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Problem
On January 3, 2009, Acme Corp. owned a machine that had cost $300,000. The accumulated depreciation was $180,000, estimated salvage value was $18,000, and fair market value was $480,000. On January 4, 2009, this machine was irreparably damaged by Reed Corp. and became worthless. In October 2009, a court awarded damages of $480,000 against Reed in favor of Acme. At December 31, 2009, the final outcome of this case was awaiting appeal and was, therefore, uncertain. However, in the opinion of Acme's attorney, Reed's appeal will be denied. As of December 31, 2009, do we have a loss contingency, a gain contingency, or both? How should this be accounted for in the financial statements? Be sure to use the requirements of Codification Section 450 (FASB 5) to explain your answer.
Draw the entities and the minimum and maximum cardinalities for the two entities described in each problem. Some problems specify the entities that you should draw. Read each problem carefully. You might find the database design REA data model pow..
Pretend you are the CFO of a company that has paid a steady dividend for the past forty years and your recently hired, brilliant, freshly minted UTA Finance graduate who managed to pass Advanced Business Financial Analysis sends you a text message on..
Cramer Company sold five-year, 8% bonds on October 1, 2016. The face amount of the bonds was $100,000, while the issue price was $102,000. Interest is payable on April 1 of each year. The fiscal year of Cramer Company ends on December 31. How much in..
Show the effects of recognizing the NSF check on the financial statements by recording the appropriate amounts in a horizontal statements model and determine the true cash balinCe by.preparing a bank reconciliation econciliation as of May 31, 2013..
Tomas Makinson , CEO of Tartan Enterprise, Inc. (TEI), is considering a special offer to manufacture a new line of men’s clothing for a large department store chain. TEI has specialized in designer men’s clothing sold in small, upscale retail clothin..
Wickland Company installs a manufacturing machine in its production facility at the beginning of the year at a cost of $87,000. The machine's useful life is estimated to be 5 years, or 400,000 units of product, with a $7,000 salvage value. What journ..
What a global company's actual growth rate is from their financial statements for the past 2 years.
1.During the year, Sereno Co. recorded prepayments of expenses in asset accounts, and cash receipts of unearned revenues in liability accounts.
Compute Myco ‘s basic earnings per share for the year ended December 31, 2013. Compute Myco's diluted earnings per share for the year ended December 31, 2013.
Write about how management accountants can best support management decision making in defining an organization’s strategic vision. Your discussion should reflect the skills, roles and responsibilities of Today’s Management Accountant supplemental inf..
Jeff Johns is a staff accountant and has been assigned to the audit of Worldwide Enterprises, Inc. Subsequent to the completion of fieldwork; Jeff was assigned to draft the audit report. Based on the contents of the paragraph above, which condition r..
Prepare a statement of cash flows for 2011. Use the direct method for reporting operating activities, refer to the above situation.
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