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The chapter talks about Delphi Company reducing its other postretirement benefits by approximately $500 million because of a change in the law. The federal government will reimburse companies for prescription drug benefits that they provide to their employees who are of Medicare age. The reimbursement is 28% of all prescription drug benefits in excess of $250 per person per year, up to a maximum of $1,300 per person.
Required
A. Identify the process the company would use to identify the liability for postretirement drug benefits. Assume this was done prior to the new federal law. Identify how the auditor might audit the data.
B. Explain how the auditor would verify the $500 million reduction in liability due to the new federal law.
Prepare a worksheet to determine the division of net income if the net income was (a)$200,000 / (b)$300,000
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Under variable costing, each unit of the company's inventory would be carried at:
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The professor, who knew that Joe worked as a factory supervisor, had said that some of Joe's salary could end up on the company's balance sheet at the end of the month. This didn't make any sense to Joe since he gets the salary, not the company.
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Explain how a physical inventory count would differ in a company using a perpetual inventory system versus one using a period inventory system.
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