User Account

All Pages

How should the two events be reflected

Assignment Help Financial Accounting
Reference no: EM132960702

Problem 1: On November 1, 2020, Joey delivered three large Hawaiian pizzas to a private party. Ten of the 20 guests suffered food poisoning. The 10 guests filed a lawsuit against the pizza delivery company on November 20, 2020 for PhP10 million. The owner of the pizza company intends to fight the lawsuit. On December 1, 2020, Joey was promoted as Head of Delivery Operations of the pizza company. How should these two events (lawsuit and Joey's promotion) be reflected on the restaurant's Notes to the Financial Statements as of the year-end December 31, 2020. Please explain your answer.

Reference no: EM132960702

Questions Cloud

What are the investments of the entity : Percentage of increase/decrease from the previous period. Explain the reasons for the decrease/increase of receivables. Was there disposal of assets?
Find what yield to maturity on issue for minneapolis health : A coupon interest rate of 9 percent paid annually, and a $1,000 par value. What is the yield to maturity on the issue if the current market price is $829?
Determine the current value of the bond for twin oaks health : Determine the current value of the bond if present market conditions justify a 14 percent required rate of return. Twin Oaks Health Center has a bond issue.
Why the bank is requiring the contingent precedent : Explain to Ryan the reasons why the Bank is requiring the above contingent precedent and two covenants Bank of Davao recently approved a 10-year loan for Milo.
How should the two events be reflected : How should these two events (lawsuit and Joey's promotion) be reflected on the restaurant's Notes to the Financial Statements as of the year-end
Improve the total revenue of the services provided : Improve the total revenue of the services provided to the area residents. Your services include water, garbage collection, and electricity.
Suggest a plan for mabuhay to improve each ratio : Suggest a plan for Mabuhay to improve each ratio. The Times Interest Earned ratio for Mabuhay Perfumes Inc is 4.0X and the Current Ratio is 1.0:1.
Analyze the purpose of performance management : You are the HR Manager for a manufacturing company. The company is open seven days a week and twenty-four hours per day.
Provide a ninty-day grace period on all accounts receivable : Provide a 90-day grace period on all accounts receivable overdue at the end of the year. All these accounts will no longer be overdue

Reviews

Write a Review

Financial Accounting Questions & Answers

  Find and compute cost of the goods sold for each sale

Find and Compute cost of the goods sold for each sale and the inventory balance after each sale. Under FIFO, if units are in inventory at two different costs

  Identify the major stakeholders

Identify the major stakeholders. If the plant accountant recommends the purchase, what are the consequences?

  Calculate the taxable benefit in the forth month

Calculate the taxable benefit in the 4th month. Jonny took $20,000 loan from his employer, with an agreement to pay $1000 instalment every month

  Misstatement plus incremental allowance for sampling risk

Assume that you found one recorded amount of $4,863 that had an audited balance of $8,463. What is the projected misstatement plus incremental allowance for sampling risk? Show this in tabular form

  Why does represent a possible control problem

Does it represent a possible control problem? If yes, why does it represent a possible control problem? If no, why is it not a potential control problem?

  How much goodwill was recorded as result of the transaction

How much goodwill was recorded as a result of the transaction? Jimmy Dean Rodriguez Sausage company acquired Eggs Danedict for $500,000

  Prepare the journal entries necessary to account

Prepare the journal entries necessary to account for the power plant for the years ended 30 June 2014, 30 June 2015 and 30 June 2020

  Annual depreciation allowed when asset is placed in service

Which of the following are the three standard conventions used to determine the percentage of annual depreciation allowed when an asset is placed in service or disposed of? Half-year ,Half-life , Mid-quarter Semester , Mid-month ,End-of-the-Month

  Find what is the capital structure of a company

What is the capital structure of a company? How do the capital structures of American and non-American companies differ from and similar? Explain

  Prepare a report that summarizes the information researched

Prepare a business report that summarizes the information researched on your two firms. The report should include the name and background information on each of the firms.

  What are the expected return and standard deviation

Brett has invested one-third of his funds in Share 1 and two-thirds of his funds in Share 2. What are the expected return and standard deviation

  Students should review the following statements and write

students should review the following statements and write 3-4 paragraphs that provide support for your answersmanagers

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd