# accounting

posted by .

Can someone tell me how to figure this out? I am so lost when it comes to accounting.

The net income of Simon and Hobbs, a department store, decreased sharply during 2000. Carol Simon, owner of the store, anticipates the need for a bank loan in 2001. Late in 2000, Simon instructs the store's accountant to record a \$10,000 sale of furniture to the Simon family, even though the goods will not be shipped from the manufacturer until January 2001. Simon also tells the accountant not to make the following December 31, 2000 adjusting entries:

Salaries owed to employees: \$900
Prepaid insurance that has expired: \$400
Why is Simon taking this action? Is her action ethical? Give your reason, identifying the parties helped and the parties harmed by Simon's action.

## Respond to this Question

 First Name School Subject Your Answer

## Similar Questions

1. ### ACCOUNTING

THE NET INCOME OF SIMON AND HOBBS, A DEPT.STORE,DECREASED SHARPLY DURING 2000.CAROL SIMON, OWNER OF THE STORE, ANTICIPATES THE NEED FOR A BANK LOAN IN 2001. lATE IN 2000, SIMON INSTRUCTS THE STORE'S ACCOUNTANT TO RECORD A 410,000 SALE …
2. ### Accounting

Why is Simon taking this action? Is her action ethical?
3. ### Accounting

Why is Simon taking this action? Is her action ethical?
4. ### Accounting Math

This is not homework i already got it wrong without an explanation. On June 30, 2007, Simon Company discounted a customerâ€™s \$180,000, 6-month, and 10 percent note receivable dated April 30, 2007. A discount rate of 12 percent was …
5. ### Maths

Help me pls.. Lili gave 1/4 of her money to Simon. Then Simon gave 1/5 of whatever money he had then to Lili. Later Lili decided to give 1/3 of whatever money she had then to Simon. Finally, Lili had \$688 and Simon had \$872. How much …
6. ### math

simon added \$4.50 to the money in his bank. then his father agreed to double simon's money, which gave him \$33. how much money did simon have to begin with?
7. ### accounting..help plz urgent!

An accounting report that shows the changes in capital during the accounting period is: a.) a balance sheet. b.) an income statement. c.) a statement of owner's equity. d.) All of these answers are correct.
8. ### 6th Grade Math

Simon went to the store to buy new school supplies. Simon spent 1/4 of his money on pencils and paper and 1/2 of his money on a backpack. If Simon has \$12.50 leftover, how much did the backpack cost?
9. ### Math

3. Kay and SImon bought mugs at the gift shop. Simon bought 6 more mugs than Kay. Together they bought 32 mugs. Write an expression for each of them. Kay: x Simon: x + 6 Use an equation to find the number of mugs Kay bought and the …
10. ### English

in lord of the flies my character is Simon. I'm writing my concluding sentence and I can't quite figure out how to end it Simon is the most unique character in the novel. with his kindness and independent personality he is............ …

More Similar Questions