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Several years ago in its annual report, Philip Morris Companies, a major manufacturer of tobacco and food products, included footnote 16, which was almost five pages long. It consisted of a number of separate sections covering such topics as an overview of tobacco-related litigation, the type and number of cases, pending and upcoming trials, verdicts in individual cases, litigation settlements, smoking and health litigation, health care and cost-recovery litigation, and certain other tobacco-related litigation. During the year, over 500 smoking and health-related cases had been filed against the company, an increase of 30 percent over the previous year and 200 percent over the year before that. The company booked a pretax charge of over $3 billion, reducing reported net income to slightly over $5 billion. REQUIRED:
Discuss Philip Morris's disclosure and accrual in terms of
(1) the methods used to account for loss contingencies, and
(2) the potential economic consequences associated with the disclosure and accounting treatment.
The current direct quote in New York is .01075 dollars per yen. Suppose the current direct quote in Tokyo is 91 yen per dollar. What is the appropriate quote in New York? What will arbitrageurs do to eliminate the differential rates in these marke..
a. Develop common sized income statements for Linden and the industry as a whole. b. What areas should management focus on to improve performance, and what kind of issues should be examined or looked for in each area?
Calculate the financial ratios for the assigned company's financial statements, and then interpret those results against company historical data as well as industry benchmarks:
Norton Company has a debt-to-equity ratio of 1.18, ROA of 12.23 percent, and total equity of $1,484,000. What are the company's equity multiplier, debt ratio, and ROE? (Round answers to 2 decimal places, e.g. 12.55 or 12.55%.)
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during a period of rising prices the financial statements of a firm using fifo reporting instead of lifo reporting
Saratoga Group wishes to announce a total cash dividend of $6,000,000. How is this dividend to be split between the common and preferred stockholders?
Furthermore, if we had enough after 2 years, how much do we need to give the lender to amortize? If we gave the lender $4,000 in addition to our regular amount after 3 years, How many more payments would we need to give?
What is the expected rate of return on the venture? Calculate the variance and standard deviation of the rates of return for the venture.
emery inc. has a beta equal to 1.5 and a required return of 14 based on the capm. if the market risk premium is 8 the
Assume that the dividend will grow at a rate of 18 percent for the next 4 years.Thereafter, the growth rate is expected to fall and stabilize at 12 percent. Equityinvestors require a return of 15 percent from Omex's equity share. What is the intri..
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