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Ltd, estimates that it will be required to pay $15,000 in three years' time to settle a warranty obligation. The risk-free discount rate applied is 3.5 % and the probability of cash outflows has already been assessed in calculating the $15,000.
At the end of the second year, Ltd. re-estimates the amount to be paid at the end of third year as $18,000. The same discount rate is still appropriate at 3.5%.
Question a) How is the re-estimation accounted for? (Show your calculations for any adjustment required for the journal entries.)
Question b) Prepare the journal entries.
Evaluate how reasonable it is to assume that the inflow of foreign investment into Australia would have been restricted if Australia, through the decision
Determine whether Anna's basket weaving studio should carry the basic introductory kit with undyed and uncut reeds or the Stage 2 kit with reeds already dyed and cut. Prepare an incremental analysis to support your answer.
Calculate the depreciation expense in each year using the double-declining balance method. At the beginning of Year 1, Colonial Corporation purchased
Indicate the effect and $ amount this misclassification would have on the following (if there is no effect, say $0). TK Auto Glass Inc. began business
Winners Trophy Company produces trophies. The company's direct materials standards for it's deluxe trophy include 1 pound of metal and $0.45 per ounce of wood for the base. Standard prices for the year were $3 per pound of metal and $0.45 per ounce o..
Suppose you create an inventory ratio calculated as inventory divided by current liabilities. How do you think S & S Airs ratio would compare to the industry average.
What Mindy will recognize goodwill of? Babel Corporation acquired all outstanding shares of Connor Ltd for $2.1 million. Selected information relating to Connor
It records warranty expense with an adjusting entry at the end of each year. How much warranty expense does the company report in 2009 for this copier?
What differences do the choice of functional currency make in the German subsidiary's dollar statement results and its key financial ratios
How much in total dollars is the company behind in its payments? (Do not round intermediate calculations. Input your answer in dollars, not millions.
Describe the components of a cost/benefit analysis as part of a business case. In preparing a business case regarding the need for a HRIS, what key components would be included in this communication? Provide a thorough explanation of each component.
The following selected account balances were taken from Buckeye Company's general ledger at. Calculate the amount of cost of goods sold reported in Buckeye Company's 2005 income statement.
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