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Accounting for Liabilities

Tootsie Roll: Total Current Liabilities, Accounts Payable, Etc.

Refer to the financial statements of Tootsie Roll Industries and the Notes to Consolidated Financial Statements in Appendix A. Instructions Answer the following questions. (a) What were Tootsie Roll's total current liabilities at December 31, 2004? What was the increase/decrease in Tootsie Roll's total current liabiliti

Solving Current Liabilities and Contingencies

Help needed how to work the attached problems. 1. Zero Mostel Company began operations on January 2, 2003. It employs 9 individuals who work 8-hour days and are paid hourly. Each employee earns 10 paid vacation days and 6 paid sick days annually. Vacation days may be taken after January 15 of the year following the year in w

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

Warranty Liabilities and Net Sales

1. .A decrease in warranty liabilities increases net sales. Why? a. True b. False 2. .A company with anticipated earnings-per-share growth is worth more. Why? a. True b. False 3. .A reduction in the advertising expense ratio increases return on common equity and share value. Why? a. True b. False 4. .An underestim

Liabilities for a school district

Lincoln Elementary school is a new school located in a suburb that is close to Big Cold Northern City. You are a teacher at the school and you are in charge of the end of day pick up of children from the school. The "end of day" pickup extends for several hours due to a child care center located at the school. The school has

Current liability vs. Long-term liability

(Current vs. Long-term Liabilities) Frederic Chopin Corporation is preparing its December 31, 2007, balance sheet. The following items may be reported as either a current or long-term liability. 1. On December 15, 2007, Chopin declared a cash dividend of $2.50 per share to stockholders of record on December 31. The dividend

Estimated Liability Due to Coupons with Products

Albertson Corporation began a special promotion in July 2006 in an attempt to increase sales. A coupon was placed in each box of product. Customers could send in 5 coupons for a free prize. Each prize cost Albertson Corporation $3.00. Albertson's management estimated that 80% of the coupons would be redeemed. For the six

Types of current liabilities management

Current Liabilities management can be an excellent source of financing for the firm. Name and explain at least 3 methods of current liabilities management. Which of these methods do you prefer? Why? Does the type of industry make a difference as to which method is preferable? Explain please.

FCC Ruling

See the attached file. I am writing a paper about a current event as it pertains to business law. The topic is the recent ruling from the Federal Communications Commission FCC 07-232. The ruling clarifies the use of automated dialers by collections agencies to contact customers on their wireless phones. I am trying to inclu

Accounting Questions: Sales Tax, Long/Short Term Liabilities

What are the ramifications to a business of not tracking and paying sales tax? What is the difference between accounts payable and accrued expenses? Is short-term or long-term debt more stressful to your personal finances? Why? Why is it important to differentiate between short-term and long-term liabilities?

Assets, Liabilities, Equity

Please fill in the spreadsheet (Spreadsheet PA2-1.xls)with the data provided. Attached in a word document is the information and data compiled (Team Problem.doc).

Liability Record - BT Technologies

BT Technologies has been named in a lawsuit relative to product defects that may have caused injuries to one of its customers. The plaintiff has requested a settlement of $500,000. BT's attorney has determined that an unfavorable settlement is probable but estimates that the liability range is between $150,000 and $300,000. I

Net effect on assets, liabilities and equity - MBA Program

Indicate the net effect on assets, liabilities, and owners' equity resulting from each of the following transactions: 1. Capital stock was issued for $100,000 cash. 2. Bonds payable of $25,000 were refunded with capital stock. 3. Depreciation on plant and equipment equaled $8,500 for the year. 4. Inventory was purchased fo

Contingent Liability

What is an example of a situation that requires the establishment of a contingent liability? Why should a company establish a contingent liability? How does the establishment of a contingent liability impact earnings? What is an example of a potentially unethical accounting situation? Why is the situation unethical? How do e


Can you help me get started with this assignment? 1. Explain the difference in owner's liability for the general business debts of a limited liability company (LLC) and a limited liability partnership (LLP). 2. What is the difference between an interpretive regulation and a legislative regulation? 3. What is the tax b