GAPP And Analysis Memo Sample

The fair value of neither the asset(s) received nor the asset(s) relinquished is determinable within reasonable limits.

Our client, Sue Davis, was in a car accident in Yankton, South Dakota. Sue sustained massive head injuries, and the paramedics did not think that she would make it to the hospital alive. Once all was said and done Sue incurred $400,000.00 in medical bills, $45,000.00 in lost wages, and $50,000.00 in property damage to her Bentley.

1. A liability, estimated at $157,050 at December 31, 2012, was settled on February 26, 2013, at $175,160.

The value of the property is to be determined at the time of the trail.

a. Transfer from the debtor to the creditor of receivables from third parties, real estate, or

Transferring funds, placing orders, sending invoices, and shipping goods to customers are all types of activities or transactions.

1.Checking account balance $925,000; certificate of deposit $1,400,000; cash advance to subsidiary of $980,000; utility deposit paid to gas company $180.

If the cost of an available-for-sale security exceeds its fair value by $40,000, the entry to recognize the loss

The losses compensated for in this case include difficult-to-quantify losses such as disability, emotional distress, suffering, and pain, and economic losses such as lost earnings and medical expenses (Greene, Coon and Bornstein, 2001). Again here, capping or limiting the jury award would imply that even after suffering economic and noneconomic damages in the hands of the defendant, a plaintiff would not likely get back to the position they were in before the injury.

(a) The liability of the United States for compensation to a beneficiary in the case of death or of permanent total or permanent partial disability may be discharged by a lump-sum payment equal to the present value of all future payments of compensation computed at 4 percent true discount compounded annually if--

How are requirements for contingencies reported? What would happen to the financial statements if the client loses the lawsuit?

A transaction can be any exchange between the supplier and consumer in the economy. Some primary examples of a transactions are exchange of goods for money, or exchange of goods for other goods, or even the exchange of information and intermediate products. And all these exchanges in the market entail costs, also known as transaction costs.

The insurance carrier disputes the value of the equipment, crops, or other non-building related losses.

1) As part of 1997 sales drive, 800 units were given out for rent at a rate of 35$ per week and also 600 units were given out for rent at a rate of 30$ per week.

Most of these arrangements have terms of approximately one year. Accruals for expected payouts under these programs are included as accrued marketing and promotion in the accrued and other liabilities line item in the Consolidated Balance Sheets.