Environmental awards and fines

Assignment Help Operation Management
Reference no: EM131436659

Several months ago, Maximilien Company experienced a spill of radioactive materials into the Missouri River from one of its plants. As a result, the Environmental Protection Agency (EPA) fined the company $1,750,000. The company contested the fine. In addition, an employee is seeking $975,000 damages related to the spill. Finally, a homeowner has sued the company for $580,000. Although the homeowner lives 15 miles downstream from the plant, he believes that the spill has reduced his home's resale value by $580,000. Maximilien's legal counsel believes the following will happen in relationship to these incidents: It is probable that the EPA fine will stand. An out-of-court settlement for $650,000 has recently been reached with the employee, with the final papers to be signed next week. Counsel believes that the homeowner's case is weak and will be decided in favor of Maximilien Company. Other litigation related to the spill is possible, but the damage amounts are uncertain. Required: Based on this information, prepare the journal entries for the contingent liabilities associated with the spill. Use the account "Environmental Awards and Fines" to recognize the expense for the period. If an amount box does not require an entry, leave it blank or enter "0".

 

Reference no: EM131436659

Questions Cloud

How will you communicate information to employees : How will you communicate information to employees? How often will you communicate information to employees? What tools or methods will you use to communicate the plan?
Evidence of effect due to interaction of state : Construct the ANOVA summary table. Is there any evidence of an effect due to interaction of state and cover type? Use a = 0.01.
Discuss the fundamental problems of information silos : Explain what an information silo is and discuss the fundamental problems of information silos. Close the discussion by explaining how this problem can be remedied
Compare the following retirement options : A new employee joins your company at age 24 making $40,000 per year. Currently, banks are paying 5% interest on saving accounts, and the rate of return on the company stock is 4% per year. During benefits enrollment, the employee stated that she..
Environmental awards and fines : Several months ago, Maximilien Company experienced a spill of radioactive materials into the Missouri River from one of its plants. As a result, the Environmental Protection Agency (EPA) fined the company $1,750,000. The company contested the fine. U..
Construct the two way anova summary table : Sports and Leisure - Construct the two-way ANOVA summary table. Interpret the results. Use a = 0.001 for each hypothesis test.
How could using a mean difference test help : BUS 308- How can you or your department decide whether or not the observed differences over time are important? How could using a mean difference test help?
True regarding production? technologies : Which of the following statements is NOT true regarding production? technologies?
Many challenges to firm engaging in international business : The business environment can pose many challenges to a firm engaging in international business. Some of these challenges stem from differences between home and host countries in areas such economic development, economic systems, political systems and..

Reviews

Write a Review

Operation Management Questions & Answers

  Book review - the goal

Operations Management is about a book review. Title of the book is "Goal". This book has been written by Dr. Eliyahu Goldartt. The book has been appreciated by many as one of those books which offers an insight into the operations and strategic capac..

  Operational plan in hospitality enterprise

Operational plan pertaining to a hospitality enterprise is given in detail in the solution. The operational plan is an important plan or preparation which gives guidelines regarding the role and responsibilities of each and every operation at all lev..

  Managing operations and information

Recognise the importance of a strategic approach to the development and deployment of organisational information systems. Demonstrate an understanding of the importance of databases and their integration to the organisation's overall information mana..

  A make-or-buy analysis

An analysis of the holding costs, including the appropriate annual holding cost rate.

  Evolution and contributor of operations management

Briefly explain Evolution and contributor of Operations management.

  Functions and responsibilities of an operations manager

A number of drivers of change have transformed the roles, functions and responsibilities of an operations manager over recent years. These drivers have not only been based on technological innovations but also on the need for organisations to develop..

  Compute the optimal order quantity

Compute the Optimal Order quantity of DVD players. Determine the appropriate reorder point.

  Relationship to operations practice in the organisation

Evaluate problems in operations and identify approaches to overcoming them. Critically evaluate operating plans and identify areas for improvement. Justify, implement and evaluate changes to operations in line with modern approaches.

  A make or buy analysis

Develop a report for Figi Fabricating that will address the question of whether the company should continue to purchase the part from the supplier or begin to produce the part itself.

  Prepare a staffing plan

Prepare a staffing plan showing the change of your unit from medical/surgical staffing to oncology staffing.

  Leadership styles in different organizations

Ccompare the effectiveness of different leadership styles in different organizations

  Risk management tools and models

Be able to understand the concept of risk, roles and responsibilities for risk management and risk management tools and models.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd