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How should a loss contingency that is reasonably possible and for which the amount can be reasonably estimated be reported

guajiro [1.7K]

Answer:

as a footnote in financial statements or on the balance sheet

Explanation:

A loss contingency can be defined as the situation or occurrence in which there is uncertainty about an entity but that will be resolved when a/some future situation occurs or not.

Simply put, a loss contingency can be said to be loss of an entity that can be resolved later in future by the occurrence or not of an event.

When a loss can be reasonably estimated as seen from the question, it should be written as a footnote on a financial statement or on a balance sheet.

cheers.

5 0

3 years ago

True or False: Stock market crashes have relatively little effect on the overall economy?

torisob [31]

False. The stock market is essential to the economy. The Great Depression is a prime example.

8 0

2 years ago

Read 2 more answers

Tyler Smithson owns Joe on the Run, a small chain of three cof- fee shops, all of which are facing a challenge that is common to

prohojiy [21]

Answer:

A) To improve capacity the constraint that must be addressed is the preparation and dispatch constraint which is similar to all three shops.to address this a central preparation / dispatch center that serves all three shops the needed products should be created independently, with the primary purpose of mass preparation/dispatch to the coffee shops and not attending to customers which hampers the production of the three shops.

B ) To improve efficiency: packaging should be made ready at the drive thru station so that customer who drive in can quickly pick up the package without having to queue up for long. also consider preparing some orders on the menu that attracts the most customers ahead of time this way the queue would be reduced.

C ) At store level to improve performance proper stock taking should be essential to ensure there is enough products on the menu to serve to the customers

Explanation:

A) To improve capacity the constraint that must be addressed is the preparation and dispatch constraint which is similar to all three shops.to address this a central preparation / dispatch center that serves all three shops the needed products should be created independently, with the primary purpose of mass preparation/dispatch to the coffee shops and not attending to customers which hampers the production of the three shops.

B ) To improve efficiency: packaging should be made ready at the drive thru station so that customer who drive in can quickly pick up the package without having to queue up for long. also consider preparing some orders on the menu that attracts the most customers ahead of time this way the queue would be reduced.

C ) At store level to improve performance proper stock taking should be essential to ensure there is enough products on the menu to serve to the customers

7 0

3 years ago

Critically analyze the difference and points of convergence between floor inspection and functional inspection

r-ruslan [8.4K]

Answer:

Please refer to the below;

Explanation:

Difference between Floor inspection and Functional inspection.

• Floor inspection is usually conducted in a production environment. It involves checking of materials while processing in the machine by inspectors. Rather than checking the materials in the machine at the beginning of production, floor inspection checks the materials while in process inorder to ensure that the defected ones are quickly detected and expunged. It also ensure that the equipments used in processing are properly functioning.

• Functional inspection is an inspection that checks the overall function of a product rather than what makes up the component parts. For instance the load capacity and speed of a vehicle can be checked for optimal performance whereas individual parts that make up the vehicle are not checked, yet bring out satisfactory performance when combined together. This form of inspection is concerned with verification of final output and does not provide details about different sections instead provides a wider understanding of comfort that emanate from inspecting same item.

Points of Convergence between Floor inspection and Functional inspection.

• The key objective of both floor and functional inspection is quality output having reviewed and examined their expectations.

• Both floor and functional inspection work to prevent defective product from flowing down the successive operations and avoid loss to the company

• Both floor and functional inspection aim at meeting customers requirements, wants and needs.

4 0

3 years ago

Pineapple Motor Company manufactures two types of speciality electric motors, a commercial motor and a residential motor, throug

Usimov [2.4K]

Answer:

a. Single Plant wide Factory Overhead Rate = $ 140 per machine hour

Overhead Rate of Assembly Department $ 120 per machine hour

Overhead Rate of Testing Department= $ 150 per unit per machine hour.

Total Overhead per Unit Commercial $ 588 Residential $ 462

Explanation:

Pineapple Motor Company

Assembly Department Factory Overhead 360,000

Testing Department Factory Overhead 900,000

Total Factory Overhead 1,260,000

Direct machine hours were estimated as follows:

Assembly Department 3,000 hours

Testing Department 6,000

Total 9,000 hours

Commercial Residential

Assembly Department 1.4 dmh 1.1 dmh

Testing Department 2.8 2.2

Total machine hours per unit 4.2 dmh 3.3 dmh

Single Plant wide Factory Overhead Rate = Total Factory Overhead 1,260,000/Total 9,000 hours

a. Single Plant wide Factory Overhead Rate = $ 140 per machine hour

Overhead Allocated to Assembly Department = No of Hours * Rate

= 3000 * $ 140 = $ 420,000

Overhead Allocated to Testing Department = No of Hours * Rate

= 6000 * $ 140 = $ 840,000

b. Overhead Rate of Assembly Department = Factory Overhead / Machine Hours= 360,000/3,000 hours = $ 120 per machine hour

Overhead Rate of Testing Department= Factory Overhead / Machine Hours= 900,000/ 6000 hours= $ 150 per unit per machine hour.

Overhead Allocated

Commercial Residential

Assembly Department 1.4 *120 1.1 dmh *120

168 132

Testing Department 2.8*150 2.2*150

<u>Total Overhead per Unit $ 588 $ 462 </u>

c. ABC approach is better as it gives an estimate of the overhead per unit both for the Commercial and Residential department using the assembly and testing overheads rates separately. The single plant wide rate gives a mere estimate of the overall costs.

3 0

3 years ago