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Here is an opportunity to connect you current learning about revenues, expenses and adjusting entries with the profession’s commitment to ethics.
EC3: Russell Company is a pesticide manufacturer. Its sales declined greatly this year due to the passage of legislation outlawing the sale of several of Russell’s chemical pesticides. In the coming year, Russell will have environmentally safe and competitive chemicals to replace these discontinued products. Sales in the next year are expected to greatly exceed any prior years. The decline in sales and profits appears to be a one-year aberration. But even so, the company president fears a large dip in the current year’s profits. He believes that such a dip could cause a significant drop in the market price of Russell’s stock and make the company a takeover target.
To avoid this possibility, the company president calls in Zoe Baas, controller, to discuss this period’s year-end adjusting entries. He urges her to accrue every possible revenue and to defer as many expenses as possible. He says to Zoe, “We need the revenues this year, and next year can easily absorb expenses deferred from this year. We can’t let our stock price be hammered down!” Zoe didn’t get around to recording the adjusting entries until January 17, but she dated the entries December 31 as if they were recorded then. Zoe also made every effort to comply with the president’s request.
Weygandt, J.J., Kimmel, P.D., & Kieso, D.E (2018). Accounting Principles (13th Ed.). Hoboken, NJ: John Wiley & Sons, Inc.
Respond thoroughly to the following questions in your PowerPoint presentation:
Prepare a Microsoft® PowerPoint® Presentation answering the questions presented in this Assignment and record the presentation with your voice. This presentation should inform the audience about the connection between revenues, expenses and adjusting entries with the profession’s commitment to ethics and the impact in the financial statements. Make sure to cite at least one source and reference it (in your separate reference slide) following APA guidelines.
A minimum of seven slides including the title, abstract and reference slides are required. Your presentation should be attractive and must include a slide for your abstract, which should include a concise and clear thesis statement.
You want to follow the conventions of Standard English that includes correct grammar, punctuation, and spelling. Your presentation must contain speakers notes at the bottom of each slide and be formatted according to APA guidelines. Review Writing Center resources on APA style and formatting. Access the Writing Center from the Academic Success Center found in the Academic Tools area in your course.
Review the items below to ensure you have covered all aspects required for this Assignment.
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