User Account

All Pages

Find and determine a provision should be recognised

Assignment Help Financial Accounting
Reference no: EM132719465

Collingwood Pty Ltd has the following obligations:

  • It has agreed to repair faulty surfboards that it has sold. Evidence indicates that of the 2,000 surfboards that were produced in overseas factories, about 20% use defective fibreglass that will need to be replaced at an expected cost of about $250 per surfboard.
  • It has a policy of providing long service leave to its employees. Under the arrangement, if employees stay for a period of ten years then they are entitled to an additional 15 weeks of holidays. Collingwood Pty Ltd believes it can reliably estimate how much the current years operations have contributed to this obligation
  • Collingwood Pty Ltd has an amount owing to its overseas supplier of $70,000, which it expects to pay in the next month.
  • Collingwood Pty Ltd has a bank loan of $500,000.

Problem 1: For the above transactions and events determine whether a provision should be recognised and provide a rationale for your response.

Reference no: EM132719465

Questions Cloud

Compute what was the cost of goods manufactured for month : Find What was the cost of goods manufactured for the month? Beginning finished goods inventory$74,000. Ending finished goods inventory$73,000
Prepare a vertical analysis of the income statement : Income statement information for Einsworth Corporation follows: Prepare a vertical analysis of the income statement for Einsworth Corporation
How important are budgets to criminal justice agencies : How important are budgets to criminal justice agencies? What different types of issues can occur during budgetary planning?
Organizational behavior - krs home care inc : Organizational Behavior - KRS Home Care Inc - please write references
Find and determine a provision should be recognised : For the above transactions and events determine whether a provision should be recognised and provide a rationale for your response.
Ethics and integrity in criminal justice system : This assignment will provide you with the opportunity to examine the importance of ethics and integrity in the criminal justice system.
How much will she have to spend on her vacation : Jocelyn wants to set aside funds to take an around the world cruise in four years. Assuming that Jocelyn has $12,000 to invest today in an account expected.
What is the mirr at a interest rate : A project costs $22900 to initiate. It's expected to provide cash flows of $15,900 in year 1 and $9900 in year 2, in year 3 it will cost $5,500
What is the amount of bad debt expense to recognize : Molina Company had a $700 credit balance in Allowance for Doubtful Accounts. What is the amount of bad debt expense to recognize for the year

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

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