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Ditka engineering company has signed a third party loan guarantee for liberty company . The loan is fro the national bank of illinois for $500,000. Liberty has recnetly filed for bankruptcy , and it is estimated by the companys auditors that creditors can expect to receive no more than 40% of their claims fro mliberty. Ditka's treasurer believes that because of the high uncertainty of final settlement , a liability should be recorded for the entire $500,000. The chief accountant , on the other hand , believes the 40% collection figure is reasonable and proposes that a $300,000 liability be recorded. Ditka's president does not thin a reasonable estimate can be made at this time an dproposes that nothing be accrued for the contingent liability but that a note be added to the financial statements explaining the situation. As a independent outside auditor, what position would you take? Why?
2) ARE current values necessary for valuing investment assets?First federal finance company has a large investment securities portfoilio . In the "old days" first federal was allowed to value these securities at the lower of cost or market. Statement of financial accounting standards number 115 now requires current market valuation on the balance sheet for most securities. As a banker you do not consider current value reporting to be necessary . Indeed , you feel it unfairly harms your reported performance. As a banker , why would current value accounting be threatening to you? How owuld you respond to these concerns if you were a member of the FASB?
Explaining and Comparing mutually exclusive projects and Negative amount should be indicated by a minus sign
Explain Decision making on implementing the new rate and Should the company implement the new rate
Computation of break even points - how large can his fixed operating costs be if he is to meet his profit target and what is his breakeven level of sales at the level of fixed operating costs determined.
Suppose your hurdle rate is 15 percent. The first project is a seven year project with an expected IRR of 15.2% and the second project is a five year project with an IRR 15.3 percent.
Determine what financial information does the current ratio measure and when you calculate a current ratio, what does the calculated number mean?
Hunter retired last year and will receive annuity payments for life from his employer's qualified pension plan of $30,000 per year starting this year.
Find out whether or not the proceeds of home will offer enough to meet the need desired & to make an ordinary annuity plan to build the fund to cover any shortfall in funds.
Calculating multiple cash flows for a year and determine the amount of each of the annual annuity payment
Computation of the number of shares to be issued for purchase of the machinery and How many shares of stock must The Pasta Maker sell to finance its new machinery
Famous quarterback just signed the $17 million contract providing $4.25 million a year for 4 years. Who is better paid? The interest rate is 8 percent.
Assume the market portfolio has an expected return of 10% and a volatility of 20 percent, while Microsoft's stock has a volatility of 30 percent.
What is the most recent litigation brought by SEC against public firm or against the accounting firm? What is the most recent Staff Accounting Bulletin which provides guidance to profession? What was the guidance given?
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