please answer this asap, thanks! answer must be in detail. provide with clear explanations per number as well as solving. The net income of Cruz', a department store, decreased sharply during 20X5.Mark Cruz, owner of the store anticipates the need for a bank loan in 20X6.Late in 20X5 he instructed the accountant to record a P26,000 of furniture tothe Cruz family, even though the goods will not be shipped from themanufacturer until January 20X6. Cruz also told the accountant not to makethe following December 31, 20X5, adjusting entries:Salaries owed to employeesPrepaid insurance that has expiredP18,0005,300Required:1. Compute the overall effect of these transactions on the store's reportedincome for 20X5.2.Why did Cruz take this action? Is this action ethical? Give your reason,identifying the parties helped and the parties harmed by Cruz' action.As a personal friend, what advice would you give the accountant?3.

The store's 20X5 income report overstates sales by P49,300 as a result of these transactions.By…

1. Compute the overall effect of these transactions on the store's reported income for 20X5. 2. Why did Cruz take this action? Is this action ethical? Give your reason, identifying the parties helped and the parties harmed by Cruz' action. 3. As a personal friend, what advice would you give the accountant?

1. Compute the overall effect of these transactions on the store's reported income for 20X5. 2. Why did Cruz take this action? Is this action ethical? Give your reason, identifying the parties helped and the parties harmed by Cruz' action. 3. As a personal friend, what advice would you give the accountant?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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