Hi there, can you help me with this scenario please? The profit of Good Stuff, a department
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Question:
Hi there, can you help me with this scenario please?
The profit of Good Stuff, a department store, decreased sharply during 2018. Matt Smith, manager of the store, anticipates the need for a bank loan in 2019. Late in 2018, Matt instructs the store's accountant to record a $2,000 sale of furniture to the Smith family, even though the goods will not be shipped from the manufacturer until January 2019. He also tells the accountant not to make the following 31 December 2018 adjusting entries:
Salaries owed to employees$900
Prepaid insurance that has expired$400
a)Calculate the overall effects of these transactions on the store's reported income for 2018.
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