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Techtronics, a technology company that uses iGAAP for its financial reporting, has been found to have polluted the property surrounding its plant. The property is leaded for 12 years and Techtronics has agreed that when the lease expires, the pollution will be remediated before transfer back to its owner. The lease has a renewal option for another 8 years. If this option is exercised, the cleanup will be done at the end of the renewal period. There is a 70% chance that the lease will not be renewed and the cleanup will cost $120,000. There is 30% chance that the lease will be renewed and the cleanup costs will be $250,000 at the end of the 20 years. If you assume that these estimates are derived from best estimates of likely outcomes and the risk-free rate is 5%, the expected present value of the cleanup provision is what ??
If a company assigns factory labor to production at a cost of $42,000 when standard cost is $40,000, it will:
The Warner Corporation has gross income of $560,000. It has business Expenses of $325,000, a capital loss of $20,000 and $2,500 of interest income on temporary investments. What is the corporation's taxable income?
Over the next few years companies will be shifting away form GAAP to IFRS (International Financial Reporting Standards). GAAP was a rules based approach to accounting where IFRS is a more principals based approach to accounting.
Financial interpretation No. 46R, "Consolidation of Variable Interest Entities," reference several FASB Concepts Statements in motivating the need to identify and consolidate variable interest entities.
Consider the recording of journal entries related to common, preferred, and treasury stock. How does the record-keeping of these entries relate to business?
An error was made in the computation of the percentage-of-completion of the current year's ending work-in-process inventory. The error resulted in assigning a higher percentage-of-completion to each component of the inventory than actually was the..
How is an auditors examination affected when a client has engaged in significant related party transactions? What measures should an auditor take to determine that such transactions have been properly recorded by the client?
Prepare any necessary adjusting entries relative to depreciation(use straight line) and amortization (use effective interest method) on December 31,2011.
On January 1, Toga Corporation granted stock options to top management. The options are exercisable within 4 years from the date of grant only if the employees are still in Toga's employ. When computing year-end earnings per share at December 31, ..
Tim is a Senor audit of Two Be Gone, a large publicly held company. The company recently completed an acquisition of its fifth largest competitor. What risks might this present? How will you, the auditor, respond to these risks (i.e. what actions ..
A company regularly sells its receivables to a factor who assesses a 2% service charge on the amount of receivables purchased. Which of the following statements is true for the seller of the receivables?
The auditors best defense against lawsuits would be that..... a. The client was aware of the misstatments b. Client actions contributed c. Audit was conducted in accordance with GAAS. d. Identity of the plaintiff was not known
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