EBK BUSINESS & PROFESSIONAL ETHICS FOR
8th Edition
ISBN: 8220103648523
Author: DUNN
Publisher: CENGAGE L
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Yellow Co foresees the possibility of being unsuccessful in a lawsuit that may result in incurring a major loss associated with its related liability. Which of the following is correct?
A
If it is remote, and a guarantee was given, a disclosure is necessary, but not an accrual.
B
If it is probable, a disclosure is necessary, but not an accrual.
C
If it is probable, an accrual is necessary but not a disclosure.
D
If it is reasonably possible, neither accrual nor disclosure is necessary.
Amber Inc has 200,000 shares of $10-par common stock outstanding and 4,000 shares of $50-par 8% convertible preferred stock outstanding. For 2024, Amber reported net income of $700,000 after deducting income taxes at a 30% rate. If each share of preferred stock is convertible into 1 share of common stock, what would Amer report for diluted earnings per share?
Burgundy Corporation had made $56,000 of tax payments to the IRS. Its adjustments to increase its $502,000 pretax financial income netted $60,000 to arrive at taxable income. Assuming the tax rate is 25%, how much will Burgundy report for income taxes payable on its balance sheet?A$84,500
$125,500
$140,500
D
$69,500
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- Burgundy Corporation had made $56,000 of tax payments to the IRS. Its adjustments to increase its $502,000 pretax financial income netted $60,000 to arrive at taxable income. Assuming the tax rate is 25%, how much will Burgundy report for income taxes payable on its balance sheet?arrow_forwardWhat are the budgeted cash payments for October on these financial accounting question?arrow_forwardThe book value of this equipment shown on its balance sheet will be?arrow_forward
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