acct344 for each of the following subsequent post balance sheet events indicate whet 492007

(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.

Sr. No. Subsequent (post balance sheet) Events 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.