prior to the issuance of its december 31 financial statements, stark co. was named as a defendant in a lawsuit arising from an event that occurred in october. stark's legal counsel believes that it is reasonably possible that there will be an unfavorable outcome and that damages will range from $100,000 to $150,000. which amount(s) should stark accrue and/or disclose in its december 31 financial statements?

Answers

Answer 1

The damages cannot be reasonably estimated within the given range, no accrual is necessary for this contingency.

In accordance with generally accepted accounting principles (GAAP), including the guidance provided by the Financial Accounting Standards Board (FASB), the accrual and disclosure of contingent liabilities such as lawsuits depend on the likelihood of an unfavorable outcome and the ability to estimate the potential damages.

In this case, Stark Co.'s legal counsel believes that it is "reasonably possible" that there will be an unfavorable outcome. "Reasonably possible" is one of the three levels of likelihood defined by GAAP, with the other two being "probable" and "remote."

When it is determined that it is reasonably possible for an unfavorable outcome to occur, but the amount of damages cannot be reasonably estimated within a range, disclosure in the financial statements is required but no accrual is necessary.

Therefore, in this situation, Stark Co. should disclose the existence of the lawsuit and the nature of the claim in the footnotes or in the Management's Discussion and Analysis (MD&A) section of their financial statements. They should also provide information about the range of potential damages ($100,000 to $150,000) and any other significant information related to the lawsuit.

However, since the damages cannot be reasonably estimated within the given range, no accrual is necessary for this contingency.

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Related Questions

Hay fever Farms is an 80‑acre hay farm in Colorado. Due to the legalization of marijuana production in the state, the owners are considering changing the farm's name to Blissful Acres and growing marijuana instead of hay.
1) If they continue to grow only hay, how many acres should Hayfever Farms devote to growing hay in order to maximize profits?

Answers

Hayfever Farms should devote 80 acre to growing hay in order to maximize profits

To determine how many acres Hay Fever Farms should devote to growing hay in order to maximize profits, we need to know the relationship between the number of acres devoted to hay and the resulting profit.

Assuming that the cost of producing hay is constant across all acres, the profit function can be expressed as:

Profit = Revenue - Cost

The revenue from selling hay is directly proportional to the number of acres devoted to growing hay, while the cost is fixed. Therefore, the profit function can be expressed as:

Profit = P * A - C

where P is the price per unit of hay, A is the number of acres devoted to hay, and C is the fixed cost of production.

To find the maximum profit, we need to take the derivative of the profit function with respect to A and set it equal to zero:

d(Profit)/dA = P - 0 = 0

P = 0

This means that profit is maximized when A is as large as possible, which in this case is 80 acres (the total size of the farm). Therefore, if Hay Fever Farms continues to grow only hay, they should devote all 80 acres to growing hay in order to maximize profits.

Note that this analysis assumes that the market for hay is competitive and that the price of hay is fixed. If the market is not competitive or the price of hay is variable, then the optimal number of acres devoted to hay may be different.

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if $1 is equal to 120 yen, then 1 yen is equal to approximately

Answers

If $1 is equal to 120 yen, then 1 yen is approximately equal to $0.0083.

To determine the approximate value of 1 yen in dollars, we can use the exchange rate provided, which states that $1 is equal to 120 yen. By dividing 1 by 120, we can calculate the approximate value of 1 yen in dollars.

1 / 120 = 0.0083

Therefore, based on the given exchange rate, 1 yen is approximately equal to $0.0083.

It is important to note that exchange rates can fluctuate and may vary depending on the foreign exchange market. The given exchange rate provides a static value at a specific point in time. Currency exchange rates are influenced by various factors, such as economic conditions, interest rates, inflation, and geopolitical events. Therefore, it is advisable to check the latest exchange rates when conducting actual currency conversions.

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what is double entry in financial accounting​

Answers

Answer:

method of recording transactions where for every business transaction, an entry is recorded in at least two accounts as a debit or credit. In a double-entry system, the amounts recorded as debits must be equal to the amounts recorded as credits.

Business is booming for a Dubai business that specializes in cloning... A Llamas B Camels C Horses

Answers

Business is booming for a Dubai business that specializes in cloning Camels. The correct option is B.

The cloned camels are more disease resistant than their native counterparts and have improved milk production and genetic diversity. Making genetically identical organisms or cells is the process of cloning. Companies have been able to create stronger, quicker, and more effective racing camels thanks to the success of camel cloning. The correct option is B.

Dubai is a popular tourist destination in the United Arab Emirates (UAE) thanks to its opulent malls, cutting-edge buildings, and exciting nightlife. Camel racing and the production of camel milk are other industries in Dubai. Due to the city's reputation for producing superior racing camels, camel cloning is a tremendously successful industry. The correct option is B.

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Please help me the due date is tomorrow!!!
-Find one business/company
- Assess the company
i company background
ii company operation
iii ethical decision/operation taken by the company
iv assess the advantage and disadvantage

Answers

Sure, I can help you with that! Here is an assessment of Tesla, Inc. based on the criteria you provided:

i. Company background:

Tesla, Inc. is an American electric vehicle and clean energy company founded in 2003 by Elon Musk, JB Straubel, Martin Eberhard, Marc Tarpenning, and Ian Wright. Tesla designs and manufactures electric cars, battery storage systems, and solar panels. The company is headquartered in Palo Alto, California, and has manufacturing facilities in California, Nevada, New York, and China.

ii. Company operation:

Tesla's operations primarily revolve around the production of electric vehicles and energy storage solutions. The company has a strong focus on innovation and sustainability, and it aims to accelerate the world's transition to sustainable energy. Tesla produces several models of electric cars, including the Model S, Model X, Model 3, and Model Y. The company also sells solar panels and battery storage systems for homes and businesses.

iii. Ethical decisions/operations taken by the company:

Tesla has made several ethical decisions and operations in recent years. For example, the company has committed to sourcing all of its raw materials from sustainable sources and has implemented recycling programs to reduce waste. Additionally, Tesla has made a significant commitment to worker safety and has invested in developing advanced safety systems for its vehicles. The company has also been vocal about its support for climate action and has pledged to reduce its carbon footprint.

iv. Advantages and disadvantages:

Advantages:

Tesla is a leader in the electric vehicle market and has a strong brand reputation for innovation and sustainability.

The company's focus on sustainability has helped it attract customers who are interested in reducing their carbon footprint.

Tesla's energy storage solutions have the potential to help reduce dependence on fossil fuels.

Disadvantages:

Tesla faces significant competition from other electric vehicle manufacturers.

The high cost of Tesla's vehicles may limit the company's market reach.

The company's reliance on battery technology may pose challenges in terms of supply chain and availability of raw materials.

Overall, Tesla is a company with a strong commitment to sustainability and innovation, and it has the potential to play a significant role in reducing the world's carbon footprint. However, the company also faces challenges and limitations that may impact its future success.

what statement best illustrates an example of economic specialist

Answers

The statement that best illustrates an example of economic specialization is "A business focuses on producing screens for phones instead of manufacturing the entire phone.
The statement that best illustrates an example of economic specialization is "A business focuses on producing screens for phones instead of manufacturing the entire phone."

Read the last paragraph under the heading""Elasticity of Supply. "" Would a lawn care business have elastic or inelastic supply in the short term? Explain your answer

Answers

To calculate the overhead applied to a job incurring $1,000 of direct labor, we need to determine the overhead rate per direct labor dollar. The overhead rate can be found by dividing the total factory overhead costs by the total direct labor costs.

The overhead applied to a job incurring $1,000 of direct labor would be $2,250. This is determined by multiplying the overhead rate per direct labor dollar, which is $2.25, by the direct labor cost of the job.

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Mary Parker Follett felt that managers should act as ______ rather than dictators.

Answers

Facilitators

Best of luck in your studies! ☺️

I need a good answer to this by Friday. Research various sources or Web sites that can help an entrepreneur with writing a business plan.
Now create a "Top 10" list of these sources in a table. The first one has been done for you.
Discuss what your first choice of sources to use as an entrepreneur would be and explain why.

Answers

The Web sites that can help an entrepreneur in  writing a good business plan are:

The Economist.Forbes.com/entrepreneur.Under 30 CEO, etc.

What is a business plan?

A business plan is known to be a kind of written document that tells onw what they need to know about how a business can be run and also startup.

Concussively, Note that a business plan is regarded as the roadmap for any company in terms of marketing, financial standpoints, etc. The Economist will help the entrepreneur to know more about starting a business and what the market looks like.

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At Yummy Cakes Company, Tom is the warehouse manager, Pam is the lead shipping clerk, David is a part-time shipping clerk, Carey is the shipping supervisor, and Sharon is the vice president of distribution. Following a vertical chain of command, who is Carey's direct supervisor?

Tom
Pam
David
Sharon

Answers

Answer: In a vertical chain of command, Sharon would be Carey's immediate superior.

Explanation: This is because each individual in a vertical chain of command answers directly to the person in the hierarchy above them. Carey reports to Sharon directly because she is the vice president of distribution and Carey is the shipping supervisor.

Rather than lavish displays of wealth, some members of the upper class may wear inexpensive clothes and drive economy cars. This may be referred to as ______

Answers

This may be referred to as Inconspicuous consumption

Conscious consumption is a catch-all phrase that refers to participating in the economy while being more conscious of how your consumption affects society as a whole. One method to consume more mindfully is to shop responsibly with the goal of protecting the environment. Conscious consumption is making decisions about how and what you eat that reduce its negative effects and ensure that there is always enough for everyone. The empowered customer is one who makes informed decisions. They are aware that using a good or service involves: Conscious consumption may reduce the consequences of human waste and pollution as the climate catastrophe looms and intensifies day by day. It lessens the need for mass manufacturing and consumption, which is one of the primary causes of environmental deterioration.

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What types of loans are available to consumers?

Answers

Explanation:

Credit Cards: That used fund daily transactions by customers.

Car Loans: That used fund the purchasing of a car by customers.

Private loans: Used mostly by borrowers for school funding.

Personal Loans: Being used personal usage by customers.

Many nations restrict hedging of their currencies due to their national and international policies and interests.

Answers

Answer: False

Explanation:

Currency hedging is defined as plan to reduce the influence of foreign exchange on international investment. Many nation's partake in hedging of their currency in order to protect or reduce foreign exchange effect on their currency. They do these by either foreign currency option, forward contracts or spot contracts. It is a safe measure that should be applied by countries for their currency.

income tax is an example of

Answers

Income tax is a typical example of a direct tax.

What is a direct tax?

Income tax is imposed directly on the income of the individual or company.  It takes into consideration the individual's or company's circumstances or level of income.  As a direct tax, income tax can be based on any of these taxation systems: progressive, proportional, or regressive.

Thus, income tax is an example of a direct tax.

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Describe an experience you have had as a consumer which illustrates supply and demand.

Answers

Answer:

The law of supply and demand is the market rule by means of which the supply of goods and the demand for them are interrelated, linked through price: the higher the price of the good, the lower the demand for it, since that it will be more inaccessible for consumers, with which there will be an excess supply; Whereas, if the price of the good falls, the demand for the good increases and its supply will not meet the consumption expectations of consumers.

A clear example of this situation occurred in the midst of the coronavirus pandemic, when as a result of restrictions on public transport and fear of crowding in closed places, many people decided to purchase bicycles as an alternative means of transport, which triggered the demand for said well by causing the prices of these to increase.

what is business and what is occupation​

Answers

Answer:

Business:

A person's regular occupation, profession, or trade.

Occupation:

A job or profession.

Explanation:

I looked them up in a dictionary.

Please mark me brainliest! I need it! Please!

When considering the reliability of the management for a business opportunity, what else should one consider at this time?
One's own skillset
The cost of management
The employees' skillset
The cost of the product​

Answers

While evaluating the dependability of management for a business opportunity, one's own skill set should be taken into account.

What is a company's management dependability?

The process of planning, organizing, directing, and managing the work of business members, as well as the utilization of all corporate resources to achieve stated company goals, is defined as management. Dependability is the characteristic that demonstrates to people that you will do what you say you will do when you say you will do it, and to the best of your ability - every time. Change management and implementation Accepting, analyzing, and prioritizing stakeholder change requests, for example.

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which of the following accurately describes patents? question 41 options: the venetian patent act of 1474 is a source for many principles of modern patent law. non-obvious and useful processes and machines will be governed by design patents. patents are created for an indefinite period of time. plant patents last for 14 years from issue under the economic espionage act. an original and ornamental design for article of manufacture will be governed by a utility patent.

Answers

The correct option that accurately describes patents is: The Venetian Patent Act of 1474 is a source for many principles of modern patent law.

What are Patents?

Patents are government-issued licenses that give inventors the legal right to exclude others from creating, using, or selling an invention for a limited period of time. Utility patents are granted to inventions that are novel, non-obvious, and useful, while design patents are granted to ornamental designs that are applied to manufactured items. Plant patents, as the name implies, are granted to inventors who have discovered or developed a new variety of plants

The Venetian Patent Act of 1474 served as the foundation for many of the fundamental principles of modern patent law, establishing the first modern patent system. It was based on the Roman law notion of exclusive privilege, which gave inventors a 10-year privilege over their creations. With the growth of modern industry and the rise of patent litigation, the legal concept of patents has evolved over time.

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DECISION MAKING Suppose the Tracers decide they want to adjust their budget
so they can save for a special summer vacation that will cost $5,000. How would
you suggest they go about revising their budget to meet their goal?

Answers

Explanation:

The tracers will have to adjust their budget before planing for a summer vacation for that they will have to be saving $1000 each every month .To revive their budget to meet their goal they will have to be planing their budget every day like $50

hey yalll how yall day goin

Answers

Hey y'all! How is your day going? This is a friendly greeting used to ask someone how their day is going. Y'all is short for "you all" and is used to address multiple people.

What is address?

Address is a geographical location that is associated with a particular building, residence, or other place of interest. It is typically composed of a street number, street name, city, state, and postal code. An address can also include additional details such as a unit or apartment number, floor level, or suite number. Addresses are used to identify and locate individuals, businesses, and other entities.

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Two investments have the following expected returns (net present values) and standard deviation of returns:

Answers

Answer:

Explanation:

yes

Sometimes a liquid can be sitting there and its molecules will become a gas. That’s called
___________________________________________.

Answers

Answer:

Una vez que toda la sustancia está en estado líquido, al continuar calentando vuelve a subir la temperatura y llega un momento en que las fuerzas intermoleculares ya son incapaces de mantener juntas las moléculas del líquido, por lo que éste hierve y se convierte en un gas, se produce la ebullición.

while the u.s. has tax treaties with more than 50 countries, it does not have a treaty with brazil, which is a major recipient of u.s. foreign direct investment. what is the reason for a lack of a u.s. brazil treaty regarding withholding taxes?

Answers

The lack of a tax treaty between the United States and brazil regarding withholding taxes can be attributed to various factors, such as differing priorities, negotiations, and historical circumstances.

The absence of a tax treaty between the United States and Brazil regarding withholding taxes may be due to several reasons. First, countries prioritize their tax treaty negotiations based on their respective interests and the volume of economic activities between them. While Brazil is a major recipient of U.S. foreign direct investment, the two countries may not have prioritized the negotiation of a tax treaty due to other competing interests or a lack of sufficient mutual benefits. Furthermore, negotiations for tax treaties can be complex and time-consuming. Both countries need to align their positions on various tax-related matters, including withholding taxes, to reach a mutually acceptable agreement. Differences in tax systems, economic policies, and legal frameworks can contribute to the challenges faced during negotiations, further delaying the establishment of a tax treaty.

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Hurry up and help…..

Hurry up and help..

Answers

Answer:

1. A luxury brand of automobile that appeals to peoples need for prestige. psychographic segmentacion

2. a company marking their range of raincoats and umbrellas just before the onset of spring. geographic segmentation

3. a company marketing its kitchen appliances to affluent woman. demographic segmentation

4. a gym offering annual memberships to regular customers at cheaper rates with added benefits. behavioral segmentation

He already answered it

Click this link to view the OOH educational information for Roofers. According to the OOH, what are some educational, training, certification, or licensing options required or helpful for Roofers? Check all that apply. bachelor’s degrees on-the-job training apprenticeships high-school biology, chemistry, and physics classes high-school math, shop, mechanical drawing, and blueprint-reading classes an associate degree specializing in writing

Answers

Answer:

2,3,5

Explanation:

I had the same thing and got it right (one wrong)

Answer:

2 3 5

Explanation:

What phrase could a licensee use in advertising that would not discriminate on the basis of familial status

Answers

Senior discount is the phrase that a licensee could use in advertising that would not discriminate.

A familial status discrimination is known to occurs when the landlord, manager  or property owner treats someone very differently.

The other options clearly discriminate the familial status.

Hence, the Senior discount is the phrase that a licensee could use in advertising that would not discriminate.

Therefore, the Option is correct.

Missing options "Couples only Empty nesters No bicycles allowed Senior discount"

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When problem-solving, a person should ask:
who.
how.
where.
why

Answers

these are true statements

What is the main purpose of the operation bank?

Answers

Answer:

what even is a operation bank

Explanation:

hehe

How can costs of entertainment be minimized through distribution channel management?

Answers

Costs of entertainment be minimized through distribution channel management:

Increasing or choosing the channel intermediates with care.The importance of supply chain management is being raised.

Distribution channel management is a technique for controlling the flow of goods from producers or manufacturers to the final consumer. A distribution channel is a way for companies to move their goods.

Through channel management, a business may better meet the demands of its clients. The approaches you employ to support your partners who assist with the distribution process, how you manage vendors, and your marketing and sales strategies are all part of channel management.

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CompuTop Company sells toy laptop computers for $30 each. If the variable cost for each laptop is $20 and fixed costs total $25,000, how many laptops must CompuTop sell to generate a target income of $66,667?

Answers

Answer:

$9,166.70

Explanation:

The computation of the number of laptop need to sell is shown below:

= (Fixed expenses + target profit) ÷ (Contribution margin per unit)  

where,  

Contribution margin per unit = Selling price per unit - Variable expense per unit  

= $30 - $20

= $10

And, the fixed cost is $25,000 + profit is $66,667

Now putting these values to the above formula

So, the number of laptops sells is

= ($25,000 + $66,667) ÷ ($10 per unit)

= $9,166.70

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The National Longitudinal Survey of Youth collected data from Peyton's neighbor, Thomas, from1997 - 2011. This type of data would be characterized as_ (Level 3)a. Longitudinalb. Cross-sectionalc. Probability sampled. None of the above how are the intellectual and character virtues developed, respectively? (intellectual virtues first, character virtues second.) Trudy's father has a large collection of ties. He has 18 ties, and 2 of them are striped.If Trudy's father chose a tie at random, what is the probability that the tie would be striped? what was the mistake that was made? anne experienced extreme pain at the dentist's office as a child and, as a result, avoids the dentist as much as possible. she recently had to go to the dentist, and the second she heard the sound of the drill while she was sitting in the waiting room, her heart began to race and she got sweaty and light-headed. anne's reaction to the sound of the drill is an example of Dai cte trei exemple de multipli ai numrului 3 ce au ultima cifr egal cu: Help I will give brainlest Help with this If you dont know the answer please dont answer Which of the following is an advantage of polling organizations using Internet panels over landline panels?Group of answer choicesLandline panels are biased through self-selection, while Internet panels are not.Internet panels give more accurate responses than samples obtained through landlines.It is easier to follow up with Internet panels and track how their opinions change over time.Internet panels are always representative of the population of American Why does Noah's father feel it is important for him to stay in jail? if you will have only $ 750 at the end of year 1, what interest rate, compounded annually, would you have to earn to have the necessary 1,000 at year 4? the owner of a laundry shop is replacing 10 of their washing machines with a new model. the lifetime (in years) of this new model of washing machine can be modelled by a gamma distribution with mean 8 years and variance 16 years. (a) specify the probability density function (pdf) of the lifetime of this new model of washing machine. [2 marks] (b) the new model washing machine comes with a warranty period of five years. what is the probability that at least 7 of the 10 washing machines will have a lifetime beyond the warranty period? HELP HELP HELP HELP IM GIVING BRAINLIEST Which of the following processes occurs during the inflammation phase of the healing process?Select one:A. The blood vessels in and around the injury site constrict, which forces bacteria and other microorganisms away, thus preventing significant infection.B. The immune system releases histamines, which cause vasodilation and increased capillary permeability, resulting in local redness and swelling.C. The veins and arteries at the injury site constrict and platelets aggregate, which stops bleeding and causes a temporary increase in the size of the wound.D. White blood cells are forced away from the injury site, thus allowing an increase in the flow of red blood cells, resulting in increased blood flow. Example sentence of herbicide 15)When using the words _____ and _____ in question format, they need accent marks.que, esquiere, estaque, comocomo, quiere According to the rank-size rule, which of the following is typically true of higher-order services, such as hospitals with a large number of medical specialties?They are located in suburbs.They are located in small towns.They have smaller ranges and thresholds.They have larger ranges and thresholds. Each of three friends flips a coin 82 times. The results for each friend are shown in the tables. Find the relative frequency for the event "tails" for each friend. If the friends combine their results to get 114 heads and 132 tails, what is the relative. frequency for the event "tails"? Use pencil and paper. Suppose each friend flips a coin 820 times. Is there a value you would expect the relative frequency for the event "tails" to be close to? Larry Davis borrows $77,000 at 10 percent interest toward the purchase of a home. His mortgage is for 20 years. Use Appendix D for an approximate answer, but calculate your final answer using the formula and financial calculator methods. a. How much will his annual payments be? (Although home payments are usually on a monthly basis, we shall do our analysis on an annual basis for ease of computation. We will get a reasonably accurate answer.) (Do not round intermediate calculations. Round your final answer to 2 decimal places.) b. How much interest will he pay over the life of the loan? (Do not round intermediate calculations. Round your final answer to 2 decimal places.)c. How much should he be willing to pay to get out of a 10 percent mortgage and into a 8 percent mortgage with 20 years remaining on the mortgage? Assume current interest rates are 8 percent. Carefully consider the time value of money. Disregard taxes. (Do not round intermediate calculations. Round your final answer to 2 decimal places.) if residual plots exhibit strong nonlinear patterns, the inferences made by a linear regression model can be quite accurate. true or false?