NCI Building Systems reports the following footnote to one of its recent 10-Ks related to its manufacturing
Question:
NCI Building Systems reports the following footnote to one of its recent 10-Ks related to its manufacturing of metal coil coatings and metal building components.
a. How has NCI reported this potential liability on its balance sheet?
b. Does the \(\$ 0.1\) million accrual "to complete site analysis and testing" relate to a contingent liability? Explain.
Transcribed Image Text:
We have discovered the existence of trichloroethylene in the ground water at our Southlake, Texas facility Horizontal delineation concentrations in excess of applicable esidential assessment levels have not been fully identified. We have filed an application with the Texas Commission of Environmental Quality ("TCEQ") for entry into the voluntary cleanup program. The cost of required remediation, if any, will vary depending on the nature and extent of the contamination. As of October 28, we have accrued $0.1 million to complete site analysis and testing. At this time, we cannot estimate a loss for any potential remediation costs, but we do not believe there will be a material adverse effect on our Consolidated Financial Statements.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 0% (1 review)
Answered By
Diane Joyce Pastorin
Please accept my enthusiastic application to solutioninn. I would love the opportunity to be a hardworking, passionate member of your tutoring program. As soon as I read the description of the program, I knew I was a well-qualified candidate for the position.
I have extensive tutoring experience in a variety of fields. I have tutored in English as well as Calculus. I have helped students learn to analyze literature, write essays, understand historical events, and graph parabolas. Your program requires that tutors be able to assist students in multiple subjects, and my experience would allow me to do just that.
You also state in your job posting that you require tutors that can work with students of all ages. As a summer camp counselor, I have experience working with preschool and kindergarten-age students. I have also tutored middle school students in reading, as well as college and high school students. Through these tutoring and counseling positions, I have learned how to best teach each age group.
4.60+
2+ Reviews
10+ Question Solved
Related Book For
Financial And Managerial Accounting For MBAs
ISBN: 9781618533593
6th Edition
Authors: Peter D. Easton
Question Posted:
Students also viewed these Business questions
-
Your borrower has applied for four different department store credit cards and bought furniture on a 90-day same-as-cash plan, all within the last 60 days. How will this impact his credit score?...
-
Flash Technologies, Inc. has recently engaged your firm to perform the annual audit for the year ending December 31, 2008. Flash has determined that its current auditors, Adams & Adams LLP, cannot...
-
Since the early 1990s, woodstove sales have declined from 1,200,000 units per year to approximately 100,000 units per year. The decline has occurred because of (1) stringent new federal EPA...
-
9. Write a program to solve function given below, with the x and y value proposed by the user. And, based on the result, show "imaginary result" response for the case of the result of the function is...
-
1. Prepare a draft of a performance management system and total rewards plan for WeaveTech. You must consider individual employee and organizational needs as well as federal laws and regulations in...
-
Choose the correct response. Which difference can be simplified without first simplifying the individual radical expressions? A. 81 - V18 C. 47-97 B. 8-16 D. 75 - V12
-
Below is the trial balance on 31 December 2008 of a sole traders business, prior to adjustment, and the adjustments which must be made at balance sheet day: Additional information: a Stock on 31...
-
Macho Inc. has recently become interested in acquiring a South American plant to handle many of its production functions in that market. One possible candidate is De Fuentes SA, a closely held...
-
Use the data set for these quest 16, 22, 14, 25, 18, 25
-
Smithe Inc. signed a 90-day, 6\% note payable for \(\$ 6,900\) on December 16 . Use the financial statement effects template to illustrate the year-end December 31 accounting adjustment Smithe must...
-
How do credit (debt) ratings affect the cost of borrowing for a company?
-
The following are the assets and liabilities of Mary Burke Realty Company, as of March 31, 2018. Also included are revenue, expense, and selected stockholders equity figures for the year ended on...
-
a. What objectives are met in obtaining a client representation letter? b. What is the impact of a client's refusal to provide a rep letter.
-
What was Tootsie Roll's largest current asset, largest current liability, and largest item under "Other assets" at December 31, 2007 ?
-
a. Identify the four types of attest engagements that have been recognized in professional standards. b. Indicate the levels of assurance and attestation risk associated with each type.
-
a. Distinguish three situations involving information accompanying audited financial statements. b. Describe the auditor's responsibilities for each type of information.
-
a. How are the attestation standards classified? b. Indicate the principal differences between the attestation standards and GAAS.
-
Give an example of how quota sampling could be used to conduct sampling by a company test marketing a new personal computer.
-
Determine the volume of the parallelepiped of Fig. 3.25 when (a) P = 4i 3j + 2k, Q = 2i 5j + k, and S = 7i + j k, (b) P = 5i j + 6k, Q = 2i + 3j + k, and S = 3i 2j + 4k. P
-
Forrest Company manufactures phone chargers and has a JIT policy that ending inventory must equal 10% of the next months sales. It estimates that Octobers actual ending inventory will consist of...
-
Forrest Company manufactures phone chargers and has a JIT policy that ending inventory must equal 10% of the next months sales. It estimates that Octobers actual ending inventory will consist of...
-
Music World reports the following sales forecast: August, $150,000; September, $170,000. Cash sales are normally 40% of total sales and all credit sales are expected to be collected in the month...
-
Required: 1. Determine each year's absorption costing operating income. Present your answer in the form of a reconciliation report. Absorption Costing Operating Incomes Year 1 Year 2 Year 3 Variable...
-
Carlos owns a property which he has rented. During 2021, the property generated $24,000 in rental income. Carlos incurred the following expenses related to rental operations: Depreciation $5,000 Real...
-
(A) Upon the completion of the audit of UPSY Company Ltd, the Engagement Partner reviewed the audit working papers and came across the following: 1) There was material inconsistency between the...
Study smarter with the SolutionInn App