Resources Generally Accepted Accounting Principles (GAAP)

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 700 words including the following information to better outline the situation:Explain how cash and accrual accounting differs for each of the events listed in the above scenario and describe the proper accrual accounting.Assess how at the end of the year, BizCon reported a favorable net income, yet the company’s management is concerned because the company is very short of cash. Explain to management how BizCon could have positive net income and yet run out of cash.Format your assignment consistent with APA guidelines.

"Looking for a Similar Assignment? Order now and Get a Discount!

Our guarantees
1. High-Class Quality.
‘Will you write my paper for me that meets all requirements?’ This question is frequently asked by many students, and we always answer in the affirmative. Our main goal is to deliver a perfectly written paper the meets high writing standards. We don’t rest unless you are satisfied with our work. If you hire a paper writer online, we guarantee you that you get 100% original and plagiarism-free assignments of high quality.
2. Complete Anonymity.
We value your privacy and use modern encryption systems to protect you online. We don’t collect any personal or payment details and provide all our customers with 100% anonymity. ‘Can you write a paper for me so that I could stay anonymous?’ Of course, we can! We are here to help you, not to cause problems.
3. Fast Delivery.
We completely understand how strict deadlines maybe when it comes to writing your paper. Even if your paper is due tomorrow morning, you can always rely on us. Our writers meet all set deadlines unequivocally. This rule is ironclad! The offered range is wide and starts from 6 hours to 2 weeks. Which one to choose is totally up to you. For our part, we guarantee that our writers will deliver your order on time.