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(Warranties and Loss Contingencies) The following two independent situations involve loss contingencies. Part 1: Benson Company sells two products, Grey and Yellow. Each carries a 1-year warranty. 1.Product Grey—Product warranty costs, based on past experience, will normally be 1% of sales. 2.Product Yellow—Product warranty costs cannot be reasonably estimated because this is a new product line. However, the chief engineer believes that product warranty costs are likely to be incurred. Instructions How should Benson report the estimated product warranty costs for each of the two types of merchandise above? Discuss the rationale for your answer. Do not discuss disclosures that should be made in Benson's financial statements or notes. Part 2: Constantine Company is being sued for $4,000,000 for an injury caused to a child as a result of alleged negligence while the child was visiting the Constantine Company plant in March 2017. The suit was filed in July 2017. Constantine's lawyer states that it is probable that Constantine will lose the suit and be found liable for a judgment costing anywhere from $400,000 to $2,000,000. However, the lawyer states that the most probable judgment is $1,000,000. Instructions How should Constantine report the suit in its 2017 financial statements? Discuss the rationale for your answer. Include in your answer disclosures, if any, that should be made in Constantine's financial statements or notes.
If one changes the contribution rates in the objective function of an LP:
confidence interval for the population proportion of adults.a readers digestgallup survey on the drinking habits of
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The Edge Company uses a predetermined overhead rate of $5 per direct labor hour. In December, actual overhead amounted to $650,000 and actual direct labor hours were 132,000. For the month, overhead was:
The Net sale is 350000.00 and the Account Receivable is 53,0000 on 2015
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Which of the following describes the risk assessment component of internal control
Q. Illustrate what is three way matches? Illustrate what is the reason for three way match? Illustrate what are the disadvantages for using three-way match and illustrate what are other options (instead of using three way matches)
vilkhu inc reported taxable income of 2360000 on its 2013 income tax return. the new controller had not been needed to
Assume that the equivalent units of production this month for Alabama Red's Hot Sauces are 8,350. If the costs in beginning inventory were $450.00 and current manufacturing costs were $5,311.50,
Calculate the covered margins and what would arbitrageurs do given the information - Is there a violation of CIP?
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