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On November 5, 2011, a Dunn Corp. truck was in an accident with an auto driven by Bell. Dunn received notice on January 12, 2012, of a lawsuit for $700,000 damages for personal injuries suffered by Bell.
Dunn Corp.'s counsel believes it is probable that Bell will be awarded an estimated amount in the range between $200,000 and $450,000, and that $300,000 is a better estimate of potential liability than any other amount.
Dunn's accounting year ends on December 31, and the 2011 financial statements were issued on March 2, 2012. What amount of loss should Dunn accrue at December 31, 2011?
Describe the differences between the current, quick, and cash ratios. Which one is the most conservative measure of short-term liquidity?
On July 1st 2015 ACME Company issued $20 million non-interest 1 year note to the bank who has a stated 10% discount rate. Principal and interest will be paid at maturity. What was the effective interest rate that ACME paid on this note?
The best capital budgeting method for ranking investment projects of different dollar amounts is the:
Prepare journal entries for the application of overhead, the actual overhead, and to record variances and close the overhead account. Note that on the actual overhead.
A machine which cost $300,000 is acquired on October 1, 2014. Its estimated salvage value is $30,000 and its expected life is 8 years. Calculate depreciation expense for 2014 and 2015 by the sum-of-the-years' digit method. Show all figures used and r..
Identifying the External borrowings requirement or excess cash generated by preparing the pro-forma balance sheet - Forecast the firm's December 31, 2010 pro-forma balance sheet. Identify the external financing need (EFN) or excess cash generated.
Be sure to include an evaluation of the Footnote disclosures regarding Lucent's inventories in your examination. Does the explanation for the earnings shortfall provided by Lucent's managers make sense in light of your analysis?
question batch processing arises when similar transactions are accumulated over time and processed mutually. real time
Give journal entries for the following events and transactions: Purchase, on credit, of direct materials and Direct materials issued to production.
Tri-State Bank and Trust is considering giving Josef Company a loan. Before doing so, management decides that further discussions with Josef’s accountant may be desirable. Josef sold goods costing $44,300 to Sorci Company, FOB shipping point, on Dece..
module 11 what are the maturities on intels long-term debt?2 what are intels projected obligations on long-term debt
1,500 Memberships were sold to the public in the amount of $40 each. Membership provides the individual with a monthly magazine and other benefits. The estimated fair value of member benefits is $25. The member year runs from July 1 to June 30.
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