ACG: Accounting-General Valencia College

Pennsalt’s announcement of the $4.00 a ton increase in its list price for chlorine appeared in newspapers published on February 26, 1960. On the evening preceding the appearance of Pennsalt’s announcement in newspapers, or the next preceding evening, Land made telephone calls to Bingham, sales manager of Columbia-Southern, and Munro, an officer of Allied, informing them of Pennsalt’s price increase announcement and inquiring as to what the reaction or responses of their respective companies might be to this event. Land’s telephone calls were motivated by his desire to achieve a price increase on caustic soda.

There is no evidence that the P&G discount was discussed at this meeting. After P&G awarded most of its tonnage at Cincinnati to Columbia-Southern, there was still some tonnage open at Cincinnati, and at other P&G plants at St. Louis and Chicago. On February 4, 1959, FMC received the remaining 25% of P&G’s Cincinnati caustic soda requirements at the discounted price.

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In light of the fact that virtually all of the recovery to creditors will come from the sale of electric and gas-transmission utility https://intuit-payroll.org/, it is tempting to speculate that these were the only Enron businesses that had any value. Obviously, shrinkage of asset values is a common problem in bankruptcy, but it looks as though Enron was never much more than a simple utility company. This suggests that an adjusting entry could be used to recast the 2000 financial statements. Because the impact of the adjusting entry on S&P’s and Moody’s ratings cannot be measured directly, an alternative approach would be to devise a mechanical credit-rating model that uses only financial statement information. The mechanical credit rating can first be calculated using the original financial statement data and then re-estimated after posting the hypothetical adjusting entry.

• And statistics show over a million companies rely and utilize plant assets.
• Relations with P&G, FMC’s largest account ($21 million in all chemicals, with $18 million in phosphates alone) were being jeopardized by FMC’s nonaction on the subject of a discount on liquid caustic soda.
• WileyPLUS is a research-based online environment for effective teaching and learning.
• On February 4, 1959, FMC received the remaining 25% of P&G’s Cincinnati caustic soda requirements at the discounted price.
• Intangible assets are rights, privileges, and competitive advantages that result from ownership of long-lived assets that do not possess physical substance.
• The higher the return on assets, the more profitable the company.

Furthermore, the coefficient estimates for fair value firms’ other assets and liabilities are 0.222 and -0.122, respectively, which are also significantly less than their theoretical values of 1 and -1. The evidence suggests that investors’ concern over managers’ reporting discretion in firm-generated inputs spills over to other assets and liabilities. Thus, investors also place less weight on fair value firms’ other assets and liabilities in equity valuation.

4 Plant Assets

This lab course provides a survey of bio1106 3 Plant Assets gical principles with an emphasis on humans, including chemistry of life, cells, structure, function, and reproduction. In this lab course, the diversity and classification of life will be studied, including animals, plants, protists, fungi, and prokaryotes. In this lab course, the fundamental principles of living organisms will be studied, including physical and chemical properties of life, organization, function, evolutionary adaptation, and classification. What is the expected customer lifetime value of a newly acquired customer? Indicate if an emerging growth company has elected not to use the extended transition period for complying with any new or revised financial accounting standards. The evidence shows that the price increase announcements of 1955 and 1956 were made at or about the end of the third quarter of both years. The continuing agreement, understanding and concert of action described in Conclusion No. 10 above, constitutes an unreasonable restraint of interstate trade and commerce in chlor-alkali products in violation of Section 1 of the Sherman Act.

Note that these revised numbers also include the Examiner’s adjustments in 2000 and 2001. From 1992 through 1999, these adjustments resulted in an average rating reduction of about one notch. In 2000, however, the year in which Enron’s PRMA ballooned from $5 to $21 billion, the adjusted Zeta rating would have yielded B+/B1.

Depreciation and Checking Account Balance

Over the last two decades, IASB has moved toward increased use of fair values in asset and liability measurement for financial reporting. The process of allocating to expense the cost of a plant asset over its useful life in a rational and systematic manner. In a lease, the lessor gets the tax advantage because it owns the asset. It often will pass these tax savings on to the lessee in the form of lower lease payments. Unlike other assets such as investments, plant assets and even other intangibles, which can be sold individually in the marketplace, goodwill can be identified only with the business as a whole.

Smith informed Gilbert that he felt sure that the price increase attempt would succeed. In April, 1958, a further reorganization of FMC’s chemical divisions was carried out. An Inorganic Chemicals Department was created with three subordinate chemicals divisions, one of which was the Chlor-Alkali Division. Fred Gilbert was promoted from General Manager of the Chlor-Alkali Division to Corporate Vice-President and General Manager in charge of the Inorganic Chemical Department. Donald C. Oskin was promoted from Sales Manager, Mineral Products Division to Vice-President in charge of sales for the Inorganic Chemicals Department. Arthur Smith was discharged from his position as sales manager of the Chlor-Alkali Division, and his employment with FMC was terminated.

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Discussions and communications among the alleged conspirators leading to agreements to raise the prices of chlorine, caustic soda and soda ash in 1955 and 1956; of dry caustic soda in 1958; and of chlorine in 1960. The next step in unraveling Enron’s accounting is to calculate the effect that PRMA might have had on investors’ perceptions.