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Discuss the type of liability

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Reference no: EM132592661

Below is a list of independent situations:

  1. A customer, Jhon Doe, of Winkler Enterprise has sued for negligence in the amount of $500,000. Winkler's lawyers have advised that it is probable that the company will lose the case but could settle out of court for $250,000.
  2. An employee who was fired has filed a law suit against Gunderson industries for wrongful dismissal. Lawyers are defending the company but the outcome is uncertain.
  3. Appliance central manufactures and sells its over the range microwave with a 2 year warranty. In 2018 the company sold $1,100 microwaves and based on history estimate an average of $40/microwave for warranty repairs.
  4. Arnpoir Inc. has a year end of October 31st, 2018 and prepares and reports its financial statements on a quarterly basis. On November 5th, 2018 the companies manufacturing plant had a fire destroying a substantial portion of the site.

INSTRUCTIONS:

Question 1: Discuss the type of liability, if any, and the way in which each should be treated/recorded under IFRS.

 

Reference no: EM132592661

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