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On November 5, 2011, a Dunn Corp. truck was in an accident with an auto driven by Bell. Dunn received notice on January 12, 2012, of a lawsuit for $700,000 damages for personal injuries suffered by Bell. Dunn Corp.'s counsel believes it is probable that Bell will be awarded an estimated amount in the range between $200,000 and $450,000, and that $300,000 is a better estimate of potential liability than any other amount. Dunn's accounting year ends on December 31, and the 2011 financial statements were issued on March 2, 2012. What amount of loss should Dunn accrue at December 31, 2011?
What are the alternative tax system proposed to replace the current US tax system. What would be the expected impact on the economy, the IRS and other factors?
Scott and Tom are coffee roasters. They can roast up to 12,000 pounds of coffee beans monthly at their flagship store in Soho. However, they can only sell 3,000 pounds of coffee beans in the Soho store (flagship). Thus, Scott and Tom decided to open ..
Explain the costs involved in the creation of the system. Describe the ongoing maintenance that will be required. Provide a workflow diagram in Visio or equivalent software to illustrate how the system will work.
Definition of Yield and Rate of Return and identification of their role in finance.
Direct material $10 direct labor 20 variable manufacturing costs per unit 5 total variable manufacturing cost per unit $35 Fixed manufacturing overhead per year 100,00 Fixed selling and administrative expense per year $200,000
George Gershwin Co. sold $2,100,000 of 10%, 10-year bonds at 105 on January 1, 2014. The bonds were dated January 1, 2014, and pay interest on July 1 and January 1. If Gershwin uses the straight-line method to amortize bond premium or discount, deter..
What amount should Lino include as net cash provided by operating activities in the statement of cash flows?
Tim is a single, cash-method taxpayer with one personal exemption and an AGI of $50,000. In April of this year, Tim paid $700 with his state income tax return for the previous year. During the year, Tim had $4,100 of state income tax and $15,000 of f..
preparation of journal entries adjusted trial balance and classified balance sheet.mulder corporations balance sheet at
Merchandise inventory costing $20,000 was sold to customers for $28,000 cash. Illustrate what amount of revenue and cash flow resulted from this transaction?
Brake Company utilizes the perpetual inventory method. Inventory information for Part # AB124 revealed the following for the month of May.
Prepare a statement of cash flows in proper form for 2006, using the indirect or the direct method and Prepaid expenses pertain to operating expenses; accounts payable pertains to merchan-dise purchases.
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