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Hewlett-Packard On November 20, 2012, Hewlett-Packard announced that it had taken an $8.8 billion accounting charge, after discovering "serious accounting improprieties" and "outright misrepresentations" at Autonomy, a British software maker that H.P. bought for $11.1 billion in the previous year. The news was a major setback for H.P., which has been struggling to turn around its operations and remake its business. The charge essentially wiped out its profit. In the latest quarter, H.P. reported a net loss of $6.9 billion, compared with a $200 million profit in the period a year earlier. The company said the improprieties and misrepresentations took place just before the acquisition, and accounted for the majority of the charges in the quarter. The alarm bells started ringing less than a year after the technology company bought Autonomy in the summer of 2011. Unhappy with the business's sagging performance, H.P. ousted Mike Lynch, the software company's mercurial Cambridge-educated founder, and sent a team to England to review its books last May. It was then that a senior finance official at the British company stepped forward, raising questions about the accuracy of the numbers. But Mr. Lynch said his company's sales fell off a cliff after it merged with H.P. - not because it suddenly had to account for things legally, as H.P. claims, but because of institutional foot-dragging at H.P. The pattern of dysfunction at Autonomy that each side says the other fostered illustrates how hard it is for any two companies to fully understand each other before merging. It also calls into question whether what remains of Autonomy will quickly or easily deliver meaningful results. Answer the following questions: (1) In September 2010, HP completed its $2.35 billion merger with 3Par, just weeks after thwarting rival Dell in a bidding war for the storage vendor. 3Par's StoreServ Storage Platform has been HP's flagship product and a growth driver of HP's storage revenue since the merger. Why is the acquisition of 3Par a great success while the purchase of Autonomy is not? Briefly compare the health of the two target companies at the time of acquisition.
a 600000 bond was retired at 97 when the carrying value of the bond was 590000. the entry to record the retirement
Prepare an income statement and statement of cash flows for the 2009 accounting period.
On March 1, Year 1, a firm issues $475,000 bonds at par value plus accrued interest. The stated rate on the bonds was 12% and the bonds pay interest semi-annually on June 30 and December 31. Prepare the entries necessary to record
Which is not a GAAP for investments in equity securities?
LO.2 Joe is a graduate student who works as a resident adviser (RA) in the college dormitory. As compensation for serving as an RA, he is not charged the $2,200 other students pay for their dormitory rooms for the fall 2012 semester
edward company's required rate of return is 15%. the company can purchase a new machine at cost 40,350/. the new machine would generate cash inflows of 15,000 per year and have a four-year life with no salvage value. compute the machine's net pres..
Which one of the following is NOT the component of cost?
During the year, he made the following contributions to recognized public charities: $5,000 cash 1,000 shares of Able Corporation common stock, acquired in 1979 (cost and fair market value of $7,000) Considering the charitable contribution deducti..
B and O are partners that share income in a ratio of 2:3, with capital balances of $50,000 and $30,000, respectively. R is admitted into the partnership by investing $20,000, and is given 40% interest. What is Bs capital balance after the admitta..
Worthington Company issued $1,000,000 face value , six-year, 10% bond on July 1, 2010, when the market rate of interest was 12%. Interest payments are due every July 1, and January 1. Worthington uses a calendar year-end. 1. Prepare the journal en..
Clydesdale Corporation has a cumulative temporary difference related to depreciation of $580,000 at December 31, 2012. This difference will reverse as follows: 2013, $42,000; 2014, $244,000; and 2015, $294,000.
Although White fully expects to earn in excess of $100,000 in year 2 and year 3, the company believes it is more likely than not that it will incur a loss after year 3. The enacted tax rate is 25% in current and future periods. What will White rec..
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