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If a company has a 51% chance that a customer will win a law suite against them for damages between $5-$15 million how is this recognized under both GAAP and IFRS
Tosco Co. paid $540,000 for 80% of the stock of Martz Co. when the book value of Martz's net assets was $600,000. For all of Martz's assets and liabilities, book value and fair value were approximat
Answer the following questions, documenting any additional issues including the accounting literature identified to support recommendations and conclusions for resolving the issues.
During the year, Caravan reports ordinary income of $60,000, a long-term capital gain of $10,000, and a charitable contribution of $5,000. Alan receives a $20,000 cash distribution from Caravan on D
Required: Prepare the journal entries necessary to account for the Sonny investment, assuming that Fredo accounts for that investment as (1) an available-for-sale investment, and (2) elects the fair
A company acquired a new high-tech printing press on January 1, 2011, for $90,000. At that time, the company estimated the press would have a six-year life and salvage value of $6,000.
The company uses the perpetual inventory system. 2. Show how Accounts Receivable and the Allowance for Doubtful Accounts appear on its October 31 balance sheet.
Ignoring income taxes, compute the amount of loss, if any, to be recognized by Prebish as a result of retiring the $1,000,000 of bonds in 2012. (Round answers to 0 decimal places, e.g. $38,548.)
Which tax attributes are reduced and by how much? Assume USA did not make any special elections when reducing its attributes.
Prepare the journal entries to record the purchase by Thomas on November 17 and payment on November 26.
She also expected additional case expenses amounting to $3,000 per years. The cost of capital is 12%. Assume there are no income taxes.
Suppose instead that Jasmine's year 10 gross incomes from the sale of the kittens is $4,000. How much can she deduct?
Pawn acquired its interest in Sox for cash at book value several years ago when Sox's assets and liabilities were equal to their fair values.
Top Disc manufactures frisbees. The following information is available for 2013 , the company's first year in business when it produced 325,000 units. Revenue of $450,000 was generated by the sale o
Provide recommendations to the CPA about how to select and evaluate a sample for testing inventory.
The controller decided that a last-minute inventory purchase, at current higher prices, was the answer to the problem, and asked the purchasing department to check the inventory files and stock up o
Prepare the stockholders' equity section of the balance sheet as of December 31, 2012. Net income for the year was $480,000.
Assume the company uses variable costing and a FIFO inventory flow assumption (FIFO means first-in first-out. In other words, it assumes that the oldest units in inventory are sold first):
Kramer has two primary bank accounts. At December 31, 2012, one of these accounts had bank overdrafts that caused the balance to have a negative balance of 100,000. The other bank account had a bala
What is the passive activity loss limitation? Are rental activies passive activities? Why or why not?
Compare and contrast proprietary fund reporting under GASB No.34 with GAAP financial reporting for non-governmental entities. Examine why GASB requires the direct method for cash flow statements in
In the most cases, for profitable firm, assuming that unit sales remain the same, if the variable cost per unit and total fixed costs decrease by 10% and the firm reduces the selling prices to custo
On a standard financial statement audit, which employees within an organization would likely be a good source for the audit team?
Evaluate the proposed change in credit standards and make a recommendation to the firm.
What is the effective annual rate? (Do not include the percent sign (%). Enter rounded answer as directed, but do not use the rounded numbers in intermediate calculations. Round your answer to 2 dec