Background Big Company has asbestos in the insulation of its facility. In 2005‚ the company estimated its amount of asbestos‚ which resulted in a $4 million asset retirement obligation in its financial statements for the eventual remediation of the asbestos. This year‚ during maintenance work‚ more asbestos was discovered in parts of the facility not previously sampled. It is now believed that the remediation of the asbestos will be $8 million. Issues 1. Is the asset retirement obligation necessary
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QUESTION 4 Leoni Co. receives $240‚000 when it issues a $240‚000‚ 10%‚ mortgage note payable to finance the construction of a building at December 31‚ 2011. The terms provide for semiannual installment payments of $20‚000 on June 30 and December 31. Prepare the journal entries to record the mortgage loan and the first two installment payments. QUESTION 5 Fordyce Electronics issues a $400‚000‚ 8%‚ 10-year mortgage note on December 31‚ 2010. The proceeds from the
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Restructuring Debt Scenario Understanding the current reporting requirements for long-term liabilities is critical when making the decision to make sacrifices for future economic benefits. Specifically these long term liabilities consist of bonds‚ mortgages‚ capital leases‚ as well as other types of debt. Bonds are one type of long-term liability‚ which are traditionally valued at the present value of the bonds expected future cash flows‚ which are made up of both interest and principal. Bonds can
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environment of using too much of the worlds resources for our conveniences. In this advertisement there is a paper towel dispenser filled with green paper towels in a white dispenser with the words “Save Paper‚ Save the Planet” next to the World Wildlife Foundations logo of a panda on the top. In the center of the paper towel dispenser there is a see through cut-out of Africa showing the green paper towels slowly going down as you use them. To me this is a very significant advertisement it is for an important
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possessions of the goods‚ it has legal right to sell the goods to realize the outstanding loan. Hypothecation facility is normally not available to new borrowers. Hypothecation differs from mortgage in two respects: 1. Mortgage relates to immoveable property whereas hypothecation relates to movables. 2. In mortgage there is transfer of interest in the property of the creditor but in hypothecation there is only obligation to repay money and no transfer of interest. Assignment: It is a mode of security
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Paper Towns by John Green Essay Quentin and Margo meet at a random night when Margo sneaks into Quentin’s room. Since then‚ Quentin follows Margo on her adventurous mission for revenge of her boy friend cheating. Quentin and Margo get closer which makes Quentin to feel like he is going to be close friends with her since that day. However‚ Margo goes missing the next day‚ leaving only few clues for Quentin to search for herself. Quentin and his friends‚ Ben‚ Radar‚ and Lacey‚ find few clues at Margo’s
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Statement: The information I will provide you with comes from two sources. First‚ my expertise and vast knowledge of this material which I ’ve attained over the past five years as a mortgage loan officer. Secondly‚ literature and material written by highly acclaimed professionals with in the real estate and mortgage industries. D. Tell and Show why the topic is relevant to your audience: (AI) I will ask the classroom for a show of hands of who currently owns a home (my guess and hope is that those
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DeVry University ACCT540 Week 1Assigment Professor Dr. Uzell Freeman-Williams Silviya Georgieva November‚ 2014 (ASU) 2014-15‚ Presentation of Financial Statements—Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern Under U.S GAAP going concern is a fundamental assumption and a basis of which financial statements are prepared. The update issued August 2014 entity should assess its ability to meet obligations and sets disclosure
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the effect of paper thickness on the distance covered by a paper plane. Hypothesis The thinner the paper the further the paper plane would glide so it would cover a larger distance. This is because of the smaller gravity force acting on the paper plane made out of the thinner paper‚ since the mass of this plane is smaller. Apparatus Tape measurer Blue tack 6 sheets of different types of paper (office paper‚ paper towel‚ cardboard of different thickness and recycled paper) Method 1
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Does Price Indicate How Absorbent Paper Towels Are? Problem statement: The purpose of this experiment is to determine if the price of paper towels reflects the absorbency of the paper towels. Relevance: I became interested in this idea while trying to save money on my grocery bill. If the cheaper paper towels work just as well or better‚ I can save money by purchasing them. The information gained from this experiment can help consumers get the best absorbency for the lowest price. Literature
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