WetWind Alternatives Corp (WWA) produces electricity through alternative methods such as wave and wind turbines and owns two subsidiaries, Kahuku Wind Inc. and North Shore Wave Electric Inc. (NS Wave), on the north shore of Oahu, HI to utilize the resources of this geographic location in their business venture. Deloitte’s Case 13-06 – “Natural Irony: Accounting Considerations When There Is a Natural Disaster”, discusses a hypothetical scenario where a volcanic eruption causes massive damage to the subsidiaries’ operational assets and poses the question of how to properly record these occurrences in financial statements. The main issue is that Kahuku Wind and NW Wave’s fiscal year end is October 31st so that WWA can have complete …show more content…
If this hypothetical natural disaster actually did occur, there are certain accounting considerations WWA would have to assess in determining the edits needed on their consolidated financial reports to disclose relevant information, or else they would be material misstated. This disaster would be a subsequent event, according to ASC 855-10-25-1, where the event happens after the balance sheet date of the subsidiaries, but before the financials are issued in the consolidated statements. WWA would classify this as recognized subsequent event because it occurs before its own balance sheet date. The financial impact will be presented in both the balance sheet and income statement after the damaged assets have been tested for recoverability because in this case there was a significant adverse change in the asset’s physical condition (ASC 360-10-35-21). Since NS Wave’s 9 power generators were destroyed and Kahuku Wind’s 12 wind turbines have irreparable damage, these assets are deemed non recoverable and must be written off as a loss (ASC 360-10-35-17). Insurance proceeds may offset this loss and whether the assets are insured should be disclosed because a gain from this contingency may arise. ASC 450-30-25-1 states that gains should be recognized when earned which may
If this hypothetical natural disaster actually did occur, there are certain accounting considerations WWA would have to assess in determining the edits needed on their consolidated financial reports to disclose relevant information, or else they would be material misstated. This disaster would be a subsequent event, according to ASC 855-10-25-1, where the event happens after the balance sheet date of the subsidiaries, but before the financials are issued in the consolidated statements. WWA would classify this as recognized subsequent event because it occurs before its own balance sheet date. The financial impact will be presented in both the balance sheet and income statement after the damaged assets have been tested for recoverability because in this case there was a significant adverse change in the asset’s physical condition (ASC 360-10-35-21). Since NS Wave’s 9 power generators were destroyed and Kahuku Wind’s 12 wind turbines have irreparable damage, these assets are deemed non recoverable and must be written off as a loss (ASC 360-10-35-17). Insurance proceeds may offset this loss and whether the assets are insured should be disclosed because a gain from this
In the drama Trifles, Glaspell shows two main view points. That is how the men have the role of being the head of everything and how the women do not get as fairly treated and are only house maids to the men. She characterizes the men as not giving the women the credit they deserve for their hard labors each and everyday. The sheriff, attorney, and neighboring farmer help prove how in the past men were completely superior to women. By showing these two points it makes us feel more sympathetic for the women because of how they are treated. The women always have to go along with what the men tell them, even if they disagree. Since the men are distinguished from the women, the women form their own
In “Cask of Amontillado”, irony is present throughout the entirety of the short story. From Fortunado’s name to Montresor’s reaction to his crime, Irony will always rear its ugly head.
Different literary devices are used to make books and stories more descriptive and interesting. In Shirley Jackson’s short stories, “The Lottery,” and, “The Possibility of Evil,” she uses these literary devices in her writing. There are several examples of her using irony, imagery, and tone . Shirley Jackson uses these words to improve her short stories and to make them more fascinating for the reader.
In literature, many authors love for throw an unexpected twist as the end. Shirley Jackson is no exception. In the short stories “The Lottery” and “The Possibility of Evil” by Shirley Jackson both take twist that the reader doesn’t expect. In “The Lottery” a small town gathers to draw a winner; however Tessie Hutchinson is not delighted to be the winner. Also in “The Possibility of Evil” another small town has an unexpected villain who resides on Pleasant St. Shirley Jackson uses literary devices to depict twist at the end of her short stories because she used literary devices such as syntax, irony and mood.
Who pays for all these damages? People who live in hurricane prone areas obviously have insurance to fall back on when these disasters strike. It turns out that insurance companies also have insurance for instances like this. When insurance companies get stuck paying out large sums of money to a lot of people, they occasionally need a little help and
Have you ever read a book with so much irony that it knocks your socks off? Irony takes place in all these stories we are talking about. The Merriam-Webster definition of irony is “the use of words to express something other than, and especially the opposite, of the literal meaning.” These stories will keep you wondering what’s going to happen and when you least expect it, irony will come out of no where and surprise the reader. In the short stories, “The Veldt,” “Just Lather, That’s All,” and “The Ransom of Red Chief,” Irony is active throughout the whole story.
“The Eye of the Beholder” uses situational irony and the ending was opposite of what you expected. It builds up until her face bandage is taken off in the end and she has what we would describe as “a normal” face. Throughout the video, you hear how her face has always been different and how she has gone through many treatments to get her face somewhat like other’s faces, but all failed and her face stayed the same, making you think that her face must be really awful. The tension builds even more when he says that this would be the last chance for her ugly face to be fixed and that if this failed she would have to live in a community with her “deformity”. Finally, in the end, when the doctors take off her bandages it shows that she had what
Bridget Nicole, an author and speaker, once said, “Most times you won’t understand how someone feels until it happens to you, until you experience the pain.” This is one of the main ideas in “The Most Dangerous Game” by Richard Connell. In this story, a famous hunter, Rainsford, laughs at the animals on the other side of his weapons. At the beginning of the short story, he falls off a yacht and swims to an island, where a man named Zaroff lives, and unwittingly becomes a player in Zaroff’s “game”. Zaroff finds entertainment in hunting the most insightful animal: man. In order to regain his freedom, Rainsford must survive as Zaroff’s prey for three days. The author keeps the readers on the edge of their seats and shows that things are not always as they seem. In this short
In the story “invitation to a murder” Josh Pachter wrote an intriguing foul play mystery containing various situational ironies throughout the story. A situational irony is when the actions of the characters have an effect that is opposite of what was intended. One Situational irony is the title of the story. The twelve men that were invited to the party were invited to participate in a murder. Even though the men had tried to intervene, they were unsuccessful.
A strongminded man who has everything going for him, nice job nice car, great friends, etc. comes home every night to a sick mother whom he takes care of after a long day of living a lavish life. His one weakness is his sick mother because she taught him everything. No one, not even his best friend knows about his other life and so that 's how he keeps it. Oh the irony right? Big strong man afraid to live his truth in fear of change and facing his reality. In The Metamorphosis, author Franz Kafka speaks on a character name Gregor, who somehow manages to transform into a hideous insect, and the ironic life he lives. During the story Gregor has a family whom he cares for, a job as a salesman, and a lack in
Earthly temptations often lead to uncontrollable and recurring urges and thoughts, also known as obsession. In “The Pardoner’s Tale” by Geoffrey Chaucer and “Federigo’s Falcon” by Giovanni Boccaccio, both authors use situational irony to express the theme that too much of anything can be detrimental. Although both tales have men fall to overwhelming desires, in comparison, Boccaccio ends his story significantly more different.
Once Upon a Social Issue Fairy tales have always been told to us as children; whether to comfort or entertain us, they always seem to be a part of everyone’s childhood. “Once Upon A Time”, the title is a characteristic of a fairy tale, but she leads the story to an ending that is anything other than “happily ever after” (Gordimer 12). Although Nadine Gordimer’s title is typical in a fairy tale in the story “One upon a time”, the story she writes is anything but typical. Instead of dealing with characteristics and synonymous with fairy tales, the author uses irony to reflect the idea of humans
I believe at one time or another, we have all been the victim of a form of gossip, backbiting, or betrayal. When victimized by slander, gossip, or backbiting happens, emotions shudder in mazes of hurt and anger.
Pride and Prejudice is one of the most popular novels written by Jane Austen. This romantic novel, the story of which revolves around relationships and the difficulties of being in love, was not much of a success in Austen's own time. However, it has grown in its importance to literary critics and readerships over the last hundred years. There are many facets to the story that make reading it not only amusing but also highly interesting. The reader can learn much about the upper-class society of this age, and also gets an insight to the author's opinion about this society. Austen presents the high-society of her time from an observational point of view, ironically describing human behavior. She describes what she sees and adds her own