User Account

All Pages

How should the settlement be reported in ace year

Assignment Help Accounting Basics
Reference no: EM132019851

Question - Ace Co. settled litigation on February 1, 2005 for an event that occurred during 2004. An estimated liability was determined as of December 31, 2004. This estimate was significantly less than the final settlement. The transaction is considered to be material. The financial statements for year-end 2004 have not been issued. How should the settlement be reported in Ace's year-end 2004 financial statements?

Disclosure only of the settlement

Both a disclosure and an accrual

Neither a disclosure nor an accrual

Only an accrual of the settlement

Reference no: EM132019851

Questions Cloud

Discuss the compensation management regulations : Research Paper Apply workers' compensation management regulations and concepts to the following workplace scenario: You are a newly hired environmental safety.
Calculate the total present value of the cash savings : At the end of five years, the machine can be sold to realize after-tax cash flows of $5,000. Calculate the total present value of the cash savings
Discuss the use of the multiple enterprise rule : The state workers' compensation board that governs workers' compensation for the state that your company resides and performs all of its business in.
Calculate icy treats minimum and peak funding requirements : Icy Treats, Inc., is a seasonal business that sells frozen desserts. Calculate Icy Treats' minimum and peak funding requirements
How should the settlement be reported in ace year : The financial statements for year-end 2004 have not been issued. How should the settlement be reported in Ace's year-end 2004 financial statements
What you consider to be the ethical considerations : Post a brief explanation of what you consider to be the ethical considerations inherent in sharing health data. Then, state your position on whether.
Explore the orfalea foundation website : Explore the Orfalea Foundation website especially the History, aspirations, and mission to gain an understanding of the organizations development
Why medication alone is not as effective as psychotherapy : Write a 1,200-1,500-word essay about your findings on why medication alone is not as effective as psychotherapy in combination with medication for treating.
Discuss ramifications of legal and illegal immigration : Are the ramifications of legal and illegal immigration into the U.S. comparable? Does one category (legal or illegal) of immigration have more negative/positive

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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