Sophie, the cfo of slolum ski supplies, received a watch from one of her company's largest vendors, colorado ski shoppe. she received the gift with a card congratulating her on slolum's recent merger with another company. in determining whether accepting the gift would create a significant threat to her compliance with the american institute of certified public accountants code, which factor should sophie consider? a. whether she disclosed receipt of the gift to the board of directors. b. whether she truly earned the gift. c. whether the gift was reasonable in the circumstances. d. whether the gift cost more than $100.

As related to a company completing the purchase to pay process, is there an accounting journal entry "behind the scenes" when xyz company pays for the goods within 10 days of the invoice (gross method is used for discounts and terms are 2/10 net 30) that updates the general ledger?

Analyzing and computing accrued warranty liability and expense waymire company sells a motor that carries a 60-day unconditional warranty against product failure. from prior years' experience, waymire estimates that 2% of units sold each period will require repair at an average cost of $100 per unit. during the current period, waymire sold 69,000 units and repaired 1,000 units. (a) how much warranty expense must waymire report in its current period income statement? (b) what warranty liability related to current period sales will waymire report on its current period-end balance sheet? (hint: remember that some units were repaired in the current period.) (c) what analysis issues must we consider with respect to reported warranty liabilities?

Utilization will always be lower than efficiency because: a. effective capacity is greater than design capacityb. expected output is less than actual output.c. effective capacity equals design capacity.d. effective capacity is less than design capacity.e. expected output is less than rated capacity.