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Problem 1: Murals-R-Us Corporation is being sued for $12 million for age discrimination. The company lawyers believe it is probable the company will have to pay the $12 million on the lawsuit. How would the Murals-R-Us accountants account for this lawsuit?
Option 1: Record the contingent liability in the financial statements for $12 millionOption 2: Do not disclose the lawsuitOption 3: Record the contingent liability as a footnote in the financial statementsOption 4: None of these
Problem 2: Prairie Company had sales of $1,500,000. Estimated warranty costs are 1% of sales. Work performed under warranties during the period actually cost $8,750. The entry to record the warranty liability includes:
Option 1: a debit to Warranty Expense for $6,250.Option 2: a debit to Warranty Expense for $15,000.Option 3: none of theseOption 4: a debit to Warranty Expense for $23,750.Option 5: a debit to Warranty Expense for $8,750.
Investors will receive $65.75 and .14 shares of LVMH for each share of TIF. How would this new deal change your trade merger arbitrage trade set-up?
Allan makes a promissory note for $1000 payable to the order of Bob. Cathy steals the note from Bob, indorses (forgets) Bob's name on the back, and gives it to David, in exchange for a TV set. David negotiates the note for value to Emma.
what are the main problems caused by worldwide accounting diversity for a multinational corporation? think of practical
Capital budgeting decisions are not affected by return on investment considerations. The time value of money concept works on the principle that a dollar today is worth more than a dollar tomorrow. The accounting rate of return uses cash flows in its..
What will be the difference between ending inventory valuation at December 31, 2009, and the cost of goods sold for 2009, under FIFO and LIFO cost-flow assumptions?
Since it was shipped as of 31 st December, does this represent a sale for the year ended on that date? What additional audit steps would be taken to evaluate that the sale is valid?
Crabtree Inc had additions to retained earnings for the year just ended of $625,000. The firm paid out $130,000 in cash dividends, and it has ending total equity of $7.2 million.
Amortization associated with this acquisition is $17,700 per year. What amount of equity method income would Matthew recognize
Question - What is the future value of $6,300 cash receipts per year at the end of each year for 5 years, the discount rate is 6%
On the basis of the above data and the following additional information for the year, determine the net income of each company for the year.
On January 1, 20X2, Paul Co.’s defined benefit pension plan had plan assets with a fair value of $750,000, and a projected plan obligation of $875,000. Assume that pension expense is $80,000, what will be the projected benefit obligation at December ..
1/15, net 35. APP always takes the discount, but takes the full 15 days to pay its bills. What is the average accounts payable for APP?
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