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1) Juan Co. has two ongoing lawsuits and is in the process of preparing its financial statements. In one of the lawsuits against Juan, the lawyers indicate that it is probable that a loss estimated to be 1,000,000 will be resolved soon. In the second lawsuit, Juan has sued a former vendor for 500,000 for defective goods. The lawyers believe that it is probable that this suit will be settled for that amount in Juan's favor in the near future. The controller for Juan has accrued the loss on the first lawsuit. He/she also believes that the "gain" on the second lawsuit can be recognized in the financial statements. Is the Controller correct about the accounting for the second lawsuit? 2) During the year Samantha Co. repurchased 100 shares of its common stock and subsequently resold those shares at an amount that was $7.00 per share greater than the price paid for the shares. Tell the controller of Samantha Co. how she should treat the gain on the sale of the stock? 3) Louis corp. has six segments(A,B,C,D,E,F). three of the segments(A,B,C) were determined to be "reportable segments" during 2009. During 2010, segments A,B,C,D each met one of the three"10% tests. In its footnotes to the 2010 financial statements. Louis must show comparative segment information for both 2010 and 2009. The controller of Louis Co. is unsure which segments he is supposed to now report given the results of the 10% tests. In the 2010 footnotes, tell him the following (1) which segments must be reported separately for 2010. And (2) which segments must be reported for the 2009 comparative information. 4) Allen co. is a multinational company. During December 2010, the company redeemed its outstanding bonds payable with a carrying amount of $1.000,000 by paying $940,000 in cash. Provide the controller with the journal entry for this transaction and the guidance concerning the treatment of the difference between the carrying amount of the bonds and the amount paid
Identify some specific strategies that might elevate consciousness about white collar crime. What are some of the major policy options for responding to white collar crime generally? Which overall strategy, if any, is most likely to succeed, and w..
Applied overhead at month-end to the Goods in Process (Jobs 137 and 140) using the predetermined overhead rate of 200% of direct labor cost.
From the viewpoint of a management accountant, how would this cost be classified and how would it figure into a company's financial statements?
Mr. Sullivan is borrowing $2,000,000 to expand his business. The loan will be for ten years at 12% annual interest and will be repaid in equal quarterly installments. How much will each quarterly payment be?
Identify the features common to the gift tax formula and the estate tax formula. What is the lifetime gift tax exemption in tax year 2012? What is that exemption amount in 2013?
Assume the CFO of your organization approaches you to ask your advice about implementing the Balanced Scorecard at your organization.
Hazel purchased a new business asset (five-year property) on November 30, 2009, at a cost of $100,000. This was the only asset acquired by Hazel during 2009. On January 7, 2010, Hazel placed the asset in service. She did not elect to expense any o..
In 2012, Warren sold his personal use automobile for a loss of $9,000. He also sold a personal coin collection for a gain of $10,000. As result of these sales, $1,000 is subject to income tax.
Everly Corporation acquires a coal mine at a cost of $408,400. Intangible development costs total $102,100. After extraction has occurred, Everly must restore the property.
Father, inc. buys 80 percent of the outstanding common stock of sam corporation on January 1, 2009 for $680000 cash. at the acquisition date, sam's total fair value was assessed at $850,000 although sam's book vale was only $600,000.
If treasury bills are currently paying 7 percent and the inflation rate is 3.8 percent, what is the approximate real rate of interest? The exact real rate?
if the contribution margin ratio is 70% ,targeted operating income is $86000 and targeted sales in dollars is $480,000. what are total fixes expenses?
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