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Disclosures, Conditional and Contingent Liabilities Presented below are three independent situations.
Situation 1
A company offers a one-year warranty for the product that it manufactures. A history of warranty claims has been compiled, and the probable amounts of claims related to sales for a given period can be determined.
Situation 2
Subsequent to the date of a set of financial statements, but prior to the issuance of the financial statements, a company enters into a contract that will probably result in a significant loss to the company. The amount of the loss can be reasonably estimated.
Situation 3
A company has adopted a policy of recording self-insurance for any possible losses resulting from injury to others by the company's vehicles. The premium for an insurance policy for the same risk from an independent insurance company would have an annual cost of $4,000. During the period covered by the financial statements, there were no accidents involving the company's vehicles that resulted in injury to others.Discuss the accrual or type of disclosure necessary (if any) and the reason(s) why such disclosure is appropriate for each of the three independent sets of facts above.(AICPA adapted)
What is the necessary angle? The cross-section area is 0.72 m2 and the density of air is 1.20 kg/m3.
An early extinguishment of bonds payable, which were originally issued at a premium, is made by purchase of the bonds between interest dates. At the time of reacquisition:
in general consolidated financial statements should be prepared a. when a corporation owns more than 20 of the common
diversification increases when decreases.a. variabilityb. returnc. riskd. a and ce. all of
the current price of a share of juice stock is 40. while the outlook for juice stock is uncertain at the end of the
Analyze the various forms of penalties that occur as a result of tax evasion. Share your opinion on these penalties. Recommend a way in which to reduce the occurrences of tax evasion in the U.S.
A mutual fund manager claims that at least 70% of the stocks she selects will increase in price over the next year. We examined a sample of 200 of her selections over the past three years. Our P-value turns out to be 0.03. Test an appropriate hypo..
Thomas Corporation is evaluating whether to lease or purchase equipment. Its tax rate is 30 percent. The company expects to use the equipment for 5 years, with no expected salvage value.
Assignment OverviewType:Individual Project Unit: Primary Research MethodsDue Date: Mon, 6/6/16Grading Type:Numeric Points Possible: 100 Points Earned: 0Deliverable Length: 2-3 page Word documentView objectives for this assignmentGo To:
direct materials requisitioned from the storeroom should be charged to the work in process inventory account and the
The Scampini Supplies Company recently purchased a new delivery truck. The new truck cost $22,500, and it is expected to generate net after-tax operating cash flows, including depreciation, of $6,250 per year.
A firm reports EBIT of $100 million. The income statement shows depreciation of $20 million. If the tax rate is 35% and total capital expenditures and increases in working capital total $10 million, what is the free cash flow to the firm?
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