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1.The Commonwealth of Virginia filed suit in October 2011, against Northern Timber Corporation seeking civil penalties and injunctive relief for violations of environmental laws regulating forest conservation. When the financial statements were issued in 2012, Northern had not reached a settlement with state authorities, but legal counsel advised Northern Timber that it was probable the ultimate settlement would be $1,000,000 in penalties.The following entry was recorded:
Loss litigation ........................................................................... 1,000,000Liability litigation................................................................... 1,000,000Late in 2013, a settlement was reached with state authorities to pay a total of $600,000 to cover the cost of violations.Required:1. Prepare any journal entries related to the change.2. Briefly describe other steps Northern should take to report the change.
Management is held accountable to various parties, both internal and external to the business organization. To whom does management have a stewardship obligation and to whom does it have reporting responsibilities?
gulf coast resins company processes a base chemical into plastic. standard costs and actual cost for direct materials
Prepare a bond discount amortization schedule which shows the amortization of discount for the first two interest payment dates. (Round to the nearest dollar.)
1. a plant asset purchased for 250000 has an estimated life of 10 years and a residual value of 20000. depreciation for
Aspen Co. expects to maintain the same inventories at the end of 2008 as at the beginnign of the year. The total of all production costs for the year is therefore assumed to be equal to the cost of goods sold. With this in mind, the various depart..
on january 1 year 1 jim company purchased a machine for 550000. it had a useful life of 10 years and no salvage value.
as an audit manager. one of your responsibilities is to generate new business.you have been approached by a potential
determine the best practice for conducting earned value analysis for the project in question. give a rationale for your
Compute the amount received for the bonds.
Using vertical analysis, prepare a common size comparative balance sheet.
brislin corporation is issuing 181720 of 5 5-year bonds when potential bond investors want a return of 16. interest is
eague plumbing has received a special one-time order for 1500 toilets units at 75 per unit. teague currently produces
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