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Accounting for Liabilities

Acccounting Capitalizing Vs Expensing & Accrued Liabilities

) E6.3 Capitalizing versus Expensing For each of the following expenditures, indicate the type of account (asset or expense) in which the expenditure should be recorded. Explain your answers. a.) $15,000 annual cost of routine repair and maintenance expenditures for a fleet of delivery vehicles. b.) $60,000 cost to develo

Income tax assets and liabilities

Please see the attached file. Barnes and Noble Accounting for Income Taxes & Pension Plans 1. On tab 5 of your Excel file, report on any income tax assets and liabilities (and their respective amounts) on the balance sheet of your company. Also present the amount of income tax expense paid for the period. 2. On tab 6

Potential civil liability to the share¬holders and creditors

Please help with answering the problem below: Conan Doyle & Associates (CD&A), CPAs, served as the auditors for Lestrad Corporation and Watson Corporation, publicly held companies traded on MASDAO. Watson recently acquired Lestrad Corporation in a merger that involved swapping 1.75 shares oi' Watson For I share of Lestrad. In

Current & Long Term Liabilities

I need help figuring out how to get the info and then put it all together. Current & Long Term Liabilities 1. Select a publicly traded corporation which interests you that you would like to learn more about. Choose carefully as you will be "stuck" with this company for the duration of the term! I would like to do Barnes & N

Various Current Liabilities

Alex Rodriguez Inc., a publishing company, is preparing its December 31, 2008, financial statements and must determine the proper accounting treatment for the following situation; they have retained your group to assist them in this task. (a) Rodriguez sells subscriptions to several magazines for a 1-year, 2-year, or 3-year p


1. For each of the following situations, indicate the liability amount, if any, that is reported on the balance sheet of Company X at December 31, 2007. (a) Company X owes $110,000 at year-end 2007 for its inventory purchases. (b) Company X agreed to purchase a $28,000 drill press in January 2008. (c) Company X provides a p

Product Liability

Explain why product liability is not an issue in some countries. Provide at least one example in your explanation.

Unredeemed liability for Coyote Corp

1. In packages of its products, Coyote Corp. includes coupons that may be presented at retail stores to obtain discounts on other Coyote products. Retailers are reimbursed for the face amount of coupons redeemed plus 10% of that amount for handling costs. Coyote honors requests for coupon redemption by retailers up to 3 months a

Current liability vs. Long-term liability

Pascal Corporation is preparing its December 31, 2010, balance sheet. The following items may be reported as either a current or long-term liability. 1. On December 15, 2010, Pascal declared a cash dividend of $2.00 per share to stockholders of record on December 31. The dividend is payable on January 15, 2011. Pascal has is

Accounting problems

1. The best definition of assets is the a. cash owned by the company. b. collections of resources belonging to the company and the claims on these resources. c. Owners' investment in the business. d. resources belonging to a company have future benefit to the company. 2.Liabilities a.are future economic benefits. b.are

Apple Inc. executive summary: current and total liabilities

See attached file. Prepare an executive summary discussing the liabilities of Apple, Inc. 1) The total current liabilities for 2009 is $19,282 millions & for 2008 is $ 14,092 millions. 2) The two largest current liabilities for 2009 are Deferred revenue $10,305 million & Accounts Payable of $5,601 million The two

Accounting equation; calculate total assets, liabilities and equity

Swish Watch Corporation manufactures, sells, and services expensive, ugly watches. The company has been in business for three years. At the end of the most recent year, 2006, the accounting records reported total assets of $2,255,000 and total liabilities of $1,780, 000. During the current year, 2007, the following summarized ev

Current liabilities

13. (1) B Corp. has an employee benefit plan for compensated absences that gives employees 10 paid vacation days and 10 paid sick days. Both vacation and sick days can be carried over indefinitely. Employees can elect to receive payment in lieu of vacation days; however, no payment is given for sick days not taken. At December 3

Graduate Manufacturing Company - Long-Term Liabilities

Your accounting firm has been hired to consult with the Graduate Manufacturing Company (GMC). GMC is preparing its annual financial statements as of December 31, 2009. GMC has requested guidance concerning 7 specific reporting issues. You have been assigned to prepare a written report to be presented to GMC's senior managem

Liabilities for Outdoor Adventure Camps

In order to fund the outdoor adventure camps, Sam and George have determined they need $1,000,000. They have found a bank willing to loan them the $1,000,000 at an interest rate of 10% for 20 years. The business would be required to make monthly payments on this loan. Another option for the company is to incorporate the business

Deferred Tax Liabilities and Assets

The amount of income taxes due to the government for a period of time is rarely the amount reported on the income statement for that period as income tax expense. a. Explain the objectives of accounting for income taxes in general purpose financial statements. b. Explain the basic principles that are applied in accounting


1. Assume a company under analysis has few current liabilities but substantial long-term liabilities. Notes to the financial statements report the company has a "revolving loan agreement" with a bank. Is this disclosure relevant to your analysis? 2. Choose a certain industry subject to peculiar financing and operating condi

Liability and Equity Transactions

For each of the following scenarios, provide the general journal entries to record the necessary information. Use the following account titles for the transactions: Retained earnings, Dividends payable, Cash, Bonds payable, Interest expense, Interest payable, Paid-in capital, Common Stock, and Preferred Stock. Scenario 1: On

Interpreting K-1 filings for ratios and disclosure

Please examine the current and contingent liabilities of GM and answer the below questions: General Motors (sort filings by "annual filings" and select the Feb. 28, 2008 10-K). What is the company's current ratio and acid-test ratio? What does this mean? Discus

Kraft Current Liabilities 2007 and 2006

What were the company's total current liabilities at the end of its most recent reporting period? What were the company's total current liabilities at the end of the previous period? Please detail how the current liabilities differ from the previous year liabilities. Kraft Foods Inc. and Subsidiaries Consolidated Balan

Burlin Company starts the year with $100,000 in assets and $80,000 in liabilities. Net income for the year is $25,000, and no dividends are paid. How much is owners' equity at the end of the year?

Using the accounting equation, answer each of the following independent questions. 1. Burlin Company starts the year with $100,000 in assets and $80,000 in liabilities. Net income for the year is $25,000, and no dividends are paid. How much is owners' equity at the end of the year? 2. Chapman Inc. doubles the amount of ass

Multiple Choice Questions Regarding Taxes

1. Gold Ltd. reported deferred tax assets and deferred tax liabilities at the end of 2001 and 2002. For the year ended 2002, Gold should report deferred income tax expense or benefit equal to the a. Sum of the net changes in deferred tax assets and deferred tax liabilities. b. Decrease in deferred tax assets. c. Increase i

Current Liabilities

Is it possible for a business to be successful if the business does not have any current liabilities? Why?

Venable Co: What amount of warranty liability should be reported at year end?

Please help with the following problem. During 2006, Venable Co. introduced a new line of machines that carry a three-year warranty against manufacturer's defects. Based on industry experience, warranty costs are estimated at 2% of sales in the year of sale, 4% in the year after sale, and 6% in the second year after sale. Sa