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You are the Chief Financial Officer (CFO) of a firm that is being sued for damages it caused. It is the end of your fiscal year, and you are trying to determine the appropriate treatment of this matter. Your boss, the Chief Executive Officer (CEO) acknowledges (privately) that your firm is responsible for the damages and that the judgment will be made against your firm. Your legal counsel estimates that the penalty levied by the court will be in the range of $2 million to $6 million, with a most likely amount of $4 million.
The CEO's position on the matter is that because of the wide variance in the range of possible outcomes (i.e. penalties levied) that the best thing to do is to simply wait until the case is settled (next year), and record at that time the actual damages assessed by the court.
What are some possible reasons that the CEO may hold his viewpoint? What should be your response to the CEO? Do you think it is necessary to make an accrual for an estimated amount of the assessment or settlement? If so, what amount do you think is appropriate? Explain.
Write general journal entries to record the transactions and Write a stockholders' equity section as of the close of business on December 31, 2012.
Audit of general motors revenue. Each car and truck has an invoice on the window and is in GM's computer system, and that 8 million cars and trucks were sold.
Decide whether, in the event of an economic slowdown in the U.S., Bank of America's overseas revenue generation might serve to shelter the parent from slow or negative growth in the U.S. market. Explain and support your opinion.
Lenter Supply Corp. is a medium-sized distributor of wholesale hardware supplied in southern Manitoba. It has been a client of yours for several years and has instituted excellent internal control for sales at your recommendation.
What are the powers of the Federal Reserve Bank in controlling the nation's money supply? Among the powers, which has the most impact? Which powers are used least often?
As part of the audit of Manor Company, you are assigned to review and test the payroll transactions of the Galena plant.
Prepare Swag's consolidated balance sheet
In light of audit failures over the last decade, are current audit standards sufficient to ensure the integrity of audit opinions? Why or why not?
Evaluate the extent to which this audit conforms to that required by generally accepted auditing standards (GAAS). What GAAS requirements have been omitted or otherwise not complied with?
To prepare a report on a criteria audit conducted at Curtin Hospital.
Prepared in good form a working paper and conclude whether the auditor can rely on the control of authorization of credit. Your working paper could add the sampling steps identified in the textbook for tests of controls.
Suppose you were considering depositing your savings in one of three banks, all of which pay 5 percent interest; bank A compounds annually, bank B compounds semiannually, and bank C compounds daily. Which bank would you choose? Why?
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