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
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
Using one or two examples: Distinguish between corporate criminal liability versus vicarious liability resulting from negligence of an health care organization's employee. In other words what are the legal elements of criminal versus negligent liability for the organization resulting from employee conduct? What is apparen
36. Of the following items, the only one which should not be classified as a current liability is a. current maturities of long-term debt. b. sales taxes payable. c. short-term obligations expected to be refinanced. d. unearned revenues. 42. If a short-term obligation is excluded from current liabilities because of refina
30. Which of the following is not true about the discount on short-term notes payable? a. The Discount on Notes Payable account has a debit balance. b. The Discount on Notes Payable account should be reported as an asset on the balance sheet. c. When there is a discount on a note payable, the effective interest rate is high
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
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
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
Is it possible for a business to be successful if the business does not have any current liabilities? Why?
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
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
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
What are long-term liabilities? Give two examples. What is a bond?
(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
7. If assets are $7,000 and capital is $2,000, what are liabilities? 8. If capital is $17,000 and liabilities are $8,000, what are assets? 9. You are given the following information for Firm XYZ: Fixed operating costs = $500,00 Variable operating costs per unit = $40/unit Sales price per unit
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
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.
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.
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
Based on my textbook, I can not find concrete information to support questions. For me cash cycle would be most important. Auditors should not be liable, comparing the outputs against documents and inputs can identify frauds, and testing the internal controls provides opportunities to establish the validity of the processes/pro
Cooper Company issues stock to new investors, $34,000. Indicate the effect that this transaction has on individual asset accounts, individual liability accounts, Capital Stock account and Retained Earnings account.
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?
How do I determine the estimated warranty on Part B? Do I multiply by 100. Please advise. Colin Company sells automatic can openers under a 75-day warranty for defective merchandise. Based on past experiences, Colin Company estimates that 3% of the units sold will become defective during the warranty period. Management e
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).
How would the following errors affect the account balances and the basic accounting equation, Assets, Liabilities, Owners' Equity? How do the misstatements affect income? a. The purchase of a truck is recorded as an expense instead of an asset. b. A cash payment on accounts receivable is received but not recorded. c. Fictit
Name a company and what types of current liabilities might exist at the company? Describe at least three, and state if they are estimated liabilities or determinable liabilities.
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
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
What specific liabilities, if any, will you be exposed in a corporation. I need help finding a website and a start to this question.
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