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post balance sheet events for each of the following subsequent post balance sheet e 592589

(Post-Balance-Sheet Events) For each of the following subsequent (post-balance-sheet) events, indicate whether a company should

(a) adjust the financial statements,

(b) disclose in notes to the financial statements, or

(c) neither adjust nor disclose.

1. Settlement of federal tax case at a cost considerably in excess of the amount expected at year-end.

2. Introduction of a new product line.

3. Loss of assembly plant due to fire.

4. Sale of a significant portion of the company’s assets.

5. Retirement of the company president.

6. Issuance of a significant number of shares of common stock.

7. Loss of a significant customer.

8. Prolonged employee strike.

9. Material loss on a year-end receivable because of a customer’s bankruptcy.

10. Hiring of a new president.

11. Settlement of prior year’s litigation against the company.

12. Merger with another company of comparable size.

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