You Are the CFO for Cabbage Patch Toys

question 113

Essay

You are the CFO for Cabbage Patch Toys.The board of directors is meeting this afternoon.While reviewing your company's financial statements just minutes before the meeting you notice that no depreciation expense has been reported.
A)Describe to the board the impact that omitting this adjustment has had on your financial statements.
B)The board has asked you whether this mistake would impact its plan to declare a cash dividend during the meeting.Respond.

• A)Describe to the board the impact that omitting this adjustment has had on your financial statements.
• B)The board has asked you whether this mistake would impact its plan to declare a cash dividend during the meeting.Respond.

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