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The Dow Chemical Company provides chemical, plastic, and agricultural products and services to various consumer markets. The following excerpt is taken from the disclosure notes of Dow's 2008 annual report:At December 31, 2008, the Company had accrued obligations of $312 million for environmental remediation and restoration costs, including $22 million for the remediation of Superfund sites. This is management's best estimate of the costs for remediation and restoration with respect to environmental matters for which the Company has accrued liabilities, although the ultimate cost with respect to these particular matters could range up to approximately twice that amount. Inherent uncertainties exist in these estimates primarily due to unknown environmental conditions, changing governmental regulations and legal standards regarding liability, and emerging remediation technologies for handling site remediation and restoration.
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Does the excerpt describe a loss contingency? Under what conditions would Dow accrue such a contingency? What journal entry would Dow use to record this amount of provision (loss)?
Compute Marie's taxable income for 2008, assuming she is single and claims two dependent children. Her adjusted gross income is $70,000 and she has itemized deductions of $9,000.
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Based on this information, the balance in Hal Smith, Capital reported on the Statement of Owner's Equity at the end of March would be?
wright company deposits all cash receipts on the day when they are received and it makes all cash payments by check. at
Rate of Tax
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You have been asked by the CEO of your company to give a presentation to the students at a local college. You were specifically asked to discuss the role of an accountant. In a presentation of 500-700 words, discuss the following:
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