ACCT 101 Week 3 Discussion | Canvas University
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- 24 Jun 2021
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ACCT 101 Week 3 Discussion | Canvas University
Module 3 Discussion - Steinbach & Sons
The net income of
Steinbach & Sons, a landscaping company, decreased sharply during 2018.
Mort Steinbach, owner and manager of the company, anticipates the need for a
bank loan in 2019. Late in 2018, Steinbach instructs the company’s accountant
to record $2,000 service revenue for landscape services for the Steinbach
family, even though the services will not be performed until January 2019.
Steinbach also tells the accountant not to make the following
December 31, 2018, adjusting entries:
|
Salaries owed to employees |
$ 900 |
|
Prepaid insurance that has
expired |
400 |
Requirements
1. Compute the overall
effects of these transactions on the company’s reported net income for 2018.
2. Why is Steinbach
taking this action? Is his action ethical? Give your reason, identifying the
parties helped and the parties harmed by Steinbach’s action.
3. As a personal
friend, what advice would you give the accountant?
|
Criteria |
Full Points |
|
Initial post made by 11:59pm on
Thursday |
2 |
|
Answers to discussion questions
are complete, demonstrate careful reading and reflection on the material, and
demonstrate understanding of concepts |
4 |
|
At least one, insightful
comments to classmates initial posts by 11:59pm on Sunday |
2 |
|
Correct grammar and spelling |
2 |
USA 
India