Business, 23.04.2021 17:10 fangirl2837
Top Sound International designs and sells high-end stereo equipment for auto and home use. Engineers notified management in December 2018 of a circuit flaw in an amplifier that poses a potential fire hazard. Further investigation indicates that a product recall is probable, estimated to cost the company $2.2 million. The fiscal year ends on December 31.
Required:
a. Should this loss contingency be reported, disclosed in a note only, or neither? Explain.
b. What loss, if any, should Top Sound report in its 2010 income statement?
c. What liability, if any, should Top Sound report in its 2010 balance sheet?
d. What entry, if any, should be recorded?
Answers: 2
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What are six resources for you decide which type of business to start and how to start it?
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Suppose an economy has only two sectors: goods and services. each year, goods sells 80% of its outputs to services and keeps the rest, while services sells 62% of its output to goods and retains the rest. find equilibrium prices for the annual outputs of the goods and services sectors that make each sector's income match its expenditures.
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At the end of year 2, retained earnings for the baker company was $3,550. revenue earned by the company in year 2 was $3,800, expenses paid during the period were $2,000, and dividends paid during the period were $1,400. based on this information alone, retained earnings at the beginning of year 2 was:
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After graduation, you plan to work for dynamo corporation for 12 years and then start your own business. you expect to save and deposit $7,500 a year for the first 6 years (t = 1 through t = 6) and $15,000 annually for the following 6 years (t = 7 through t = 12). the first deposit will be made a year from today. in addition, your grandfather just gave you a $32,500 graduation gift which you will deposit immediately (t = 0). if the account earns 9% compounded annually, how much will you have when you start your business 12 years from now?
Answers: 1
Top Sound International designs and sells high-end stereo equipment for auto and home use. Engineers...
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