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Problem 1: Determine whether the following items should be recognised in the accounts of Sonic Ltd:
Sonic Ltd has been notified that a former employee has commenced legal action for unfair dismissal, claiming $50,000. Initial legal advice suggests that the former employee has no chance of success.
A driver for Sonic Ltd crashed into a customer's building and caused $60,000 of damage. Sonic Ltd has admitted liability, and the customer has presented the company with a bill for the damage.
Sonic Ltd has provided a customer with faulty goods, which, when used in the customer's production process, caused the machinery to break down. The customer is taking Sonic Ltd to court for lost earnings while the machinery was shut down. Sonic Ltd's lawyers believe the customer to have a strong case, although the amount of damages payable cannot be estimated reliably.
Sonic Ltd manufactures goods that are sold with a one-year warranty against defects. Should a provision be recognised for the cost of repairing falty goods?
What is the value of the business today? Suppose the expected nominal growth rate for the business's cash flows is 4% per year and the nominal discount rate
Compute the depreciation and depletion for the first year assuming actual production of 4,400 tons. Nothing occurred during the year to cause the company
On 1 January 2002, Determine the amount of subscriptions to be charged to the Income and Expenditure account of the club for the year 2002.
a friend of yours works at a large corporation and listens to the stock reports regularly. your friend asks you i
The company offers a discount to its customers. The company shows the advance received from customers as deferred revenue.
Calculate its effective annual yield. Lett's commercial paper is presently selling at a discount. It sells for 98.31 of par and matures in 120 days
Propagated in the 16th centuries _______advocated that countries should simultaneously encourage exports and discourage imports. How does the lowering of barriers to international trade help firms. What is the purpose of the IMF?
How to understand this paragraph? Does it means a company should use fair value measurement when it in liquidation situation? if so, why?
Investment funds between the optimal risky portfolio and their risk-free assets. What are two factors that are reflected in the choice of the complete portfolio
Cost of goods sold for the year was $300,000. CBC uses a perpetual inventory system. What is cost of goods available for sale
Advise the owner on control measures the bookshop should implement to prevent any further losses of this nature from taking place.
What is meant by the weighted average cost of capital and comment on the possibility of lowering the WACC by substituting debt for equity in a company
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