Accounting methods | Accounting homework help

  

Assignment Steps 

Resources: 

· Generally Accepted Accounting Principles (GAAP), U.S. Securities and Exchange Commission (SEC) 

· Tutorial help on Excel® and Word functions can be found on the Microsoft® Office website. There are also additional tutorials via the web offering support for Office products. 

Scenario: 

· BizCon, a consulting firm, has just completed its first year of operations. The company’s sales growth was explosive. To encourage clients to hire its services, BizCon offered 180-day financing – meaning its largest customers do not pay for nearly 6 months. Because BizCon is a new company, its equipment suppliers insist on being paid cash on delivery. Also, it had to pay up front for 2 years of insurance. At the end of the year, BizCon owed employees for one full month of salaries, but due to a cash shortfall, it promised to pay them the first week of next year. 

As the senior accountant, the Chief Financial Officer has asked you to prepare a memo to be sent to management notifying them of the delayed wage payments. 

Prepare the memo in a maximum 200 words including the following information to better outline the situation – Assess how at the end of the year, BizCon reported a favorable net income 

Format This is a MEMO, not a paper. APA is not needed EXCEPT for citations and references.  







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