Show journal entry for miamihhas

Assignment Help Financial Accounting
Reference no: EM132606360

MiamiHhas entered a lawsuit against one its former suppliers who failed to deliver goods as ordered and failed to either reimburse MiamiHfor the goods or to replace the goods. The faulty products resulted in lost sales to MiamiHof $950,000 as well as damage to MiamiH's reputation thus is seeking damages in the amount of $2,000,000. MiamiH's legal team believes MiamiHand the customer will reach an out of court settlement and estimates the range of the settlement to be between $750,000 and $1,200,000 but believes that $1,000,000 would be the most likely settlement.

Question 1: Show journal entry.

Reference no: EM132606360

Questions Cloud

Prepare lease amortization schedule for Hayes Corp : On January 1, 2021, Sheridan Corp. leases 11 trailers to Pina Company under a 5-year. Prepare lease amortization schedule for Hayes Corp
What is the maximum amount of new loans : If the bank had no excess reserves before the deposit was made and the target reserve ratio is 20 percent, what is the maximum amount of new loans that the bank
What are the two broad sources of potential gdp growth : 1. What is economic growth? 2. What are the two broad sources of potential GDP growth?
High emotional intelligence level : Research three recent business leaders' (CEOs) personal background and write about whether or not they have a high emotional intelligence level
Show journal entry for miamihhas : Show journal entry for MiamiHhas. MiamiHhas entered a lawsuit against one its former suppliers who failed to deliver goods as ordered and failed
What is the amount of depletion that should be recorded : Frederick Mining Company owns a large parcel of land which costs $900,000. What is the amount of depletion that should be recorded
Why is a stable dividend payout policy popular : Why is a stable dividend payout policy popular from the viewpoint of the corporation? Is it also popular with investors? Why? Briefly explain your answer.
Oligopoly to monopolistic competition to perfect competition : Select two different industries. Determine what market structure firms within these industries find themselves in. What role does the ease of entry
Construct a partial amortization schedule : Construct a partial amortization schedule showing details of the first three payments, the last three payments, and totals

Reviews

Write a Review

Financial Accounting Questions & Answers

  Aggressive competitor has announced plans for same product

Franco Electronics currently sells a camera for $310. An aggressive competitor has announced plans for a similar product that will be sold for $240. Franco's marketing department believes that if the price is dropped to meet competition, unit sales w..

  How should sales revenues be considered

Consider the following statement: It is most sensible to start with the sales budget and develop the other budget from there. Analyse the validity of this statement. Do you agree with the statement? How should sales revenues be considered when det..

  Product or period costs

Please indicate whether these are product or period costs?

  Prepare a bank reconciliation statement

Prepare a Bank Reconciliation Statement as at the end of June 20XX and describe how to maintain a petty cash system in line with organisational policy.

  Analyze proposals should be selected based on expected costs

What other factors (besides expected costs) should Ms. John consider before making a decision? What then might the decision be?

  The amount of recognized gain on the sale of the residence

At the begining of 2015, Donna Harp was employed as a cinematographer by Farah Movie, Inc., a motion pircture company in Los Angeles, California. In June, she assepted a new job with Ocala Production in Orlando, Florida. Determine the amount of recog..

  Defined benefit pension plan

Sachs Brands' defined benefit pension plan specifies annual retirement benefits equal to: 1.3% x service years x final year's salary, payable at the end of each year

  Revenue from a contract with a customer

Revenue from a contract with a customer. A company must account for a contract modification as a new contract if. When multiple performance obligations exists in a contract, they should be accounted for as a single performance obligation when

  Find estimated cost of ending inventory using cost retail

Find the estimated cost of ending inventory using Cost Retail Method, Gross Profit Method, if markup percentage is 20 % on cost

  Record any required entries related to the contract

Record any required entries related to the contract. Hudson Bay Builders Ltd. uses fir 2x6 lumber as its framing material. On November 15, 2017

  Find the annual fiscal period ends on december

Tungsten Company, Inc., sells heavy construction equipment. There are 10,000 shares of capital stock outstanding. Find the annual fiscal period ends on December 31.

  How does an organization become an s corporation

How does an organization become an S corporation? If The Car Wash is a corporation, can they be taxed as an S corporation?

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