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Assume the following note appeared in the annual report of a company:
In 2009, two small retail customers filed separate suits against the company alleging misrepresentation, breach of contract, conspiracy to violate federal laws, and state antitrust violations arising out of their purchase of retail grocery stores through the company from a third party. Damages sought range up to USD 10 million in each suit for actual and treble damages and punitive damages of USD 2 million in one suit and USD 10 million in the other. The company is vigorously defending the actions and management believes there will be no adverse financial effect.
What kind of liability is being reported? Why is it classified this way? Do you think it is possible to calculate a dollar amount for this obligation? How much would the company have to pay if it lost the suit and had to pay the full amount?
Identification and Analysis of Potential Asset Retirement Obligations and determine whether you agree with LOI's conclusion and discuss the basis for your determination.
Determine the break-even point in units and in sales dollars - Calculating the break even point in units.
As the senior accountant at JB Hi-Fi the management has requested you to depreciate the system over 10 years with a $4 million residual value using the straight line method.
Ernest, an individual, receives $100 from Vernon Corp. in dividends and is in the 28% tax bracket. Vernon Corp. already paid corporate taxes on the $100 at a 20% tax rate. Explain how much in personal taxes will Ernest need to pay?
multiple choice questions in managerial accounting.1. cross functional decision makinga.brings together individuals
brandywire homecare a not for profit business had revenues of 12 million in 2007. expenses other thatn depreciation
Should the company accept special order and why - For this particular order, no variable selling and administrative costs would be incurred. This order would also have no effect on fixed costs.
Record the necessary journal entries for Sudweeks Company on June 24, June 30, and July 20.
Calculation of net income for the period and EPS and What number of shares should be used in computing diluted earnings per share for the year ended dec. 31,2006?
Determine two reasons that net present value is the most favorable method for evaluating capital-budgeting decisions
The accountant for Wade Inc. prepared the bank reconciliation when the December 31 bank statement was received in the mail. The accountant discovered an error when preparing the reconciliation. A check received from Susan Akins, a customer, as paymen..
Make the journal entries necessary to record the transactions above using appropriate dates
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