GASA01H3 : Journal4

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cerisemammoth280

15 Apr 2011

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The tale of genji (of japan): while lady murasaki"s dates of birth and death are unknown; she was probably born in 978 with her death following after 37 years in the year 1015 c. e. We don"t know her real name since in heian japan it was considered improper to record the personal names of aristocratic women outside their imperial family. At about age 21 she was married to a much older man, and bore a daughter. The next year her husband died, and in her grief she considered becoming a buddhist nun but turned instead to reflection on the problem of human happiness, especially for women. Around that time, approximately the year 1001, she began work on her masterpiece, the tale of genji, which was probably nearly finished when, some six years later, she became a lady in waiting at the imperial court.

Related Questions

1. Which of the following is true about close relationships? a. they are important. b. they are always emotionally intimate. c. both of the above choices. 2. Proximity refers to geographic and other forms of spatial closeness. a. true. b. false. 3. Which of the following refers to the fact that we tend to like others who like us? a. reciprocity. b. opposites attract theory. c. none of the above choices. 4. In married couples, the relationship between personality similarity and marital happiness is negative. a. true. b. false. 5. Social exchange theory seems to be less applicable in individualistic cultures. a. true. b. false. 6. Most homosexual women prefer to call themselves: a. lesbians. b. bisexuals. c. none of the above choices. 7. In addition to sexual desire, passion may include needs for: a. financial security only. b. self-esteem. c. none of the above choices. 8. Researchers have found that attachment styles are correlated with intelligence. a. true. b. false. 9. ______ occurs when one has fewer relationships than desired. a. shyness. b. loneliness. c. moodiness. 10. Low self-esteem is considered a personal quality associated with loneliness. a. true. b. false. 11. Which of the following statements is true regarding the commonly held stereotype of single people? a) The previously negative stereotype is vanishing. b) The previously positive stereotype is vanishing. c) None of the above choices. 12. Which of the following is associated with a higher probability or marital success? a) Having happily married parents. b) Shorter courtship. c) None of the above choices. 13. An orderly sequence of stages through which families progress is called a) Family development. b) The family life cycle. c) Serial monogamy.

amaranthhornet85

A. As a result of uninsured accidents during the year, personalinjury suits for $400,000 and $70,000 have been filed against thecompany. It is the judgment of XYZ Company's legal counsel that anunfavorable outcome is unlikely in the $70,000 case but that anunfavorable verdict approximating $300,000 will probably result inthe $400,000 case.

B. On December 31, 2017, High Tech, Inc. learned that itscompetitor had introduced a product using a software developmentover which High Tech has exclusive patent rights. High Tech filedsuit and its attorneys felt, it was probable that the companyshould recover at least $600,000. The companyâs December 31, 2017year-end financial statements were issued on March, 15, 2018.

C. At the end of its first year of operations, the MedinaCompany has a balance in accounts receivable of $1,500,000. Basedon an aging of the accounts receivable, the company believes itprobable that it will be unable to collect $70,000 of thesereceivables.

D. Chemco's chemical product division consisting of five plantsis uninsurable because of the special risk of injury to employeesand losses due to fire and explosion. The year 2017is consideredone of the safest (luckiest) in the division's history because noloss due to injury or casualty was suffered. Having suffered anaverage of three casualties a year during the rest of the pastdecade (ranging from $100,000 to $800,000), management is certainthat next year the company will probably not be so fortunate.

E. ABC Credit Cards Inc is being sued for antitrust violationsrelated to its credit card activities. The companyâs attorneysbelieve that it is probable that findings of antitrust violationswill be sustained against the company. The attorneysâ estimate oflosses is from $20,000,000 to $40,000,000, with the most likelyexpected settlement to be around $25,000,000.

F. ABC Credit Cards Inc is being sued for antitrust violationsrelated to its credit card activities. The companyâs attorneysbelieve that it is probable that findings of antitrust violationswill be sustained against the company. The attorneysâ best estimateof losses is from $20,000,000 to $40,000,000, with no amount withinthe range more likely than any other.

G. The company sells certain products with lithium batteries forwhich it is sued from time to time for losses due to fires fromspontaneous overheating of the batteries. At the end of the yearthe company believes that there are unasserted claims that itslegal counsel believes probably will be asserted and that thelosses may range from $1,000,000 to $2,000,000.

Required:

For each situation, discuss how and whether the contingencyshould be reflected in the companyâs financial statements. If thecontingency should be accrued, prepare the journal entry. If thecompany were following IFRS, would the answer be different on anyof the situations described?

PLEASE SHOW WORK

greyswan188

Described below are six independent and unrelated situationsinvolving accounting changes. Each change occurs during 2016 beforeany adjusting entries or closing entries were prepared. Assume thetax rate for each company is 40% in all years. Any tax effectsshould be adjusted through the deferred tax liability account.

a.	Fleming Home Products introduced a new line of commercialawnings in 2015 that carry a one-year warranty againstmanufacturerâs defects. Based on industry experience, warrantycosts were expected to approximate 3% of sales. Sales of theawnings in 2015 were $4,400,000. Accordingly, warranty expense anda warranty liability of $132,000 were recorded in 2015. In late2016, the companyâs claims experience was evaluated and it wasdetermined that claims were far fewer than expected: 2% of salesrather than 3%. Sales of the awnings in 2016 were $4,900,000 andwarranty expenditures in 2016 totaled $111,475.
b.	On December 30, 2012, Rival Industries acquired its officebuilding at a cost of $1,180,000. It was depreciated on astraight-line basis assuming a useful life of 40 years and nosalvage value. However, plans were finalized in 2016 to relocatethe company headquarters at the end of 2020. The vacated officebuilding will have a salvage value at that time of$790,000.
c.	Hobbs-Barto Merchandising, Inc., changed inventory cost methodsto LIFO from FIFO at the end of 2016 for both financial statementand income tax purposes. Under FIFO, the inventory at January 1,2016, is $780,000.
d.	At the beginning of 2013, the Hoffman Group purchased officeequipment at a cost of $429,000. Its useful life was estimated tobe 10 years with no salvage value. The equipment was depreciated bythe sum-of-the-yearsâ-digits method. On January 1, 2016, thecompany changed to the straight-line method.
e.	In November 2014, the State of Minnesota filed suit againstHuggins Manufacturing Company, seeking penalties for violations ofclean air laws. When the financial statements were issued in 2015,Huggins had not reached a settlement with state authorities, butlegal counsel advised Huggins that it was probable the companywould have to pay $290,000 in penalties. Accordingly, the followingentry was recorded:


Lossâlitigation	290,000
Liabilityâlitigation		290,000

Late in 2016, a settlement wasreached with state authorities to pay a total of $449,000 inpenalties.

At the beginning of 2016, Jantzen Specialties, which uses thesum-of-the-yearsâ-digits method, changed to the straight-linemethod for newly acquired buildings and equipment. The changeincreased current year net earnings by $544,000.

Prepare any journal entry necessary as a direct result of thechange as well as any adjusting entry for 2016 related to thesituation described. (If no entry is required for atransaction/event, select "No journal entry required" in the firstaccount field.)