5. ASC 350-30-35-14: Intangible assets subject to amortization must be reviewed for impairment in accordance with ASC 360-10-35: Impairment or Disposal of Long-Lived
Neither Moore nor MBM appeared at the sale or took steps there after to redeem the property. On August 16, 1979, MBM came to know about the tax sale. By then the redemption period had run and Moore still owed appellant $8,237.19. • In November 1979, Adams filed a suit in state court seeking to quiet title to the property, but in opposition to Adam’s motion MBM contended that it had not received enough adequate notice of the pending tax sale and the opportunity to redeem the
There are differences in reporting the restructuring costs according to ASC 420-10. First, the liability for the termination of employees of 2 million dollars is treated the same as in IFRS. The interoffice Memorandum from December 27, 2008 constitutes the communication date to all Pharma Co. employees. The workforce reduction is expected to be completed by January 31, 2009, in within 60 days; therefore no significant present value calculation is necessary. The liability is recognized on December 27, 2008.
Response to Client Request II ACC 541 May 13, 2013 MEMORANDUM To: Client Date: May 13, 2010 ------------------------------------------------- Re: Lawsuit - Contingencies & Financial Statements Report Requirements for Contingencies With our client being sued, it is important for them to understand the importance of contingencies and how the lawsuit will affect their financial statements if they lose the lawsuit. “Contingencies are existing uncertainties that may have financial impact, depending on future events” (Financial Accounting Standards Board, 2013). There are two types of contingencies our client should be aware of. Loss contingencies are anything that will result in a liability or any impairment of an asset. There
c. After purchasing a personal residence, Paul probably will no longer claim the standard deduction on the income tax return. Due to mortgage interest and property tax deductions he will itemize his deductions on Schedule A. 5. For wage earners, the tax system requires employers to withhold for taxes a specified portion of an employee’s wages. Persons with income form other than wages have to make quarterly payments to the IRS for estimated taxes due for the year.
Effects of a Government Shutdown November 10, 2013 Congress’ failure to pass legislation to fund, which creates a funding gap, governmental operations and agencies results in a government shutdown. If the shutdown lasts for an extended timeframe non-essential government personnel are forced to furlough and some governmental agency and services can be reduced or discontinued. How does the White House determine which operations and or services are non-essential and how does the shutdown effect the economy? According, to Stan Collender, a former Congressional staffer and expert of the federal budget, “No one knows for sure what precisely would happen in a government shutdown. It's not as if there's a manual on how to do this.” (Collender,
Premier Investments Ltd dropped its current ratios sharply from 4.27 to 1.74. That indicates Premier Investments Ltd transferred its current assets to noncurrent assets or it got more current liabilities. However, it is still has less current liabilities covered it assets compared with David Jones Ltd. So David Jones Ltd needs to make a financial plan to meet the coming current liabilities, or they may get a financial crisis. Quick ratio Current ratio measures the current assets to be turned into cash to meet its debts in one year.
Unfortunately in this case the customer Data Equipment Systems is unable to receive shipment until January 11, 2011 due to a lack of available warehouse space (Mintz & Morris, 2011). Reed needs to have that revenue recorded on the 2010 end-of-year financial report. Potential legal and ethical issues Reed is considering booking the $1.2 million sale in the December 2010 books and on December 30 approaches controller Marty Fuller to discuss the dilemma. Fuller explains the accounting rules about sales held for future delivery, although Reed understands the rules he
Codification Assignment Matthew McElwain Acct II 3111 CE14-1 (a.) Callable Obligation- An obligation is callable at a given date if the creditor has the right at that date to demand, or to give notice of its intention to demand, repayment of the obligation owed to it by the debtor. (FASB 45-11) (b.) Imputed Interest Rate- The interest rate that results from a process of approximation (or imputation) required when the present value of a note must be estimated because an established exchange price is not determinable and the note has no ready market. (FASB 835-30-25) (c.) Long Term Obligations- Long-term obligations are those scheduled to mature beyond one year (or the operating cycle, if applicable) from the date of an entity's balance sheet.
Restitutionary damages are usually awarded where a party has conferred a benefit on another under circumstances where the other party is not contractually liable. Specific performance is available only where the remedy at law is inadequate. Although a contract was never signed by Furniture Co it was doing business with Courier for six months. Courier gave up lucrative offers from other companies to fulfill the terms of the contract. Courier should be compensated for the three year commitment by Furniture Co. Contracts 616, Assignment # 11, Lopez, #4521 1.