The Commonwealth of Virginia filed suit in October 2014, against Northern Timber Corporation seeking civil penalties and injunctive relief for violations of environmental laws regulating forest conservation. When the financial statements were issued in 2015, Northem had not reached a settlement with state authorities, but legal counsel advised Northern Timber that it was probable the ultimate settlement would be $1,650,000 irn penalties. The following entry was recorded: Loss-litigation 1,650,000 Liability-litigation 1,650,000 Late in 2016, a settlement was reached with state authorities to pay a total of $1,120,000 to cover the cost of violations. Required: 1. Prepare any journal entries related to the change. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the revision of the liability on the basis of the new estimate. Note: Enter debits before credits. Event General Journal Debit Credit Record entry Clear entry View general journal
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Business, 22.06.2019 03:50
Suppose that a worker in agland can produce either 10 units of organic grain or 2 units of incense per year, and a worker in zenland can produce either 5 units of organic grain or 15 units of incense per year. there are 20 workers in agland and 10 workers in zenland. currently the two countries do not trade. agland produces and consumes 100 units of grain and 20 units of incense per year. zenland produces and consumes 50 units of grain and no incense per year. if each country made the decision to specialize in producing the good in which it has a comparative advantage, then the combined yearly output of the two countries would increase by a. 30 units of grain and 100 units of incense. b. 30 units of grain and 150 units of incense. c. 50 units of grain and 90 units of incense. d. 50 units of grain and 130 units of ince
Answers: 1
Business, 22.06.2019 17:20
“strategy, plans, and budgets are unrelated to one another.” do you agree? explain. explain how the manager’s choice of the type of responsibility center (cost, revenue, profit, or investment) affects the behavior of other employees.
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Business, 22.06.2019 21:00
Ryan terlecki organized a new internet company, capuniverse, inc. the company specializes in baseball-type caps with logos printed on them. ryan, who is never without a cap, believes that his target market is college and high school students. you have been hired to record the transactions occurring in the first two weeks of operations.
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The Commonwealth of Virginia filed suit in October 2014, against Northern Timber Corporation seeking...
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