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Account for each of the items below, clearly indicating the effect on the income statement and the statement of financial position.
Question a. Budaya Bhd provides warranties to accompany the sales of its eye glass frames to its customers. Based on industry experience, it is estimated that the entity would incur RM140,000 warranty costs during the year 2019. Does Budaya Bhd have a present obligation and can the amount for provision be estimated reliably?
Question b. Budaya Bhd has a policy of refunding purchases to its dissatisfied customers. Even though the entity has no legal obligation to do so, the policy of making refunds is made known to the public. Does Budaya Bhd have a constructive obligation and can the amount be estimated reliably?
Question c. An employee at Budaya Bhd has suffered a serious injury while operating laboratory equipment at one of the entity's outlets. The employee has filed a lawsuit against Budaya Bhd. Based on the evidence of the case, lawyer for Budaya Bhd believe that they will not lose the case. Is there a probable future outflow of resources?
Calculate the net realizable value of ABC Company's accounts receivable at December 31, 2019. On January 1, 2019, ABC Company had accounts receivable of $89,000
A Company is preparing a cash budget for June. The company has $90,450 cash at the beginning of June and anticipates $111,170 in cash receipts and $126,210 in cash disbursements during June. To maintain the $87,750 required balance, during June the c..
Assets acquired or self-constructed should initially be measured at:
One year ago you purchased 100 shares of Apple stock for $110.00 per share. During the year you were paid total dividends of $4 per share owned and today the stock is worth $112.00 per share. Your total annual yield on your investment is {number1]?
Find the outstanding balance at the end of 3 years. TL loan is being repaid by installments of 400 TL at the end of each month for as long as necessary
Calculate the gain recorded on the sale-Enter your answer as a number-Do not use a minus sign, decimals, or type the word gain after your answer.
Significant noncash financing and investing activities are reported in: A. a note below the statement of cash flows. B. the investing activities section of the statement of cash flows. C. the financing activities section of statement of cash flows. D..
Calculate the sum that Ellen would have to pay now in order to prepay five years of rent. The interest rate is 7%.
2000 is deposited into a newly opened fund on January 1, 1999.- Calculate the balance of the fund on July 1, 1999, immediately before the deposit is made
What is the payback period for the project for Binder Corp? Binder Corp. has invested in new machinery at a cost of $1,450,000.
During the remainder of the year, Ramirez generates revenues of $600,000 and expenses of $360,000 and paid no dividends. On a December 31 consolidated balance sheet, what amount should be reported as noncontrolling interest?
On April 1, 2014, Sparky purchased a truck for $50,000 with a salvage value of $7,000 and useful life of 5 years which was depreciated using the straight line method. On October 1, 2016, Sparky decided to change the salvage to $3,630 and a total usef..
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