Answer:
Please find the detailed explanation below.
Situation 1 and 2 have disclosure while situation 3 does not require any disclosure.
Explanation:
Situation 1. Accrual. The one-year warranty has created what is known as contingent liability. Contingent liability is a type of liability that is dependent on the outcome of some specific actions which has happened in the past. The eventual liability may or may not happen. But since the probable claim from the one-year warranty has been determined, it should be disclosed. But if the claim cannot be determined, it shouldn't be disclosed.
Situation 2. Since this contract happened before the issuance of financial statement and the amount of loss from this contract can be reasonably estimated or determined, then it must be disclosed and the likely amount must also be disclosed. This disclosure will be under 'note to the financial statement'.
Situation 3. This is a self insurance and self insurance is not an insurance. There is no contingent liability in this situation. Also, there is no accident, no injury. Hence, this is no disclosure here.
Answer:
C,<em> Brain drain</em>
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Explanation:
<em>What is brain drain?</em> Brain drain according to Wikipedia is a problem described as the process in which a country loses its most educated and talented workers to other countries through migration. Negative effects include loss of tax revenues by the home country, and a loss of key health and education service professionals. <em>A brain drain can result from turmoil within a nation, the existence of favorable professional opportunities in other countries, or from a desire to seek a higher standard of living. </em>Johanna's brain drain came as a result of more favorable conditions in the U.S.
Answer:
the cost for the running the boarding school for 600 students is $61000
Explanation:
Let x be the constant cost and y be the variable cost . then according to the given condition
total cost=<em><u> x +25y= $3500-------1</u></em>
<u><em>x +50y= $6000----------2</em></u>
Subtracting 1 from 25y= 2500
<u><em>y= 2500/25= $100-----------3</em></u>
<em><u>Putting the value of y from 3 in 1 </u></em>
x+ 25(100)= 3500
x+ 2500= 3500
<u><em>x= 1000$---------4</em></u>
<u><em>Putting the value of y from 3 in 2</em></u>
x+ 50(100)= 6000
x+ 5000=6000
<u><em>x= 1000$----------5</em></u>
<u><em>Putting the values of x and y in 1 for 600 students</em></u>
1000+ 600(100) =1000+ 60000= $61000
