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Sea Green has just lost a product liability suit with damages of $7 million being awarded to the plaintiff. Although Sea Green will appeal the judgment, legal counsel indicates the judgment is highly unlikely to be over turned by the appellate court. The product liability insurance carried by Sea Green has a policy ceiling of $3million. What is the amount of liability of Sea Green Enterprises and its owners if the form of the business entity
a. A sole proprietorship?
b. A partnership?
c. A C corporation?
d. An S corporation?
Blue Enterprises has determined that three variables play a key role in determining company revenues. To arrive at an objective forecast of revenues for the next accounting period, Wesley should use:
the question is about preparation of income statement schedule.you have been asked by a client to review the records of
Prepare the statement, with explanations, showing the greatest profit available from the limited amount of skilled labour available, within the constraint stated. Hint: Remember that all labour is paid at the same rate.
You are a manufacturer who produces products in batches. You currently assign overhead to products based on machine hours (mh). One of the costs included is setup cost. Machines must be setup for each batch. For the past year, total setup costs were ..
The amount of joint cost allocated by physical measure method - Evaluate the amount of joint cost allocated to each product if the physical-measure method is used.
In 2010, Steinrotter Construction Corp. began construction work under a 3-year contract. The contract price was $1,000,000. Steinrotter uses the percentage-of-completion method for financial accounting purposes.
1. prepare a journal entry to share the profit among the partners. include a narration.2. prepare journal entries to
multiple choice questions on budgetary control system.1. the cash budget is usually prepared before the production
Explain whether you prefer the IFRS or GAAP approach taxes and state why. Discuss how the differences in the two approaches (IFRS and GAAP) might be resolved in the convergence process.
Show whether decision to change the sales mix as per question is advisable or not - Would you advise adopting this plan?
What is the difference between operating profits under absorption costing and Variable costing and show all relevant calculations and T accounts
Distinguish between job costing and process costing. Describe the difficulties associated with each type. What can companies do in order to price products competitively and avoid some of these difficulties?
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