User Account

All Pages

Prepare the disclosures and/or journal entries farmers

Assignment Help Accounting Basics
Reference no: EM13871871

On December 4, 2010, Dan Johnson, delivery truck driver for Farmers Products, Inc., ran a stop sign and collided with another vehicle. On January 8, 2011 the driver of the other vehicle filed suit against Farmers Products for damages to the vehicle. Estimated damages to this vehicle were $6,500. The dairy issued its 2010 financial statements on March 3, 2011.

Required:
1. Prepare the disclosures and/or journal entries Farmers Products should make in preparing its December 31, 2010 financial statements.
2. If Farmers Products used IFRS, how would it refer to contingencies?

Reference no: EM13871871

Questions Cloud

Find the unique nash equilibrium of the game : Find the unique Nash equilibrium of the game in Table,and explain it
What determines the intrinsic value of an option : What determines the intrinsic value of an option? What determines the time value of an option? Currency volatility is a key determinant of currency option value, but it is not directly observable.
Cdc health disparities affecting minorities publication : Pick two of the statistics that are discussed and make suggestions for how those in your chosen field (e.g. School Psychology, Counseling, Educational Psychology, etc.) can contribute to community efforts to reduce the disparities.
What are the six determinants of a currency option value : In what sense is a currency forward contract a combination of a put and a call? What are the six determinants of a currency option value?
Prepare the disclosures and/or journal entries farmers : On December 4, 2010, Dan Johnson, delivery truck driver for Farmers Products, Inc., ran a stop sign and collided with another vehicle.
Volume of fresh watervolume of salt water displaced : (a) What is the weight of the water this boat displaces when floating in salt water of density 1.10 x 103 kg/m3? (b) What is the difference between the volume of fresh water displaced and the volume of salt water displaced?
Identify the locations of the worst case values : Divide the resulting time histories into 10 equal segments and identify the median peak value for each area and for each wind direction. Identify the locations of the worst-­-case values and wind directions.
What is difference between a call option and a put option : What is the difference between a call option and a put option? What are the differences between exchange-traded and OTC currency options?
What is difference between a call option and a put option : What is the difference between a call option and a put option? What are the differences between exchange-traded and OTC currency options?

Reviews

Write a Review

Accounting Basics Questions & Answers

  Calculate the present value of the bond issue

Calculate the present value of the bond issue to determine its selling price.

  Determine variable factory overhead controllable variance

direct materials direct labor and factory overhead cost variance analysiseastern polymers inc. processes a base

  Complete the worksheet by extending amounts reported

Complete the worksheet by extending amounts reported in the adjusted trial balance to the appropriate columns in the work sheet. Do not total individual columns.

  Find the total sales in units to achieve a profit of 7000

find the total sales in units to achieve a profit of 7000 giventhe selling price per unit is 30 total fixed expenses

  Problem related to insurance company

John's car was completely destroyed by fire in 2010. Its cost and fair market value were $8,000. John's claim against insurance was $3,000 and was NOT made until 2011. The following year, 2011, John settled with the insurance company for $2,000. W..

  Finished goods inventory at the end of 2009 was 12000 units

finished goods inventory at the end of 2009 was 12000 units. on average 25 percent of the futons are produced during

  Gross margin for a manufacturing company

The gross margin for a manufacturing company is the excess of sales over:

  Is there any time where a corporation can deduct losses

Is there any time where a corporation can deduct losses incurred from an early sale of an investment against first previously earned interest income onthat investment and then record only the remaining amount of loss to the "loss on sale of invest..

  Net present value question what is net present value of the

net present value questionwhat is net present value of the following cash flows1 investment now of 450002 revenues of

  A state issued 70000000 of 4 20 year term bonds at 105 to

a state issued 70000000 of 4 20 year term bonds at 105 to provide financing for construction of a new state legislative

  There are three different forms of business sole-proprietor

there are three different forms of business sole-proprietor partnership and corporation. 1 explain why a corporations

  In recent months there have been many news stories in the

in recent months there have been many news stories in the press about executive compensation with stock options. this

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd