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In 2013, Slim Drug Company began to notice problems with its obesity drug. The company stopped selling the drug near the end of 2013. In the last six months of 2014, the company was sued by 1,000 people who had an allergic reaction to the company’s obesity drug. At the end of 2014, the company’s attorneys believe there is a 60% chance the company will need to make payments in the range of $1,000 to $5,000 to settle each claim. At the end of 2015, while none of the cases have been resolved, the company’s attorneys now believe there is an 80% chance the company will need to make payments in the range of $2,000 to $7,000 to settle each claim. In 2016, 400 claims were settled at a total cost of $1.2 million. Based on this experience, the company believes 30% of the remaining cases will be settled for $3,000 each, 50% will be settled for $5,000 and 20% will be settled for $10,000 each. Using US GAAP and IFRS, show what journal entries would be required in 2013, 2014, 2015 and 2016.
Your company prepares financial statements only once a year. In accounting for uncollectible accounts it uses the allowance method. Uncollectible Accounts Expense. Sales for the year were 1,585,000. 70% of sales are credit sales.
On the basis of this information, what will be the forecast for Robert's year-end income?
The dean of the School of Fine Arts is trying to decide whether to purchase a copy machine to place in the lobby of the building. The machine would add to student convenience, but the dean feels compelled to earn an 10 percent return on the investmen..
Classify each cost item into one of the business functions of the value chain, either (1) R&D, (2) design, (3) production, (4) marketing, (5) distribution, or (6) customer service.
The sales mix in units for the period is 70% for A and 30 % for B. If the unit contribution margin for A is $8.77 and the unit contribution margin for B is $5.14
Prepare any entries you consider necessary to correct Francis's accounts at December 31. To what extent was Francis Equipment Co. able to show a more favorable balance sheet at December 31 by holding its cash book open?
determine the unit costnbsp from the given data.javadi company makes a composting bin that is subject to wide seasonal
Determine the following for 2014, - Current ratio at December 31, Acid-test ratio at December 31, Accounts receivable turnover, Inventory turnover.
Complete the NPV analysis of the stamping machine proposal, below-Compute the company's weighted average cost of capital, rWACC.
XYZ Inc. buys $10 million of materials (net of discounts) on terms of 3/5, net 60, and it currently pays on the 5th day and takes discounts. XYZ plans to expand, which will mean additional financing. If XYZ decides to forgo discounts, could it obtain..
Materials are added at the beginning of the process. What is the total number of equivalent units for materials in July?
Explain the accounting standards and the conceptual framework used when accounting for bonds and other long-term debt instruments.
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