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During the current year, P & P Products was involved in two lawsuits. In the first lawsuit, P & P Products was sued by two employees who claimed that they were injured by potentially defective containers that came apart during loading. The company's attorney has determined that there is a high probability that the jury will grant punitive damages of $1,000,000. In the second lawsuit, P & P Products sued a vendor for failure to comply with design specifications, which resulted in the faulty containers that caused the injuries listed in the first lawsuit. P & P Products is suing for $2,500,000 in damages to cover payment for the first lawsuit and damage to the company's reputation. The company's attorney is confident that the company will be successful. Required:
a. How should P & P account for the first lawsuit?
b. How should P & P account for the second lawsuit?
As its year-end approaches, it appears that Mendez Corporation's net income will increase 10 % this year. The president of Mendez Corporation, nervouse that the stockholders might expect the company to sustain this 10% growth rate in net income in fu..
Are these currency and Eurocurrency markets in equilibrium? How would you arbitrage the difference from the parity condition?
What is the future value of twenty monthly deposits that start at $37 but then increase by 5% a month in an account that earns 5% per month? Suppose you have decided to do some savings. You will deposit $1000 this year into an account that earns 2% p..
Calculate the increase or decrease in profits for the three divisions and the company as a whole (four separate computations) if the agreement is enforced.
maher inc. reported income from continuing operations before taxes during 2012 of 790000. additional transactions
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What is the budgeted manufacturing support cost per unit of S-101? What is the budgeted manufacturing support cost per unit of C-110?
Wallace Company lost of its inventory in a fire in December just before the year-end physical inventory was taken. Merchandise with a selling price of $ 21,000 remained undamaged after the fire. Damaged merchandise with original selling price of $15,..
The expansion will cost two million dollars, and is expected to increase operating earnings to $2,100,000. What factors should Turners manager and her supervisor, the VP of operations, consider in deciding whether to go forward with the expansion?..
Top managers of marshal industries predicted annual sales of 23,600 units of its product at a unit price of $5.00. Actual sales for the year were 22,800 units at $5.50 each.
Simon Samson runs a catering business, Simple Simons, out of his home. He uses the same kitchen for his business and for personal purposes. The business use of the kitchen is 60% and the personal use is 40%. On July 4, Simple Simons had an explosion ..
the obama healthcare bill changes the tax situation for certain "cadillac" health plans. exactly what is the tax law now on health care provided by employers? how will the proposed chages affect taxpayers? how much revenue will this provide for t..
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