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Disclosures, Conditional and Contingent Liabilities Presented below are three independent situations.
Situation 1
A company offers a one-year warranty for the product that it manufactures. A history of warranty claims has been compiled, and the probable amounts of claims related to sales for a given period can be determined.
Situation 2
Subsequent to the date of a set of financial statements, but prior to the issuance of the financial statements, a company enters into a contract that will probably result in a significant loss to the company. The amount of the loss can be reasonably estimated.
Situation 3
A company has adopted a policy of recording self-insurance for any possible losses resulting from injury to others by the company's vehicles. The premium for an insurance policy for the same risk from an independent insurance company would have an annual cost of $4,000. During the period covered by the financial statements, there were no accidents involving the company's vehicles that resulted in injury to others.Discuss the accrual or type of disclosure necessary (if any) and the reason(s) why such disclosure is appropriate for each of the three independent sets of facts above.(AICPA adapted)
how firms estimate their cost of capital the wacc for a firm is 13.00 percent. you know that the firms cost of debt
Hendricks Corporation purchased trading investment bonds for $50,000 at par. At December 31, Hendricks received annual interest of $2,000, and the fair value of the bonds was $47,400.
Double-declining balance method
What was the clinic's dollar growth in assets during 2008, and how was this growth financed?
1. Compute the manufacturing product cost per unit for each type of bookcase.
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Might Saban still be worth a salary of $4 million per year to Alabama even if he is not "eight times better" than a coach being paid $500,000 at another school? In your answer, be sure to refer to the difference between the marginal product of labo..
food to go delivery service disposed of one of their delivery cars after using it for two years. the records of the
you plan to have 1000000 in your retirement account when you retire in 45 years. assume an average annual rate of
Is the sales department separate from the credit office and the IT department? Are all collections from customers received in the form of checks?
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