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.
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- A fertilizer manufacturing company wants to relocate to Yellowstone 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 Yellowstone County representatives? Discuss.A manure industrial company wants to move to England County. A 20-year-old report from a sacked researcher at the company says the company’s product is discharging toxic by-products. The company has blocked that report. A second report commissioned by the company shows there is no problem with the manure. Should the company’s chief executive officer reveal the context of the adverse report in discussions with England County representatives? Discuss.The Environmental Protection Agency (EPA) is in the process of investigating a possible water contamination issue at the manufacturing facility of Northwest Forest Products. The EPA has not yet proposed a penalty assessment. Management feels an assessment is reasonably possible, and if an assessment is made, an unfavorable settlement is estimated between $20 and $30 million. How should Northwest Forest Products report this situation in its current financial statements?
- The Stone River Textile Mill was inspected by OSHA and found to be in violation of a number of safety regulations. The OSHA inspectors ordered the mill to alter some existing machinery to make it safer (e.g., add some safety guards); purchase some new machinery to replace older, dangerous machinery; and relocate some machinery to make safer passages and unobstructed entrances and exits. OSHA gave the mill only 35 weeks to make the changes; if the changes were not made by then, the mill would be fined $300,000. The mill determined the activities that would have to be completed and then estimated the indicated activity times, as shown in the table below. Activity Description Immediate Predecessor(s) Time Estimates (Weeks) Optimistic Most Likely Pessimistic a m b A Order new machinery --- 1 2 3 B Plan new physical plant --- 2 5 8 C Determine safety changes in existing machinery --- 1 3 5 D Receive equipment A 4 10 25 E Hire new employees A 3 7 12 F Make plant…There is a high chance that our audit work will be disturbed by protesters who will at any moment occupy the two MapleX’s farms located on the lands claimed by the Métis indigenous peoples of Canada. Due to serious safety concerns associated with the protesters, I don’t want anyone from our firm going to these two farms. This means that we will not be able to physically inspect and count of the maple trees at the two occupied farms. In addition, I have a feeling that the AFDA set by the bookkeeper could be materially misstated and therefore the A/R balance presented on MapleX’s financial statements would be incorrect. In a separate memo, please discuss and explain, how each of these two situations (on its own separately), would impact the type of audit report and the opinion that our firm would issue. Also, please explain what specific changes I would need to make to the auditor’s report and show an example of how the wording in the report would be changed for each situation. Remember,…What caused Union Carbides deadly gas leak in Bhopal, India, which killed 3,000 and injured 42,000? A. a combination of low staff levels, corruption, pay-oils to employees to keep quiet, and the manager going on vacation the day before the leak B. diversion of funds and resources to a Northern India project that also took staff from the Bhopal plant, plus many safety issues, including fines imposed on community members who camped too close to the plant C. employees deciding to have lunch before dealing with the pressure buildup inside the tank and bribes paid to the government employees who inspected the plant D. a combination of low staff levels, numerous safety issues, and a Lack of Immediate employee attention to the problem as pressure built up inside the tank
- In a recent year, an oil refinery in Texas City, Texas, on the Houston Ship Channel exploded. The explosion killed 14 people and sent a plume of smoke hundreds of feet into the air. The blast started as a fire in the section of the plant that increased the octane of gasoline that was produced at the refinery. The Houston Ship Channel is the main waterway that allows commerce to flow from the Gulf of Mexico into Houston. The Texas Commission on Environmental Quality express concern about the release of nitrogen oxides, benzene, and other known carcinogens as a result of blast. Neighbors of the plant complained that the plant had been emitting carcinogens for years and that the regulators had ignored their complaints about emissions and unsafe working conditions. Instructions Answer the following Questions Outline the costs that the company now faces as a result of the accident. How could the company have reduced the cost associated with the accident?Due to the coronavirus pandemic, ShakeHands Company announced a decision to close a factory located in Sampaloc and terminate all 200 employees as a result of the decline in product demand due to the lockdown. The entity shall pay P40,000 per employee upon termination. However, to ensure that the windup of the factory occurs smoothly and all remaining customer orders are completed, the entity needs to retain at least 20% of employees until closure of the factory in six months. As a result, the entity announced that employees who agree to stay until the closing of the factory shall receive P75,000 payment at the end of the six months in addition to receiving their current wage through the period of closure on top of the P40,000. Based on this offer, the entity expected to retain 50 employees until the factory is closed. Compute the amount attributable to termination benefit. Compute the amount attributable to short-term benefit.Which one of the following costs is most likely to be deductible? Group of answer choices Fines paid for dumping toxic waste into a City of Denver park. Bribes to a city health inspector to ensure an “A” rating to a restaurant. The telephone bill for the headquarters of an illegal stolen car parts organization. Advertising costs for a Colorado marijuana dispensary.
- Abbott & Partners audit firm has audited Pretty Valley Shire council for two years,performing both a statutory audit of the financial reports and a compliance audit forthe government department in charge of local councils’ landfill waste disposal sites. Inall previous control testing, no exceptions were detected. The junior auditor on theengagement has suggested that no work on internal controls is required because lastyear’s evidence will be sufficient. Required: Explain why the junior auditor’s suggestion is not appropriate.Which of the following MOST likely indicates a clear violation of an NFPO’s code of conduct? John Adams, a volunteer for the local pet shelter, also owns a pet store and has offered a discount on pet food to the local shelter. Cecilia Lam used inappropriate language on her Facebook page when referring to the NFPO for which she worked. Mark Adams, an employee for a legal society, used the organization’s computer to research a new job. Hanpreet Kaur, the accountant for a sports rehabilitation society, offered the society’s services to his sister free of charge without her needing to qualify.QUESTION Furnaces Pty Ltd was advised by a local building inspector that one of the chimneys on its premiseswas unsafe and, unless it was repaired, the factory would have to be closed. Furnaces decided thatit was not feasible to stop operations to repair the chimney, so they gained permission to build analternative chimney adjacent to the old chimney, thereby allowing production to continue. They foundthat although the new chimney was substantially the same size and make as the old one, it wascheaper to build than it would have been to repair the old one. Also, the new chimney can betterventilate the weather, which was not available in the previous one. After the new chimney waserected, the old chimney was demolished.Is any amount allowable as a deduction for the cost of the new chimney?