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When faced with lawsuits, many companies recognize a loss and therefore credit a liability or reserve account for any future losses that may result. For instance, in the famous WorldCom case, Citibank, one of the world's largest financial services firms, announced it was setting up reserves or liabilities of $5.6 billion because of pending lawsuits due to its relationship with WorldCom.15 Were these pending law-suits contingent liabilities? According to the FASB, what conditions must exist before a liability related to a pending lawsuit can be entered in the accounting records?
case 1the sea-soft water company distributes its water softeners to dealers upon their request. the contract agreement
Business combinations historically have been accounted for as either a purchase or a pooling of interests. Now, with SFAS 141(R), the acquisition method is required. Explain why did FASB change the rules? Did VIEs have a role in that decision?
The controller for Traditional Manufacturing Inc. performed a trend analysis of the unit manufacturing costs of product T-2 for the month of March. Two patterns emerged; there was a gradual upward trend in the unit costs over the month for T-2 and th..
BIC was organized on January 2, 2012, with 100,000 authorized shares of $10 par value common stock. During 2012, BIC had the following capital transactions.
1. which of the following statements is true?a.the cost of goods available for sale consists of ending inventory and
Construction bids for the Spruce Street Project were opened and evaluated. A bid in the amount of $1,500,000 was accepted, and the contract, bearing a 4 percent retention clause was signed in October 2014.
cost of goods manufactured balance in the raw materials inventory account.dasilvia company had only 1 job in process on
loss on disposal of Sports Division, $555,000; and loss due to strike, $339,000. Ignoring income taxes, what total amount should Manning Company report as extraordinary losses?
Crystal Arts, Inc., had earnings of $160,000 for 2010. The company had 20,000 shares of common stock outstanding during the year. In addition, the company issued 2,000 shares of $100 par value preferred stock on January 3, 2010.
Sunshine Corporation has found that 60% of its sales in any given month are credit sales, while the remainders are cash sales. Of the Credit sales, the company has experienced the following collection. Prepare a cash collections budget for the first ..
Did Open Table rely more on creditors or stockholders for its financing at September 30, 2013? What is your information source? Did the retained earnings at September 30, 2013, arise primarily from current year earnings or earnings retained from prio..
what are some things you could do to avoid having states where these customers live require you to collect sales tax?"
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