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You are the accountant for King hunting Ltd, an Australian Steel wholesaler. The directors have just finished reviewing the draft financial reports that you have prepared for the year ended 30 June 2023. They understand the rationale for including a 'provision for annual leave' in the financial reports, but have questioned why a 'provision for warranties' has been included in the financial reports. Given there is only a small chance that each item sold will be returned under warranty, the directors argue that the recognition criteria for provisions is not met. They think that warranties should be classified as a contingent liability. You consider their question and review the requirements contained in the accounting standards before preparing a response.
Prepare a memo to the directors to respond to their question and their suggested treatment of warranties. In your response, advise the directors of the appropriate accounting treatment for warranties. Provide references to specific paragraphs in the accounting standards to support your advice.
Calculate equivalent annual costs (EAC) of each models. You are starting a family pizza parlor and need to buy a motorcycle for delivery orders.
The court is expected to rule in late December 2021. There is no indication. What is the amount of undiscounted cash flows for the provision? Explain
What is the discount rate, or implicit rate of interest, lease liability and ROU, and initial entries to make at lease inception under the new lease standards
Buz508- Identify the correct financial statement for your junior accountants that will provide the investor with the information it has requested.
Calculate the bonds' issue price. Indigo Corporation issues $440,000 of 10% bonds that are due in 8 years and pay interest semi-annually.
Preparation of a Work Sheet, Financial Statements, and Adjusting, Closing, and Reversing Entries. Prepare an income statement, a statement of owner’s equity, and a balance sheet for the company. Assume the owner, Natalie Reed, made no additional inv..
Net operating cash flows are $60,000 per year. If Gorgeous George buys shares instead of the franchise, he expects an annual return of 12%. Which is true?
What is the name of the variable that takes on the values of 0 or 1 and is used to incorporate the effect of qualitative variables in a regression model
B-Flat Music Supplies Ltd. earned dividends of $30,000, interest of $12,000, adjusted rent of $50,000, and gross income from its primary business of $63,000 in one taxable year. Is B-Flat a personal holding company?
Create a bank reconciliation for Candace Co. for May 31. Outstanding checks amounted to $649. The bank statement balance is $4,135.
He is thinking of saving $1,250 a month in a 401K account that pays an annual rate of 3.5%. How much will he have in his retirement account when he turns 65?
Architect's fees: $47,500 New building construction cost: $985,000. How much should be the recorded cost of the completed factory building?
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