1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
ser-zykov [4K]
3 years ago
9

Sound Audio manufactures and sells audio equipment for automobiles. Engineers notified management in December 2013 of a circuit

flaw in an amplifier that poses a potential fire hazard. An intense investigation indicated that a product recall is virtually certain, estimated to cost the company $2 million. The fiscal year ends on December 31.Required:a. Should this loss contingency be accrued, disclosed only, or neither? Explain.b. What loss, if any, should Sound Audio report in its 2013 income statement?c. What liability, if any, should Sound Audio report in its 2013 balance sheet?d. Prepare any journal entry needed.
Business
1 answer:
Vlad [161]3 years ago
5 0

Answer:

1) This is a loss contingency. a liability is accrued if it is both probable that the confirming event will occur and the amount can be at least reasonably estimated.

2) loss: 2,000,000

3) liability: 2,000,000

4) loss- product recall 2,000,000

liability- product recall 2,000,000

a disclosure note is appropriate

Explanation:

You might be interested in
In 2012, hurricane sandy caused massive destruction to the northeast united states. tens of thousands of people lost their homes
Sonja [21]

In this case, the economy had been suffering from a recession leading to lower output, aggregate demand and real GDP. The government can boost the economy by engaging in expansionary fiscal policy.

Government can implement expansionary fiscal policy by increasing government spending on goods and services, which will directly increase aggregate demand, thus boosting income and real GDP. Alternatively the government can lower tax rate. When individual tax rate falls, personal disposable income rises, increasing consumption demand and aggregate demand. When business tax rate falls, corporate net profits rise, which encourages firms to invest more in expanding their output. Higher investment by corporate firms increase aggregate demand.

7 0
3 years ago
The shortest-route problem is a special case of the transshipment problem.
Vsevolod [243]

The shortest-route problem is a special case of the transshipment problem while transportation problems prevent shipments from entering and exiting some nodes, the transshipment problem does.

<h3>What are transshipment?</h3>

Transshipment is the loading and unloading of goods and stuff from one transport vehicle to another vehicle.

Transshipment happens because of no direct connection between the ports, due to this the goods are transported to different vehicles.

Thus, while transportation problems prevent shipments from entering and exiting some nodes, the transshipment problem does.

Learn more about transshipment

brainly.com/question/19131337

#SPJ4

3 0
2 years ago
Having the skill to coordinate different people and different tasks to work towards one goal is necessary for which of the follo
san4es73 [151]

Answer:

C. Manager

Explanation:

The job of a manager is to organize all the units in the business for proper functioning

4 0
2 years ago
Journalize the following transactions for the Evans Company. Assume the company uses a perpetual inventory system.
marta [7]

Answer:

Evans Company

General Journal

Part a.

Debit : Cash $645

Debit : Cost of goods sold $375

Credit : Sales Revenue $645

Credit : Merchandise $375

Part b.

Debit : Cash $432

Debit : Cost of goods sold $195

Credit : Sales Revenue $432

Credit : Merchandise $195

Part c.

Debit : Accounts Receivable $670

Debit : Cost of goods sold $438

Credit : Sales Revenue $670

Credit : Merchandise $438

Part d.

Debit : Credit Card fees $85

Credit : Cash $85

Explanation:

The Perpetual inventory system calculates the cost of sale and inventory balance on each and every sale made hence the journals above.

4 0
3 years ago
When people are employed but are treated differently once employed, receiving few job-related rewards, resources, or opportuniti
Dafna1 [17]

Answer:

treatment discrimination

Explanation:

Treatment discrimination is a discrimination against people. It is also known as Disparate treatment and may be defined as one type of the unlawful discrimination in the United States labor law. In US, this discrimination means any unequal behavior towards some employee because of a particular caste, color, race, region or gender which is provided under the Title VII of the United States Civil Rights Act.

Treatment discrimination is the discrimination shown to the people especially the blacked people as they are paid less for equal work as compared to whites.

5 0
3 years ago
Other questions:
  • M10-14 Analyzing the Impact of Transactions on the Debt-to-Assets Ratio [LO 10-5] BSO, Inc., has assets of $600,000 and liabilit
    9·1 answer
  • The benefit of saving some American jobs in specific industries protected from foreign competition Multiple Choice a. has risen
    10·1 answer
  • Which person is credited with introducing the concept of supply and demand?
    7·1 answer
  • Which of the following best describes the Carolingian Renaissance? Select one: a. a new and speculative philosophy regarding the
    12·1 answer
  • ​Stasia, a new employee at a large real estate​ company, sees some immediate problems when she reads the​ company's wiki article
    12·1 answer
  • Firms that sell luxury products, custom-made products, and services often take the time to significantly modify their products i
    5·1 answer
  • Select the correct answer.
    12·2 answers
  • Vist the Web site for a different well-known company, and find the section that lists the
    9·1 answer
  • Carmel Corporation is considering the purchase of a machine costing $47,000 with a 7-year useful life and no salvage value. Carm
    7·1 answer
  • Most companies with well-developed project management systems insist that a project must pass an approval of some kind to move f
    5·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!