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Explain whether Valleck should report a liability in addition to the note. Why or why not? For full disclosure, should anything be added to the disclosure note
Assuming sales of sprinklers in 2011 were $3.6 million and warranty expenditures in 2011 totaled $88,000, prepare any journal entries related to the warranty.
Prepare the journal entry to record Fuzzy Monkey's investment on January 1, 2011. How would Fuzzy Monkey's 2011 statement of cash flows affected by investment?
Determine the appropriate means of reporting each situation. Explain your reasoning. Prepare any necessary journal entries and disclosure notes.
Prepare an amortization schedule for the four-year term of the installment note. Prepare the journal entry for the first installment payment on December 31.
Prepare a journal entry to correct the error. What other step(s) would be taken in connection with the error?
Do you perceive an ethical dilemma? What would be the impact of following up on Claude's plan? Who would benefit? Who would be injured?
How would increasing the depreciation period affect American Movieplex's income? Does revising the estimate pose an ethical dilemma?
Prepare appropriate entries for both Mid-South Urologists Group and Physicians' Leasing from the inception of the lease through the second rental payment.
By how much will Appling's earnings be increased or decreased by the bonds (ignoring taxes) in the September 30 quarterly financial statements?
Show how any deferred tax amounts should be classified and reported in the December 31 balance sheet. The tax rate is 40%.
Prepare the appropriate journal entry to record Case's 2011 income taxes. How should the deferred tax amount be classified in a classified balance sheet?
Determine Abbott and Abbott's pension expense for 2011. Prepare the journal entries to record Abbott and Abbott's pension expense, funding and payment for 2011.
Prepare the 2011 journal entry to record pension expense. Prepare the journal entry(s) to record any 2011 gains and losses.
Integrating Case- Williams-Santana, Inc. - Tax effects of accounting changes and error correction; six situations
Determine the amounts necessary to record income taxes for 2011 and prepare the appropriate journal entry.
Prepare the appropriate journal entries to record the expense as well as the cash contribution to plan assets and payment of benefits to retirees.
Which view do you favor? Develop a list of arguments in support of your view prior to the class session for which the case is assigned.
How will a buyback of shares provide a quick fix for EPS? Is the proposal ethical? 3. Who would be affected if the proposal is implemented?
Prepare the journal entries that Brenner-Jude must have recorded during the year for these transactions.
Determine the return on shareholders' equity for 2011. What does the ratio measure?
Prepare the appropriate journal entry to record the award of restricted shares on January 1, 2011.
Prepare the journal entries that Branch-Rickie recorded during the three-year period for these transactions.
For accounting change DRS undertook, indicate type of change and how DRS should report change. Why should companies disclose changes in accounting principles?
How would the actions contemplated contribute toward softening the bad news? What would be the likely impact of following up on Joy's thoughts?