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Teddy Bear Casino Jackpots
Scenario: You have recently graduated from UMD and are now employed as a staff accountant. at Teddy Bear Casino, Duluth’s newest casino. Your boss, the controller, is experienced in preparing casino financial statements. However, it has been many years since he was responsible for recording transactions. He comes to you with the following issue he would like you to research.
The casino has 200 slot machines which payout a set jackpot amount of $3,000 (base jackpot) roughly every 6 months. The casino’s financial statement year-end is September 30, 2012. The 200 machines have been in service since June 1, 2012. However, as of September 30, patrons have failed to "win" a jackpot on these machines. The controller has asked you to determine how much liability to accrue (if any) as of September 30, 2012. The controller also mentioned that jackpots paid out by casinos are recorded as contra-revenues as opposed to being recorded as expenses.
Accounting standard-setters use the following process in establishing accounting standards.
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