In a newsletter from an Iowa Senator, Joni Ernst, she shared a topic which I have not yet heard in the "news". It has beenidentified that there are thousands of federal employees that are showing up as being paid unemployment and otherbenefits even though they were still being paid for doing their federal jobs during the pandemic. The newsletter statesthey "may have" double-dipped since it is an active investigation. The employee names are showing up on both federalpayroll records and "other support", such as unemployment, records (Ernst, 2023). What are your thoughts on this typeof behavior? If validated should they retain their jobs and their federal pensions and benefits?

Beyond the short-term financial consequences, this kind of behavior damages the public's confidence…

Answered: In a newsletter from an Iowa Senator,…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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A digital watch bought from TPPL had a short circuit while the customer was doing work under the sun. This resulted in minor burns and injury to the customer's wrist. The customer sued the company for $10,000 as compensation. As at 31 December 20X1, TPPL's lawyer believed that it would be more than likely that the company would lose the court case against the customer. As the short circuit was very likely due to a manufacturing defect, TPPL also made a corresponding claim against the manufacturer of the digital watch for $8,000. The company's lawyer believed that there would be a 70% chance that the counter claim against the manufacturer was likely to succeed. Explain and discuss how TPPL should treat these two legal claims in its financial statements for the year ended 31 December 20X1 under the applicable SFRSs.
Give typing answer with explanation and conclusion During the COVID-19 pandemic, small businesses were much more resilient than larger businesses, resulting in the federal government offering loan guarantees and payroll protection for larger businesses predominately. Group startsTrue or FalseTrue, unselectedFalse, selected
After Bill and Mercedes' tax return was selected for audit, Bill read on the Internet speculation that filing a paper tax return (instead of filing electronically) and extending a tax return deadline decrease the chance of IRS audit. Bill has convinced Mercedes that they need to use these strategies in the future and look for other ways to avoid audit. Questions for discussion include: 1. What are the timing requirements for filing a tax return and paying taxes owed? 2. Does Bill's action likely violate any IRS regulation? 3. If Bill's action does not violate IRS rules, it is ethical? Please make sure to respond to other students' discussion answers, especially if they have a different point of view than yours.
MGMT Hospital Inc is a private concern that recently opened it doors to the public in the suburbs amidst heavy traffic. There are hardly any quiet nights. Sirens are a constant feature. However, once inside, there is just the hustle and bustle of hospital staff going back and forth. A hospital readmission is when a patient who is discharged from the hospital, is re-admitted again within a certain period of time. Hospital readmission rates for certain conditions are now considered an indicator of hospital quality, and also affect the cost of care adversely. For this reason, Centers for Medicare & Medicaid Services established the Hospital Readmissions Reduction Program (HRRP) which aims to improve quality of care for patients and reduce health care spending by applying payment penalties to hospitals that have more than expected readmission rates for certain conditions. Although diabetes is not yet included in the penalty measures, the program is regularly adding new disease…
In 2015, plaintiff was injured by medical malpractice and received a jury verdict of $500,000 ($200,000 for medical care costs, $200,000 for lost income, and $100,000 for pain and suffering). All the medical care costs had been paid by plaintiff's health insurance company, but the submission of such evidence was barred at trial. In 1989, this jurisdiction, in response to a perceived crisis in medical malpractice insurance, abolished the collateral source rule. In post-trial motions in the instant case, the Court should: Reduce the judgment to $300,000. Reduce the judgment to $250,000. Reduce the judgment to $50,000 Not reduce the judgment
A fertilizer manufacturing company wants to relocate to Lakeside County. A report from a fired researcher at the company indicates the company's product is releasing toxic by-products. The company suppressed that report. A later report commissioned by the company shows there is no problem with the fertilizer. Should the company's chief executive officer reveal the content of the unfavorable report in discussions with Lakeside County representatives? Discuss.
Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
GoodMates Pty Ltd loaned one of its staff, Munir, the amount of $5,000 (interest free) for one month. Due to personal life issues and financial hardship that Munir was suffering, it turned out that demanding the loan will endanger his health and will cause him not to be able to provide basic needs for his family. At the discretion of the board of directors, this loan was waived on compassionate reasons and Munir was informed. Is the company required to pay any fringe benefit tax? Kindly use the template below and discuss in detail. Facts: Rules and or cases: Application: Conclusion:
Tiramasu Coatings is trying to figure out OSHA's record keeping requirements. What must Tiramasu do to comply with these requirements? O keep records of all workplace injuries. O keep a record of recognized hazards used in the workplace. keep records of positive results of workplace drug tests. O must monitor workers' e-mail messages if the monitoring would assist in identifying worker misconduct.
It is now December 31, 2020 (t = 0), and a jury just found in favor of a woman who sued the city for injuries sustained in a January 2019 accident. She requested recovery of lost wages plus $300,000 for pain and suffering plus $60,000 for legal expenses. Her doctor testified that she has been unable to work since the accident and that she will not be able to work in the future. She is now 62, and the jury decided that she would have worked for another 3 years. She was scheduled have earned $32,000 in 2019. (To simplify this problem, assume that the entire annual salary amount would have been received on December 31, 2019.) Her employer testified that she probably would have received raises of 3% per year. The actual payment for the Jury award will be made on December 31, 2021. The judge stipulated that all dollar amounts are to be adjusted to a present value basis on December 31, 2021, using a 5% annual interest rate and using compound, not simple, Interest. Furthermore, he stipulated…
Terry House, the controller for MicroTech Software Company, is responsible for preparing the company’s financial statements. He learns that sales for the first quarter of the year have dropped so dramatically that the company is in danger of bankruptcy. As a result, he applies for an accounting position with another software company that competes with MicroTech. During his job interview, Terry is asked why he wants to leave MicroTech. He replies truthfully, “The company’s sales are down another 10% this quarter. I fear they will go out of business.” At that time, MicroTech had not released its sales results to the public. Discuss the ethics of this situation.
In 1998 a council-owned factory began selling replacement windows to outside customers for the first time. At the time the factory was making losses and the council needed to make severe budget cuts. The new customers have helped to reduce the losses in 1999 and a return to profits is required in 2000.An order for a special type of window has been received. The factory manufactures this type of window very occasionally and there is some partially completed inventory from last year. The inventory relates to an order from the council that was cancelled to save costs. The special windows are typically 30% complete and some of the material can be used for the new order. The accountant still has detailed records of the work done last year.The accountant has provided the following information for the factory managers.Costs incurred last year on special windows now held in inventoryPVC material = £5,000Labour = £3,000(i) The factory was planning to sell the inventory of special windows to a…

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