Newco Case Summary

ACTG 350 – Case2 Due: Required: Tuesday, November 26th (at the beginning of class). Complete the requirements outlined in the following case developed by the Deloitte Foundation. Your memo should carefully develop arguments supporting your conclusions based on your interpretation of ASC 330-10.Your memo should not exceed 2 pages and be formatted in a professional manner. Please submit one case per group.

AS 3 goes on to state in paragraph A9 that “the documentation requirements in this standard should result in more effective and efficient oversight of registered public accounting firms and associated persons, thereby improving audit quality and enhancing investor confidence”.

Nurad Inc., brought lawsuit to recover the cost it’s incurred in removing several underground storage tanks from a piece of property it owns in Baltimore, Maryland. From 1905 to 1963, William E Hooper & Sons, Co. owned the site and adjacent properties, known as Hooperwood Mills. At some point before 1935, the company began to install tanks for the storage of mineral spirits which it used to coat fabrics in its textile finishing plant. The Company continued to use the tanks for this purpose until 1962 when it shut down its finishing operations. Hooper Co., abandoned the underground storage tanks (USTs) and did not remove the mineral spirits. In 1963, Hooper Co., sold Hooperwood Mills to Property Investors, Inc. Property Investors and its successor, Monumental Enterprise Inc., leased several of the buildings on Hooperwood Mills to various tenants, none which used USTs. Then in 1976, Monumental Enterprise sold Hooperwood Mills to Kenneth Mumaw, who

Under Arkansas case law pertinent to actual fraud, Is Mr. Sidewinder liable for fraudulent misrepresentation, when (1) the sword which was solicited as authentic turned out to be a replica; (2) the defendant characterized the sword as what he personally believed to be true; (3) the plaintiff was given the opportunity to inspect the sword before the sale was induced; (4) the plaintiff relied on the statements of the seller, believing him to have peculiar knowledge in the field, and purchased the sword before examining it herself; (5) the plaintiff bought the sword for $50,000 when it was only appraised to a value of $1,000?

Defendants were in a "state of nature" so Newgarth's standard laws did not apply to them; the laws of nature would allow them to agree to sacrifice one's life to save the other four

Michael was seen today following his HRCT scan of his chest and lung function tests. The HRCT showed mild emphysema and an incidentally noted 4mm right middle lobe pulmonary nodule. There was the incidental finding of an aneurysm or dilatation of the celiac axis and probably the common hepatic artery, though this wasn't completely imaged. We were hoping for an echocardiogram, though he is on the wait list for this to happen at the Austin Hospital.

USAG Ansbach must address the immediate funding constraints, manpower MDEP reductions, and personnel turn-overs that is causing short-term planning challenges, while still achieving the proper balance between our tenants’ needs and our resources. We have neither unlimited resources (funding, personnel) nor the predictability to completely eliminate risk; therefore, we must routinely analyze the tactical and strategic environments and make informed decisions to mitigate risks. The leadership at each level has the authority to mitigate risk at their level. If a risk is identified that you believe will not permit mission accomplishment and you cannot mitigate, you must send the details to the next higher level so it can be addressed. Our ability

Candidate Fields was able to provide all navigation requirements within acceptable parameters. SNC gave a confident, executable order to his squad, but was slightly rushed in his delivery; this pace did not detract from his overall accuracy. SNC maintained good eye contact with team leaders during his detailed tasking statements, maintaining good situational awareness of the problem and the squad’s role in supporting the platoon. SNC did however not address a Succession of Command during his five paragraph order. Upon execution, SNC had solid control over his teams, maintained a good pace and was able to seamlessly transition formations and directions without and notable stall in pace or forward momentum. On contact, SNC issued a loud,

SNC was not able to calculate an accurate azimuth before the time was up. SNC gave a thorough 5 paragraph order that included local terrain, Direction of Attack, enemy actions in the Area of Operation, current operations of the Battalion activities in the local area, a detailed tasking statement to each fire team that out lined fire team mission requirements, and Coordinating Instructions that included maneuvers for both movement to the objective and upon contact. SNC was not confident as he delivered his 5 paragraph order as he stumbled and stuttered and maintained little or no eye contact as he read from his notes. SNC did not demonstrate an understanding of the time-constraints during movement from the Assembly Area to the Objective. SNC

David at Matco and I just spoke about our fabric and tac-tape product line. Matco has requested we go back to supplying 37.5 inches wide rolls when purchasing fabric and tape-FW rolls, not 36 inches, with the discounted price. He wants to trim our product at log rolls at Matco. At present his purchase order are not matching the invoices supplied, and this is creating a accounting malfunction, actually a nightmare when reconciling purchase orders for payables. I believe the price would be for the 36 inches wide, without the discount because we guarantee 36 inches wide rolls. Please make note in their master file to supplied 37.5 inch wide rolls, not 36 inch wide rolls for FW fabric and tac-tape.

The Northwest Telco Corporation (“Telco”), a long distance telephone call service provider, became aware that their call switch computer was being targeted by an unknown party that sought to benefit from exploiting the system. Telco’s long distance service was based upon the user dialing a general access number to connect to the switch, then entering a 6-digit code that was tied to their account, and then the phone number that they desired to be connected to. Telco’s routing switch was being targeted at 40 second intervals over the duration of several hours and the malicious party’s intent was to discover access codes that belonged to Telco customer accounts by submitting a “random” 6-digit access code. Telco was able to determine that

The authors recognised that it was not possible to justify all the extensions noted because of the absence of any statement by the company or an assurance provider about the extensions. Related to Notes and MD&A, they found that only 13 XBRL documents included notes, and only one of these also provided MD&A. None of the companies had an accountant’s report or assurance report, although three earlier filings by two companies had assurance reports.

For the purposes of this assignment the relevant law is the Corporations Act 2001 (Cth) (either as the “Act” of the “CA”). From now on I will refer to it as the Act (Hinchy, McDermott 2008).

Najat recently had an Ergotron sit-stand apparatus installed at her desk. She requested assistance to be properly set-up at her workstation.

I want to start off by clarifying the three main people in this case. They are Jack Wright, John Rock, and Sam Bigger. There are a few other people as well, but they are not worth noting. Jack is the CEO of Dryden Corporation and John is the CEO of Mega Corporation. John has been talking to Jack about the possibility of joining Mega Corporation’s board of directors. Sam Bigger is the chairman and former CEO of Mega Corporation. They need an answer from Jack by the end of the month in order to get his name in for nomination. However, there are some issues that Jack wants to think through and discuss with his wife before making a decision.