You Have Recently Started to Work for Thom Hanks Manufacturers

question 176

Essay

You have recently started to work for Thom Hanks manufacturers of cemetery markers and monuments. During your first month at work you inadvertently recorded as revenue about $6000 of prepayments from Ledger Company. The financial statements had been released within the company when you discovered your error. The month-end closing had not been completed however and you were able to correct the accounts without incident.
Required:
Prepare a short note to accompany the re-released financial statements explaining the mistake.

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Definitions:

Social Regulation

The mechanisms, processes, and norms through which society regulates the behavior of individuals and groups to maintain social order.

Phenomenological Sociologists

Sociologists who study how individuals perceive and interpret their own experiences and the world around them.

Official Statistics

Official statistics are data collected and published by government agencies or other authorized organizations, often used for policy making and research.

Widowed Persons

Individuals who have lost their spouse through death and have not remarried.