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Rotary Tools sells power tools and backs each product it sells with a one-year warranty against defects. Based on previous experience, the company expects warranty costs to be approximately 5% of sales. By the end of the first year, sales are $750,000. Actual warranty expenses incurred so far are $12,000.
Problem 1. Does this situation represent a contingent liability?
Problem 2. Record the appropriate journal entries for the warranties
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Discuss any issues raised in relation to IFRS adoption around the world. You need to investigate and analyse accounting literature and recent developments
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you are the manager of the xyz company. for the first time in the companys history you plan to involve department
Spencer Inc. manufactures a product that costs $95 per unit plus $37,000 in fixed costs each month. Spencer currently sells 1,000 of these units per month for $175 each. If Spencer leased a machine for $4,000 a month, it could add features to the pro..
You plan to invest RM2000 a year in one of the Malaysian unit trusts for the next 20 years. You would like to know the effect of investing this money at the beginning of each year rather than waiting until the end of each year. Calculate the differen..
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How much and what kind of gain or loss does she recognize from each sale? What tax rate applies to the neg gain if Barbara is a single individual with $169,000
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What should Flynn record as a net deferred tax asset or liability for the year ended December 31, 2004, assuming that the enacted tax rates
Maggie’s Muffins Bakery generated $5,000,000 in sales during 2016, and its year-end total assets were $2,500,000. Also, at year-end 2016, current liabilities were $1,000,000, consisting of $300,000 of notes payable, $500,000 of accounts payable, and ..
What is each project's MIRR at the cost of capital of 10%? At 17%?- What is the crossover rate, and what is its significance?
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