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On October 1, 2010, Holmgren Chemical was identified as a potentially responsible party by the Environmental Protection Agency. Holmgren's management along with its counsel have concluded that it is probable that Holmgren will be responsible for damages, and a reasonable estimate of these damages is $6,000,000. Holmgren's insurance policy of $9,000,000 has a deductible clause of $500,000. How should Holmgren Chemical report this information in its financial statements at December 31, 2010?
Under the authority of the IRS, real property can be seized for nonpayment of taxes. In addition, the local government could confiscate personal property for public use. Analyze how involuntary conversions differ from condemnations and how to dete..
Webb Co. acquired 100% of Rand Inc. on January 5, 20011. During 2011, Webb sold goods to Rand for $2,400,000 that cost Webb $1,800,000. Rand still owned 40% of the goods at the end of the year. Cost of goods sold was $10,800,000 for Webb and $6,40..
What is Bethany' amortization expense for the current year, rounded to the nearest whole dollar?
Compute the efficiency variances for direct labour and direct materials. Provide likely explanations for variances. Do you have reason to be concerned about you performance evaluation? Explain.
Swanson Corporation issued $8 million of 20-year, 8 percent bonds on April 1, 2009, at 102. Interest is due on March 31 and September 30 of each year, and all of the bonds in the issue mature on March 31, 2029. Swanson's fiscal year ends on Decemb..
Trent files his tax return 35 days after the due date. Along with the return, Trent remits a check for $8,000, which is the balance of the tax owed.
If the current assets in 2010 were 112,004 and in 2009 the current assets were 113,030 the change is -1,026. That would mean the percent of change is -.009%. Is this correct? Can a percent of change be negative? If so, is this the proper way to wr..
Canoe Company's manufacturing accounting system uses direct labor costs to apply overhead to goods in process and finished goods inventories. Canoe Company's manufacturing costs for the year were:
Imagine a invester has increased your budget by $22,500. The investor does not need to be repaid. Rather, he becomes part owner of your business. Will the investor contribute enough money to meet the costs of rent and utilities? Support your answe..
Do you believe this reduction in costs has substantially impaired the ability of these industries to meet the needs of their customers?
When a U.S. company purchases parts from a foreign company, which of the following will result in no foreign exchange gain or loss?
Evaluate the number of shares to be employed in determining diluted earnings per share for 2013.
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