Who’s Scrooge this year? Ba-Humbug!

Posted by & filed under Accounting Information Systems, Accounting Principles, Advanced Accounting, All Articles, Auditing, Cost Accounting, Ethical Dilemma, Financial Accounting, Income Taxes.

According to the Washington Post, who sources Senate staffers, the Treasury Department refuses to stop forcing permanently disabled people to pay taxes on student loans that have been canceled, leaving a vulnerable population susceptible to thousands of dollars in charges. Questions: 1. What is the financial problem associated with each dollar forgiven? 2. What is… Read more »

China Crash?

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In China, outstanding loans have risen sharply to 40% of GDP but analysts fear the end of the credit binge could trigger a crisis for the wider world. Questions: 1. How fast has the debt per household risen over the last 5 years? 2. What is the Chinese household debt ratio compared to other countries?… Read more »

A Mysterious Amount of Net worth!

Posted by & filed under Accounting Information Systems, Accounting Principles, Advanced Accounting, All Articles, Auditing, Cost Accounting, Ethical Dilemma, Financial Accounting, Financial Reporting and Analysis, Intermediate Accounting, International Accounting, Managerial Accounting, Uncategorized.

In 2012, Forbes dropped J.K. Rowling after eight years on its authoritative billionaires list, saying high British taxes and large charitable contributions had eroded her fortune. Questions: 1. Why should Forbes rethink that? 2. If Rowling gets equivalent of Universal Studios Park ticket sales equal to Spielberg, how much of that would a $100 ticket… Read more »

All I got was a Plaque!

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In April 1967, hamburger lovers in Uniontown, Pa., south of Pittsburgh, met a newer, bigger burger. Introduced by a local McDonald’s, it was called the Big Mac, and for 45 cents it delivered, as a 1970s jingle would have it, “two all-beef patties, special sauce, lettuce, cheese, pickles, onions on a sesame-seed bun.” Questions: 1…. Read more »

The Story behind Dirty Linen

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Major American retailers, including Target and Wal-Mart Stores Inc., have been selling premium-priced sheets purportedly made of Egyptian cotton — a byword for luxury in linens. However, these may in reality be woven with lower-quality cotton blends. Questions: 1. Briefly discuss the suits seeking to be certified as class-actions against these actions. 2. Who is… Read more »

Less than desirable health insurance

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Terrible abdominal pain, while at a Florida conference, landed Doug Moore in an out of town emergency room (ER). While the emergency room charges were paid by his insurance as in-network charges, the doctors’ charges were billed at a much higher out-of-network rate. Questions: 1. On average, what percentage of patients that go to ERs… Read more »

How much are you worth?

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According to the Washington Post, white and male victims often receive larger awards than people of color and women in similar cases, based on the Post’s research of more than two dozen lawyers and forensic economists, who make the calculations. Questions: 1. What are the two tenets of the American justice system discussed in this… Read more »

You Deserve a Break Today!

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According to Reuters, McDonald’s Corp has agreed to pay $3.75 million to settle a lawsuit claiming it was liable for labor law violations by a California franchisee, marking what lawyers said was the first time the company has settled legal claims by a group of U.S. workers at one of its franchises. Questions: 1. Where… Read more »

Sweet Dreams and Watch Out for those False Medical Claims!

Posted by & filed under Accounting Information Systems, Accounting Principles, Auditing, Cost Accounting, Ethical Dilemma, Financial Accounting, Fraud Accounting, Intermediate Accounting, Managerial Accounting, Video Updates.

If you have been up late watching TV, you might have seen the Infomercial for a Minnesota company that sells My Pillow, a patented open-cell, poly-foam design created by inventor Michael J. Lindell. This staple of late-night TV infomercials has sold about 18 million pillows since 2005. However, a recent lawsuit successfully argued My Pillow… Read more »

Lions Hunting Zebras! Oh MY!

Posted by & filed under Accounting Information Systems, Accounting Principles, Advanced Accounting, All Articles, Auditing, Cost Accounting, Ethical Dilemma, Financial Accounting, Fraud Accounting, Intermediate Accounting, Managerial Accounting, Uncategorized.

According to the New York Times, Wells Fargo would like to close the chapter on the sham account scandal, saying it has changed its policies, replaced its chief executive and refunded $2.6 million to customers. However, lawmakers and regulators say they will not let it go that quickly. Questions: 1. Who were the customers that… Read more »