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In Year 1, Better Sleep Company began to receive complaints from physicians that patients were experiencing unexpected side effects from the company's sleep apnea drug. The company took the drug off the market near the end of Year 1. During Year 2, the company was sued by 1,000 customers who had had a severe allergic reaction to the company's drug and required hospitalization. At the end of Year 2, the company's attorneys estimated a 60 percent chance the company would need to make payments in the range of $ 1,000 to $5,000 to settle each claim, with all amounts in that range being equally likely. At the end of Year 3, while none of the cases had been resolved, the company's attorneys now estimated an 80 percent probability the company would be required to make payments in the range of $2,000 to $7,000 to settle each claim. In Year 4 claims were settled at a total cost of $1.2 million. Based on this experience, the company believes 30 percent of the remaining cases will be settled for $3,000 each, 50 percent will be settled for $50,000, and 20 percent will be settled for $10,000. Required: Prepare journal entries for Years 1-4 related to this litigation.
Assume that Emilie Co. paid the balance due to De Ravin Company on May 4 instead of April 15. Prepare the journal entry to record this payment.
For the fiscal year,sales were $5,280,000,sales discounts were $100,000, sales returns and allowances were $75,000 and the cost of the merchandise sold was $3,000,000. (A) what is the amount of net sales?
dante milton and cervantes formed a partnership and agreed to share profits in a 312 ratio after recognition of 5
Compute the contribution margin per unit, in dollars and in percentage and the breakeven level of sales?
ned and muade flanders purchase a new home on june 8 2012 for 100000. the home is located on a busy street close to the
many economies are in the process of transition. what are the key means that drive the transition from a command
cindy operates a computerized engineering drawing business from her home. cindy maintains a home office and properly
Determine the equivalent units in process for direct materials and conversion costs, assuming there was no beginning inventory.
a manufacturing company prepays its insurance coverage for a three-year period. the premium for the three years is 2700
calloway shoes purchased a delivery truck on september 302011 for 32000. the estimates useful life of the truck is 10
preston inc. manufactures wooden shelving units for collecting and sorting mail. the company expects to produce 480
bob and carl transfer property to stone corporation for 90 and 10 of stone stock respectively. pursuant to a biding
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