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Questions -
Q1. ABC Company is being by a competitor. According to the lawyer, it is reasonably possible that ABC will lose the lawsuit and pay between $500,000 and $1,000,000. What amount that ABC accrue as a contingent liability in its balance sheet? Should ABC disclose the contingency in its note?
Amount
Disclosure in the note
1
0
No
2
Yes
3
$ 500,000.00
4
5
$ 800,000.00
Q2. On January 1, 2007, ABC Company issued $100,000 of 8 % bond for $108,425 maturing in 5 years. The bond yield 6% and interest is payable annually on December 31. The premium of the bond is being amortized by effective interest method.
What amount of interest expense should ABC report in its 2007 Income Statement?
1. $6,400
2. $6,450
3. $6,506
4. $6,600
5. $8,000
Evaluate the advantages of separate transaction methods and the profit and loss methods over one another when translating foreign income. Create an argument for using one method over the other.
Machine: On December 26, the machine was exchanged for another machine having a fair value
A. Prepare the summary of the tax consequences for the three transactions Mr. Johnson listed. Assume that the anticipated cash purchase price is $2.55 million for the noncash assets and $2.6 million for the stock.
For each of the following scenarios, say whether the data should be treated as independent or paired samples. Explain briefly. If paired, explain what the pairing involves.
What are the objectives of Regulation FD? What are the concerns about this U.S.-based regulation?
stanley printing company began operation in march with three custom orders. the following costs were incurred during
Predict the total cost in a month when 5500 tests are performed.
If Pisa, Inc.'s incremental borrowing rate is 10% and the rate implicit in the lease (which is known by Pisa, Inc.) is 8%, what is the amount recorded for the leased asset at the lease inception?
match each term with the correct definition.a.contingencyb.discountc.premiumd.capital leasee.stated ratef.effective
Grand River Corporation reported taxable income of $800,000 in 20X3 and paid federal income taxes
a firm has targeted a 20 growth in sales this year. last years cash as a percent of sales was 10 accounts receivable 30
for the year ended december 31 2007 revenuenet sales...............................................2850000 dividend
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