User Account

All Pages

Timber corporation seeking civil penalties and injunctive

Assignment Help Accounting Basics
Reference no: EM13879245

1.The Commonwealth of Virginia filed suit in October 2011, against Northern Timber Corporation seeking civil penalties and injunctive relief for violations of environmental laws regulating forest conservation. When the financial statements were issued in 2012, Northern had not reached a settlement with state authorities, but legal counsel advised Northern Timber that it was probable the ultimate settlement would be $1,000,000 in penalties.
The following entry was recorded:
Losslitigation ........................................................................... 1,000,000
Liabilitylitigation................................................................... 1,000,000

Late in 2013, a settlement was reached with state authorities to pay a total of $600,000 to cover the cost of violations.

Required:
1. Prepare any journal entries related to the change.
2. Briefly describe other steps Northern should take to report the change.

Reference no: EM13879245

Questions Cloud

Calculate cost of inventory reported on the balance sheet : The total merchandise inventory counted at the end of the year was $65,000. Purchases for $7,000 are in transit under FOB shipping point terms. Calculate the cost of inventory reported on the balance sheet.
How we should treat healthcare as an institution : Use the readings to link capitalist conceptions of individualism to how healthcare is organized in the United States. Discuss how health disparities (race, class, gender, sexuality) are legitimized under this conception of how we should treat heal..
How does ims help coordinate between supply chain partners : Describeinformation management system. How does the IMS help coordinate between supply chain partners?
Compute the account receivable turnover for year one and two : Compute the accounts receivable turnover for Year 2 and Year 1. Round to one decimal place. Compute the day's sales in receivables for Year 2 and Year 1. Use 365 days and round to one decimal place.
Timber corporation seeking civil penalties and injunctive : 1.The Commonwealth of Virginia filed suit in October 2011, against Northern Timber Corporation seeking civil penalties and injunctive relief for violations of environmental laws regulating forest conservation.
Tank accelerates to the right : The tank in Fig is filled with water and has a vent hole at point A. It is 1 m wide into the paper. Inside is a 10-cm balloon filled with helium at 130 kPa. If the tank accelerates to the right at 5 m/s/s, at what angle will the balloon lean? Will..
Explain the relevance of the story : Is it possible to offer sound alternatives to the moral failures that the story cites? We cannot quit our jobs over every ethical dilemma, but if we continually ignore our sense of values, who do we become?
Identify common information-gathering tools and techniques : Identify common information-gathering tools and techniques
Describe the primary function of a revenue cycle for company : Describe the primary function of a revenue cycle for a company such as Ergon plc, and explain how a lack of internal control could lead to the eventual collapse of the company.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd