Is Milo Enterprise experiencing onerous type of contract

Assignment Help Accounting Basics
Reference no: EM133187401

Question - Milo Enterprise franchised one of the Shell Gas Station in the province. The terms and condition of the franchise include a provision to strictly abide with the prescribed prices of petroleum products and to maintain a standard volume of gas in each tank and pump.  Prices of petroleum has been erratically changing in the past 3 months that inventory costing cannot catch up with selling prices.  There were several instances when Milo stocked up to full capacity all its pumps at average cost per liter higher than the prescribed selling price. Last quarter income therefore was in red due to extraordinary price fluctuations. The aftermath of the election is seen to further bring in more uncertainties. Is Milo Enterprise experiencing "onerous" type of contract as contemplated by the amendments to IAS 37?

Reference no: EM133187401

Questions Cloud

Determine the annual yield to the nearest hundredth : You purchase TEK stock for $15.53 per share. Dividends are $1.48 per share. Determine the annual yield to the nearest hundredth of a percent
CHCPOL003 Research and apply evidence to practice Assignment : CHCPOL003 Research and apply evidence to practice Assignment Help and Solution - Describe the methods you used to systematically gather information
Describe the organisation and department : Describe the organisation and department that you work for. Analyse a specific process to highlight two (2) or more problems that are concerning for your organi
Monitoring and maintaining digital communications : Contribute to a plan for monitoring and maintaining digital communications
Is Milo Enterprise experiencing onerous type of contract : The aftermath of the election is seen to further bring in more uncertainties. Is Milo Enterprise experiencing "onerous" type of contract
What is the present value of your windfall : The prize will be awarded on your 100th birthday (assuming you're around to collect), 80 years from now. What is the present value of your windfall
What would be an employee net pay for the year : A federal income tax rate of 20% on all wages, what would be an employee's net pay for the year if he earned $230400 for the year
CHCPOL003 Research and apply evidence to practice Assignment : CHCPOL003 Research and apply evidence to practice Assignment Help and Solution - Describe the methods you used to systematically gather information
Quantitative analysis-what was the hardest to grasp : Review and reflect on what you learned in the past 8 weeks. What is the most practical and easily applied lesson you learned? What was the hardest to grasp?

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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!

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