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Dec 29 Susquehanna equipment rentals was named, along with mission land scaping and collier construction ,as a co defendant in 25000 law suit filed on behalf of kevin davenport. Mission landscaping hadleft the rented backhoe in a fenced construction site owned bycolllier construction. After working hours on december 26, Daven porthad climbed the fence to play on parked construction equipment. While playing on the backhoe , he fell and broke his arms. The extent of the company legal and financial responsibility for this accident, if any, cannot be determined at this time. (Note: this event does not required a journal entrty at this time , butmay require disclosue in notes accompanying the statment).
The management of Ortiz estimates that this recall would cost $800,000. What accounting recognition, if any, should be accorded this situation?
(a) Prepare the journal entry at the date of the bond purchase. (b) Prepare a bond amortization schedule. (c) Prepare the journal entry to record the interest received and the amortization for 2009.
Please help me explain the following concepts: A conclusion stating how you think sound financial reporting depends on principles, assumptions, and constraints. Refer to the U.S. GAAP in your response.
Revenue represents the benefit a company experiences from operating its business. In accounting terms, revenues are increases in assets or decreases in liabilities resulting from business operations. Accrual accounting requires companies to recogn..
Nessumsar compay develops educational materials. It has a cost of debt after taxes of 6.8% and a cost of equity of 10.9%. The company finances with 45% debt. Calculate its cost of capital.
Calculate the funding levels and capital gains experienced by Coca-Cola and PepsiCo in their respective pension funds.
The accountants feedback is very important especially when it comes to maintaining adequate internal controls. What type of backend controls are required in an AIS to ensure reliable financial statements? Please provide concrete examples.
On March 17, Grady Company agrees to accept a 60-day, 9%, $7,200 note from Alert Company to extend the due date on an overdue account. What is the journal entry needed to record the payment of the note by Alert Company on the maturity date?
The machine will have a 5-year life, at which time the terminal disposal value is expected to be $20,000. Upper Darby Park Department is assuming no tax consequences. If Upper Darby Park Department has a required rate of return of 10%, which of th..
Finance Here Sales & Service provides leased-based financing for its full line of commercial generators. Sales of the generators are properly accounted for as operating sales-type leases.
A company has a process that results in 15,000 pounds of Product A that can be sold for $8 per pound. An alternative would be to process Product A further at a cost of $100,000 and then sell it for $14 per pound. Should management sell Product A n..
Suppose that Noven had $49,000 in an inventory of transdermal estrogen delivery patches. These patches are from an initial production run, and will be sold during the coming year.
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