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Point 1: During the year, Metlock was sued by a competitor for a patent violation. The competitor is claiming that Metlock's liability is $2,000,000. Metlock's attorneys have advised it that it is probable that the court will find for the company's competitor. The attorneys estimate that the liability under the suit could be as little as $80,000 or as much as $400,000. The attorneys do not believe any amount within this range is a better estimate of Metlock's liability than any other amount within the range.
Question 1: How would one journalize this entry? know you journalize it because the attorney states we may lose. but the difference of 80000 and 400000. do you average this number out to 240000?
Determine what affect a sales volume increase or decrease will have on unit fixed cost, unit variable cost, total fixed cost, and total variable cost.
rex baker and ty farney are forming a partnership to which baker will devote one-half time and farney will devote full
An inexperienced accountant prepared condensed income statement for Simon Company. Prepare detailed multi-step income statement assuming a 25 percent tax rate.
Compute the Earnings per share, Price-earnings ratio measures for 2020. (Round all answers to 2 decimal places, e.g. 1.83 or 2.51%)
The joint bankruptcy filing of GGP and most of its SPEs has apparently allowed GGP to successfully reorganize much of its debt and repay all of its obligations, while retaining substantial value for its equity holders. Explain whether you agree or..
Peters, Chong, and Aaron are dissolving their partnership. Their partnership agreement allocates each partner an equal share of all income and losses. The current period's ending capital account balances are Peters, $84,000;
For which of the following businesses would a process cost system be appropriate? The two categories of cost comprising conversion costs are: The two categories of cost comprising Prime costs are:
On June 30, 2011, Rix Corporation had $10,000,000 of 9 percent bonds outstanding. The maturity date is June 30, 2016.. Interest is paid semiannually every June 30 and December 31. All the bonds were redeemed on June 30, 2011, at 98. At the time of th..
Briefly explain the double taxation problem and how paying large salaries to owners avoids it. Briefly discuss how the reasonable compensation issue applies to S-corporations.
Determine the Cassy Corporation's statement of financial position at the end of 2018 included:-Equipment, Accumulated depreciation-equipment.
Laurey Inc. is working on its cash budget for May. The budgeted beginning cash balance is $43,000. Budgeted cash receipts total $124,000 and budgeted cash disbursements total $118,000. The desired ending cash balance is $67,500. To attain its desired..
What would be the interest expense component of the second month's $600 payment - The warranty liability as at the end of the 2017 year was
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