Concepts for analysis 24-3 (essay) 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.
Answers: 3
Business, 21.06.2019 18:30
Why should organizations be allowed to promote offensive, violent, sexual, or unhealthy products that can be legally sold and purchased?
Answers: 3
Business, 21.06.2019 22:10
3. now assume that carnival booked lady antebellum in december 2016 to perform on the june 2017 western caribbean cruise. further assume that carnival pays lady antebellum its entire performance fee of $52,000 on december 28, 2016, for the june 2017 cruise. what journal entry will carnival make on december 28, 2016, for its payment to lady antebellum?
Answers: 1
Business, 21.06.2019 23:30
Starting at age 30, you deposit $2000 a year into an ira account for retirement. treat the yearly deposits into the account as a continuous income stream. if money in the account earns 7%, compounded continuously, how much will be in the account 35 years later, when you retire at age 65? how much of the final amount is interest?
Answers: 2
Business, 22.06.2019 12:30
Sales at a fast-food restaurant average $6,000 per day. the restaurant decided to introduce an advertising campaign to increase daily sales. to determine the effectiveness of the advertising campaign, a sample of 49 days of sales were taken. they found that the average daily sales were $6,300 per day. from past history, the restaurant knew that its population standard deviation is about $1,000. if the level of significance is 0.01, have sales increased as a result of the advertising campaign? multiple choicea)fail to reject the null hypothesis.b)reject the null hypothesis and conclude the mean is higher than $6,000 per day.c)reject the null hypothesis and conclude the mean is lower than $6,000 per day.d)reject the null hypothesis and conclude that the mean is equal to $6,000 per day.expert answer
Answers: 3
Concepts for analysis 24-3 (essay) presented below are three independent situations.
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