Question
As the newly hired Accountant for IUGATE Inc. your supervisor has asked you to include the $150,000 cash that is expected to be collected in
As the newly hired Accountant for IUGATE Inc. your supervisor has asked you to include the $150,000 cash that is expected to be collected in 2016 in the financial statements for the year ending 2015. He argued that one of the company's long-term reliable customers has promised to pay his outstanding debt on January 4, 2016. Therefore, it will be no problem including the expected cash in the December 31, 2015 financial statements. Explain what you would do and why.
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College Accounting
Authors: Tracie Nobles, Cathy Scott, Douglas McQuaig, Patricia Bille
11th edition
978-1111528300, 1111528128, 1111528306, 978-1111528126
