Norman Corporation (A) [Case 8-1], several other matters were referred

Question:

In addition to the transactions listed in Norman (A) [Case 8-1], several other matters were referred to Allen Burrows for his opinion as to how they should be reported on the audited 2010 income statement and balance sheet.
Questions
1. What changes in the [see Norman (A)] is Norman required to make in accordance with generally accepted accounting principles? Ignore income taxes and assume that all the transactions are material.
2. As Mr. Burrows, what additional changes, if any, would you recommend be made in the proposed income statement in order to present the results more fairly? Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial... Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...