Chapter 2.7, Problem 1DQ

V3. The owner of a company asks you if he can charge all his personal expenses to his business. He said that he owns the company anyway. Explain to the business owner the business entity assumption and the ethical considerations of his idea. (Include references please)

What are the possible actions when a business becomes insolvent? One of them is fresh start accounting. Please explain what is new start accounting and what are their criteria? Is it possible for Garuda Indonesia Airlines to do a fresh start accounting according to PSAK?

Lucy must close the accounting books in the old system to have a complete set of financial statements to bring into the new system. How would you guide Lucy through the process of closing the accounting books in the old system? Explain.

What Would You Do? You are responsible for preparing all of the journal entries for Regional Financial Services. You have correctly prepared the following entry for financial services provided on December 15: Your boss has asked you to change the date from December 15 to January 15 so that the business’s profit, and thus taxes, would be lower. Are you allowed to do this? What is your response to your boss? How should you handle this situation?

You are a CPA working with sole proprietors. Several of your clients are considering incorporating because they need to expand and grow. One client is curious about how her financial reports will change. Shes heard that she may need to prepare a statement of retained earnings and a statement of stockholders equity. Shes confused about the difference between the two and what they report. How would you explain the characteristics and functions of the two types of statements?

A. list all of the steps in the accounting cycle? B.Explain th e steps that must be taken for closing entries? C. Explain how one of the entries changes depending on if you have net income or net loss?

Use only the email that Mr Denis French received from Ms Sarah Dlamini on 23 September 2021 in “DOCUMENT 1”, to discuss if the reasoning in her response can be regarded as ethical in conducting good business.

What amount should Makayla report as profit or loss from business? You may refer to her partially completed Schedule C, Profit or Loss from Business, which is shown below, to assist you in answering this question.

What are the possible actions when a business becomes insolvent? One of them is fresh start accounting. Please explain what is new start accounting and what are their criteria? Is it possible for Garuda Indonesia Airlines to do a fresh start accounting according to PSAK?  please answer clearly and concisely, and be accompanied by a reference link, thank you.