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Several years ago in its annual report, Philip Morris Companies, a major manufacturer of tobacco and food products, included footnote 16, which was almost five pages long. It consisted of a number of separate sections covering such topics as an overview of tobacco-related litigation, the type and number of cases, pending and upcoming trials, verdicts in individual cases, litigation settlements, smoking and health litigation, health care and cost-recovery litigation, and certain other tobacco-related litigation. During the year, over 500 smoking and health-related cases had been filed against the company, an increase of 30 percent over the previous year and 200 percent over the year before that. The company booked a pretax charge of over $3 billion, reducing reported net income to slightly over $5 billion.
REQUIRED:
Discuss Philip Morris's disclosure and accrual in terms of
(1) the methods used to account for loss contingencies, and
(2) the potential economic consequences associated with the disclosure and accounting treatment.
A and B play a game in which each has 3 coins a 5p, a 10p and a 20p respectively.- Each selects a coin without the knowledge of the others choice. If the sum of the coins is an odd amount A win's B's coins. If the sum is even B wins A's coin. Find..
The utility fund has a beta of 0.5. and the technology fund has a beta of 1.3. If the portfolio's beta equals 1.26. how much of Karen's portfolio is invested in the technology fund?
1.Frieda Inc. is considering a capital expansion project. The initial investment of undertaking this project is $105,500. This expansion project will last for five years. The net operating cash flows from the expansion project at the end of year 1, 2..
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Midyear on July 31st, the Baldwin Corporation's balance sheet reported: Total Liabilities of $128.165 million Total Common Stock of $6.350 million Cash of $10.050 million Retained Earnings of $45.041 million. What were the Baldwin Corporation's to..
Then how much should you be willing to pay for the bond? Round your answer to two decimal places.
Compare and contrast the approach to strategic planning that each company has pursued in order to achieve a competitive advantage. Focus specifically on both intended and emergent strategies.
The maturity risk premium for all bonds is found with the formula MRP = (t - 1) x 0.1%, where t = number of years to maturity. What is the liquidity premium (LP) on Niendorf's bonds?
Given the estimates of duration in Problem 21, how should the bank alter the duration of its assets to immunize its net worth from interest-rate risk?
find the amount to which 500 will grow under each of the following conditionsa. 12 percent compounded annually for 5
Draw a short- run aggregate supply curve. - Why is the curve upward sloping? - What causes the short- run aggregate supply curve to shift?
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