FuelSource Co. (FuelSource) is a U. S. subsidiary of a U. K. entity that prepares its financial statements in accordance with (1) IFRS in reporting to its parent and (2) U. S. GAAP in reporting to its U. S.-based lender. FuelSource also operates in the oil industry and its operations sometimes result in soil contamination. FuelSource operates in Dirty Country, where there is no environmental legislation. FuelSource has recently contaminated land as a result of its operations in Dirty Country. FuelSource has a widely published environmental policy in which it remediates contamination that it causes. FuelSource has a record of honoring this published policy. The U. K. parent similarly has a widely published environmental policy in which it remediates all contamination it causes and has a record of honoring this published policy. Required: Should FuelSource recognize a provision for cleanup costs it may incur in Dirty Country (1) in reporting to its U. K. parent under IFRS and (2) in reporting to its U. S.-based lender in accordance with U. S. GAAP

During the first month of operations, martinson services, inc., completed the following transactions: jan 2 martinson services received $65,000 cash and issued common stock to the stockholders. 3 purchased supplies, $1,000, and equipment, $12,000, on account. 4 performed services for a customer and received cash, $5,500. 7 paid cash to acquire land, $39,000. 11 performed services for a customer and billed the customer, $4,100. martinson expects to collect within one month 16 paid for the equipment purchased january 3 on account. 17 paid for newspaper advertising, $600. 18 received partial payment from customer on account, $2,000. 22 paid the water and electricity bills, $430. 29 received $2,600 cash for servicing the heating unit of a customer. 31 paid employee salary, $2,900. 31 declared and paid dividends of $1,800. requirements 1. record each transaction in the journal. key each transaction by date. explanations are not required. 2. post the transactions to the t-accounts, using transaction dates as posting references. label the ending balance of each account bal, as shown in the chapter. 3. prepare the trial balance of martinson services, inc., at january 31 of the current year. 4. mark martinson, the manager, asks you how much in total resources the business has to work with, how much it owes, and whether january was profitable (and by how much)?

Kumar consulting operates several stock investment portfolios that are used by firms for investment of pension plan assets. last year, one portfolio had a realized return of 12.6 percent and a beta coefficient of 1.15. the average t-bond rate was 7 percent and the realized rate of return on the s& p 500 was 12 percent. what was the portfolio's alpha?

Zeta corporation is a manufacturer of sports caps, which require soft fabric. the standards for each cap allow 2.00 yards of soft fabric, at a cost of $2.00 per yard. during the month of january, the company purchased 25,000 yards of soft fabric at $2.10 per yard, to produce 12,000 caps. what is zeta corporation's materials price variance for the month of january?