Premium Essay

Norman

In: Business and Management

Submitted By qtanne
Words 1161
Pages 5
Norman Corporation
Group J

Introduction
Norman Corp is a young manufacturer of

specialty consumer products Until 2006, the financial statements were never audited Company was considering to borrow a longterm note Hence it decided to have it’s 2006 financial statements audited by Kline & Burrows Some questions came up during the preparation of preliminary financial statements

Case Analysis
Group of female employees sued the

company alleging injustice in payment They demanded a back pay of $250,000 Company was again sued by an employee who was injured by a product of company. He demanded $500,000 as compensation. But the company thinks that it can be settled at $50,000 and they can win this if this goes on for trial. They decided to report $50,000 as reserve for contingencies corresponding debit to retained earning.

In 2004 plant maintenance expenditure was

$44000. Normally plant maintenance was about $60,000 a yr. $60,000 had indeed been budgeted for 2006. Income statement of company contains this $60,000for plant maintenance expenses with an offsetting credit to reserve account as a noncurrent liability.


In January 2006 company issued $100000

bond in return of $80,000 to one of its stakeholder. Discount of 20000 arose because 5% interest rate was below the ongoing rate.


Analysis of fact one ..
Only if the company is reasonably certain of

loosing lawsuit and the loss amount can be reasonably estimated is a liability recognized. and when a liability is recognized a provision is created. According to paragraph 8.4 of AS 4:


“Events occurring after the balance sheet date which do not affect the figures stated in the financial statements would not normally require disclosure in the financial statements although they be of such significance that they may require a disclosure in the report of the approving

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