ACC 423 Entire Course

 The pack of ACC 422 Week 5 Idividual comprises:



 Assignments from the Text



 a. Prepare solutions to the following exercises from the text:

 Chapter 13: E13-1, E13-7, E13-11, E13-13

 b. Prepare a response to the following Question

Business - Accounting
 ACC 422 All Week 5 Assignments - Individual WileyPlus Assignment



 Includes:

 Week 5 Discussion questions 1, 2, 3, 4

 Week 5 Learning team assignment

 Week 5 Learning Team Problem Presentation

 Week 5 Individual WileyPlus assignment as described below:

 E13-13 (Contingencies) Presented below are three independent situations. Answer the question  at the end of each situation.

 1. During 2010, Maverick Inc. became involved in a tax dispute with the IRS. Maverick’s attorneys
 have indicated that they believe it is probable that Maverick will lose this dispute. They
 also believe that Maverick will have to pay the IRS between $800,000 and $1,400,000. After
 the 2010 financial statements were issued, the case was settled with the IRS for $1,200,000.
 What amount, if any, should be reported as a liability for this contingency as of December 31,
 2010?

 2. On October 1, 2010, Holmgren Chemical was identified as a potentially responsible party by the
 Environmental Protection Agency. Holmgren’s management along with its counsel have concluded
 that it is probable that Holmgren will be responsible for damages, and a reasonable estimate of
 these damages is $6,000,000. Holmgren’s insurance policy of $9,000,000 has a deductible clause
 of $500,000. How should Holmgren Chemical report this information in its financial statements at
 December 31, 2010?

 3. Shinobi Inc. had a manufacturing plant in Darfur, which was destroyed in the civil war. It is not
 certain who will compensate Shinobi for this destruction, but Shinobi has been assured by governmental officials that it will receive a definite amount for this plant. The amount of the compensation will be less than the fair value of the plant, but more than its book value. How should the
 contingency be reported in the financial statements of Shinobi Inc.?

 P13-9 (Premium Entries and Financial Statement Presentation) Sycamore Candy Company offers a CD single as a premium for every five candy bar wrappers presented by customers together with $2.50. The candy bars are sold by the company to distributors for 30 cents each. The purchase price of each CD to the company is $2.25; in addition it costs 50 cents to mail each CD. The results of the premium plan for the years 2010 and 2011 are as follows. (All purchases and sales are for cash.)
 2010 2011
 CDs purchased 250,000 330,000
 Candy bars sold 2,895,400 2,743,600
 Wrappers redeemed 1,200,000 1,500,000
 2010 wrappers expected to be redeemed in 2011 290,000
 2011 wrappers expected to be redeemed in 2012 350,000

 Instructions
 (a) Prepare the journal entries that should be made in 2010 and 2011 to record the transactions related
 to the premium plan of the Sycamore Candy Company.
 (b) Indicate the account names, amounts, and classifications of the items related to the premium plan
 that would appear on the balance sheet and the income statement at the end of 2010 and 2011.


 *E14-21 (Term Modification without Gain—Debtor’s Entries) On December 31, 2010, the American Bank enters into a debt restructuring agreement with Barkley Company, which is now experiencing fina

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