Assignment Task
After a crazy year dealing with the changes that COVID-19 brought to Temple Shoe Co (“TSC”, the “Company”), Harper is feeling anxious heading into this year end audit. TSC was forced to close its stores for periods of time, discontinue a specific line of business and create arrangements with suppliers that they historically never have. TSC has been in business for over 100 years in North America and is one of the leading shoe manufacturers. It has many divisions and brands of shoes and has a strong brand reputation. TSC has a year end of December 31 and reports their financial statements under Accounting Standards for Private Enterprises (ASPE). Harper has been part of TSC for over 10 years and has held many roles in the Company. In her most recent role as the Chief Financial Officer (CFO), she is requiring help in her analysis of some of the unusual situations that occurred this year.
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