When considering how Small Fries Inc and its other facilities should record the costs associated with OSHA compliance on their financial statements as either capitalized as an asset or charged to expenses. We should consider the types of repairs that will be done. Whether they are ordinary repairs or major and extraordinary repairs that will benefit the companies more than one year or operating cycle. According to ASC 360 -10- 25- 5 Planned Major Maintenance Activities, The use of the accrue-in-advance (accrual) method of accounting for planned major maintenance activities is prohibited in annual and interim financial reporting periods. GAAP defines a company's assets as the things it owns or controls that have measurable future economic
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.
Having this knowledge, Big Bear agreed to a default provision in their lease contract. The provision calls for a penalty payment if Big Bear’s financial condition suffers a “material adverse change”. In-line with customary provisions in leasing the “material adverse change” is not defined. From ASC 840-10-25-14 we find four conditions that must be met in order for a penalty payment to be excluded from the minimum lease payment. All four of the conditions must be met to have the penalty payment excluded from the minimum lease payment.
The restructuring of Auto World will have an impact on their current earnings and the store closures need to be properly disclosed. FASB ASC has specific guidelines that must be followed to report discontinued operations. According to numerous ASCs, Auto World’s closures of the Pit Stop Centers should not be reported as discontinued operations in Auto World’s second quarter financial statements. Rather than being reported as discontinued operations, the Pit Stop Center stores should be considered as continuation of operations. An entity that is classified as disposed or held for sale, under ASC 360-10-45-9, should be reported as discontinued operations, under ASC 205-20-45-3, when the two conditions under ASC 205-20-45-1 are met.
To: CEO From: HR Re: Memorandum Regarding Constructive Discharge Question presented: How the company should respond to claim regarding constructive discharge in new policy. 1. Whether the doctrine of constructive discharge is relevant Constructive discharge is “a termination of employment by making working conditions so intolerable that an employee feels compelled to leave.” Garner, Bryan A. Blacks Law Dictionary (West Group 2009). Although courts may differ throughout the states, there are generally two main elements to any constructive discharge case: 1) an employer makes a change in working conditions and 2) the change is so intolerable that any reasonable employee would leave.
In this particular capital lease, the lessor requires Lucas Co to pay for general repair and maintenance. According to ASC 840-10-25-5, “For a lessee, minimum lease payments comprise the payments that the lessee is obligated to make or can be required to make in connection with the leased property, excluding both of the following: a. Contingent rentals b. Any guarantee by the lessee
Furthermore, I understand that an investigative consumer report including information about my character, general reputation, personal characteristics, mode of living, and all public record information including criminal records may be made. I understand that a written request for the nature and scope of the investigation if made within a reasonable period of time may be made. I understand that misrepresentation of the above information will void my lease/rental agreement and be grounds for immediate eviction with loss of all deposits. I authorize verification of this information by the Landlord or his agent EQUAL CREDIT OPPORTUNITY ACT - The Federal ECOA prohibits from discriminating against credit applicants on the basis of sex or marital status. The Federal Agency which administers compliance with this law concerning this apartment community is Federal Trade Commission.
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.
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