Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Buzz Coffee Shops is famous for its large servings of hot coffee. After a famous case involving McDonald's, the lawyer for Buzz warned management (during 2009) that it could be sued if someone were to spill hot coffee and be burned. "With the temperature of your coffee, I can guarantee it's just a matter of time before you're sued for $1,000,000." Buzz felt the likelihood was remote. Unfortunately, in 2010, the lawyer's prediction came true when a customer filed suit. After consulting with his attorney, Buzz felt the loss was possible but not likely or probable. The case went to trial in 2011, and the jury awarded the customer $400,000 in damages, which the company immediately appealed. Buzz felt a loss was probable but believed a lower amount could be negotiated. During 2012, the customer and the company settled their dispute for $150,000. Required: State which of the following statement(s) are true. (Select all that apply.) a.Buzz must disclose the liability in a note because the trial judgment makes the likelihood of a liability possible. The opportunity to overturn this ruling on appeal means that the liability isn't yet probable in 2011. b.Buzz does not have to record or disclose the liability because the chance of the liability occurring is remote in 2009. c.In 2012, Buzz must now record the loss and the liability because the out of court settlement made the $150,000 loss certain. d.Buzz must disclose in a note that a potential liability exists because the liability is possible in 2010. e.Buzz have to record or disclose the liability because the chance of the liability occurring is remote in 2009. f.Buzz must disclose the liability because the chance of the liability occurring is remote in 2010.
The Pickle construction division was working on one project for the 2012 fiscal year. They use the percentage of completion revenue recognition method.
Explain to Kelly Corporation's president how the amount of its recognized gain or loss on the distribution and the shareholder's basis for the land are determined.
Explain a possible reason behind the conventioneers' unhappiness.
What is the amount and initial character of the gain or loss from disposition of the real estate? Is any of the gain unrecaptured § 1250 (25%) gain?
a companys board of directors votes to declare a cash dividend of 1.10 per share. the company has 22000 shares
the duce company has five plants nationwide that cost 100 million. the current market value of the plants is 500
company p purchased an 80 interest in company s on january 1 20x3 for 800000. on the purchase date company s
nicole organized a new corporation. the corporation began business on april 1 of year 1. she made the following
in eight years kent duncan will retire. he is exploring the possibility of opening a self-service car wash. the car
Purchased raw materials at a cost of $45,000 and general factory supplies at a cost of $13,000 on account (recorded materials and supplies in the materials account)
a companys history indicates that 20 of its sales are for cash and the rest are on credit. collections on credit sales
accounts officers at xerox corporation discovered that significant errors have been made in the valuation of inventory
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd