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Suppose that the Lai Jean Co. expects before tax earnings of 5 million this coming year, assuming no liability losses. However, there is a 2 percent chance that Lai will lose a $10 million lawsuit during the year. Profits are taxed at a rate of 34 percent. Assume that Lai cannot carry losses forward or backward (e.g., it has had no profits in the past and it expects to close down next year). Would liability insurance with a $10 million limit for a premium of $225,000 increase expected after-tax earnings for this coming year? (Assume the negative earnings are taxed at a rate of zero percent).
What is the age limitation for a student and a non student? What is the income limitation for a dependent? Who is a qualified child?
Provide the fund level entries in general journal form required to conform to generally accepted accounting principles. If no entry is needed, so indicate.
Assume that a certain nursing home has two categories of payers. Medicaid pays $65.00 per day and private pay patients pay the established per diem, but approximately 10 percent of private-pay charges are not collected.
What are the most important risks for the audit of the acquisition and payment cycles in the automotive industry?
A business paid 100 to cash to Karen Smith (the owner of the business) for her personal use. Set up the necessary T accounts and show how this transaction would be recorded directly to those accounts
Which is better for preventing or detecting fraud a rules based system like US GAAP or a principles based system like IFRS? Please provide the reasons for your opinion.
What do you do if you are unable to determine internal controls? Which do you think is most important?
Eagle Tools, Inc., the manufacturer of the gun, for product liability, on the ground of strict liability. What are the elements for an action based on strict liability? In whose favor is the court likely to rule?
Brennan Steel Corporation as lessee signed a lease agreement for equipment for five years, starting December 31, 2007. yearly rental payments of $32,000 are to be made at the beginning of each lease year.
A toffee company discovers that its competitor is producing and selling what appears to be its patented toffee-coated popcorn for a cheaper price.
Thrifty Co. reported net income of $465,000 for its fiscal year ended January 31, 2011. At the beginning of that fiscal year, 200,000 shares of common stock were outstanding.
Explain the overall accounting cycle of an organization. Include a description of the people, processes, and systems that are integral to the cycle.
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