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Last year, the Company sold certain assets and liabilities of the Lender's Bagels business to Aurora Foods Inc. for $275 million in cash. As a result of this transaction, the Company recorded a pretax charge of $178.9 million ($119.3 million after tax or $.29 per share). This charge included approximately $57 million for disposal of other assets associated with the Lender's business, which were not purchased by Aurora. Disposal of these other assets was completed during the current year. The original reserve of $57 million exceeded actual losses from asset sales and related disposal costs by approximately $9 million. This amount was recorded as a credit to other income (expense), net during the current year.
Explain how the Kellogg transactions described could be interpreted as an example of earnings management.
Both the budget process and budgets themselves can impact management actions, both positively and negatively. For instance, a common practice among non-profit organizations and government agencies is for management to spend any amounts remaining i..
which of the following accounts is a monetary item?
Download the COSO ERM executive summary(free of charge). According to the first page of the summary, what does enterprise risk management encompass?
Pumpkin Bags (PB) is a desiger of high quality backpacks and purses. Each design is made in small batches. Each spring, PB comes out with new designs for the backpack and for the purse.
Which of the following is not a condition that must be satisfied before interest capitalization can begin on a qualifying asset?
Selected data from a February payroll register for Gerfield Company are presented below. Some amounts are intentionally omitted. FICA taxes are 8%. State income taxes are 3% of gross earnings.
Which of the following is accounted for as a change in accounting principle?
The cash disbursements for selling and administrative expenses on the August selling and administrative expense budget should be?
A company's prime costs total $3,000,000 and its conversion costs total $7,000,000. If direct materials are $1,000,000 and factory overhead is $5,000,000, then direct labor is:
Tammy Potter, a new partner with the regional CPA firm of Tower & Tower, was recently appointed to the board of directors of a local civic organization. The chairman of the board of the civic organization is Lewis Edmond, who is also the owner of ..
1) Examine the need for auditing, including its importance and its impact on business. 2) Compare and contrast audit services and assurance services.
What are the total Period Costs incurred this period?
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