Solved: Gillette Company maker of shaving products and

many other personal

Solved: Gillette Company maker of shaving products and many other personal
Gillette Company, maker of shaving products and many other personal products, showed a net
income of $1.428 billion in 1998 and $1.427 billion in 1997 on page one of its 1998 annual
report. A note to the 1998 income said tha
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shaving-products-and-many-other-personal
Solved: Gillette Company maker of shaving products and many other personal
Gillette Company, maker of shaving products and many other personal products, showed a net
income of $1.428 billion in 1998 and $1.427 billion in 1997 on page one of its 1998 annual
report. A note to the 1998 income said that the 1998 income of $1.428 billion was to be reduced
$347 million due to reorganization and realignment expenses. Consistent with this, the net
income in the consolidated statement of income for 1998 was $1.081 billion. In addition,
following information appeared in the footnotes for the 1998 corporate annual report (figures are
in millions). See text for remainder of the problem. Required: a. Why do you think Gillette initially
showed its income for 1998 to be $1.428 billion? Discuss. b. Is the expensing of the
reorganization and realignment costs of $347 million after taxes for 1998 correct? Explain. c.
What is the valuation allowance? d. Why do you think Gillette maintains this account? e. Do you
think that earnings management is being used by Gillette?View Solution:
Solved: Gillette Company maker of shaving products and many other personal
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