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1. Accounting for Pollution Expenditure Counting Crows Company operates several plants at which limestone is processed into quicklime and hydrated lime. The Eagle Ridge plant, where most of the equipment was installed many years ago, continually deposits a dusty white substance over the surrounding countryside. Citing the unsanitary condition of the neighboring community of Scales Mound, the pollution of the Galena River, and the high incidence of lung disease among workers at Eagle Ridge, the state's Pollution Control Agency has ordered the installation of air pollution control equipment. Also, the Agency has assessed a substantial penalty, which will be used to clean up Scales Mound. After considering the costs involved (which could not have been reasonably estimated prior to the Agency's action), Counting Crows Company decides to comply with the Agency's orders, the alternative being to cease operations at Eagle Ridge at the end of the current fiscal year. The officers of Counting Crows agree that the air pollution control equipment should be capitalized and depreciated over its useful life, but they disagree over the period(s) to which the penalty should be charged. Discuss the conceptual merits and reporting requirements of accounting for the penalty in each of the following ways.
(a) As a charge to the current period.
(b) As a correction of prior periods.
(c) As a capitalizable item to be amortized over future periods.(AICPA adapted)
many accounting writers have emphasized the effect that the can have on managerial incentives to overproduce. when
the information is available for completed job 402 direct materials 60000 direct labor 90000 manufacturing overhead
during the year hamlet inc. paid 29000 to have bond certificates printed and engraved paid 120000 in legal fees paid
elton company issues 7 15-year bonds with a par value of 350000 and semiannual interest payments. on the issue date the
the mars company applies factory overheads to production by meansof pre-determined rate based on expected actual
Briefly discuss the operating performance and financial positions of Sepracor Industry averages for these ratios in 2007 were ROA 3.5%; Return on Equity 16%; and Debt to Assets 75%. Based on this analysis, would you make an investment in the compa..
Suppose that different amounts of fertilizer had been used in different fields that were involved in the wheat trials. (a) Explain how the use of different amounts of fertilizer confounds the experimental analysis in the absence of randomization.
The risk-free holding period return for the next six month is 4 percent, which corresponds to an 8 percent annual rate.
What key points do you need to make in favor of this investment? What arguments can you anticipate that the board might make?
preferred stock price and returna firm has preferred stock outstanding with a 1000 par value and a 40 annual dividend
Pick a career that you are considering. What type of information system would help you on the job? Perform technical, economic, legal, operational, and schedule feasibility for an information system you would like developed.
during 2013 the jkl restaurant had sales revenues and food costs of 830000 and 620000 respectively. during 2014 jkl
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