Several months ago, ayers industries inc. experienced a hazardous materials spill at one of its plants. as a result, the environmental protection agency (epa) fined the company $240,000. the company is contesting the fine. in addition, an employee is seeking $220,000 in damages related to the spill. finally, a homeowner has sued the company for $310,000. the homeowner lives 35 miles from the plant but believes that the incident has reduced the homeâs resale value by $310,000. ayersâ legal counsel believes that it is probable that the epa fine will stand. in addition, counsel indicates that an out-of-court settlement of $125,000 has recently been reached with the employee. the final papers will be signed next week. counsel believes that the homeownerâs case is much weaker and will be decided in favor of ayers. other litigation related to the spill is possible, but the damage amounts are uncertain. required: a. on december 31, journalize the contingent liabilities associated with the hazardous materials spill. use the account "damage awards and fines" to recognize the expense for the period. refer to the chart of accounts for exact wording of account titles. b. prepare a note disclosure relating to this incident
Answers: 3
Business, 21.06.2019 17:10
Titus manufacturing, inc. provided the following information for the year: purchases - direct materials $91,000 plant utilities and insurance 68,000 indirect materials 11,170 indirect labor 4270 direct materials used in production 99,000 direct labor 117,500 depreciation on factory plant & equipment 4000the inventory account balances as of january 1 are given below. direct materials $44,000 work-in-progress inventory 10,000 finished goods inventory 50,000what is the ending balance in the direct materials account? $135,000 $36,000 $110,170 $6000
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Business, 22.06.2019 00:50
cranium, inc., purchases term papers from an overseas supplier under a continuous review system. the average demand for a popular mode is 300 units a day with a standard deviation of 30 units a day. it costs $60 to process each order and there is a fiveâday leadâtime. the holding cost for a paper is $0.25 per year and the company policy is to maintain a 98% service level. cranium operates 200 days per year.what is the reorder point r to satisfy a 98% cycleminusâservice level? a. greater than 1,700 unitsb. greater than 1,600 units but less than or equal to 1,700 unitsc. greater than 1,500 units but less than or equal to 1,600 unitsd. less than or equal to 1,500 units
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Business, 22.06.2019 03:00
Which of the following is not a consideration when determining your asset allocation
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Business, 22.06.2019 18:00
Large public water and sewer companies often become monopolies because they benefit from although the company faces high start-up costs, the firm experiences average production costs as it expands and adds more customers. smaller competitors would experience average costs and would be less
Answers: 1
Several months ago, ayers industries inc. experienced a hazardous materials spill at one of its plan...
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