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MrMuchimi
3 years ago
12

Concepts for Analysis 24-3 (Essay) Presented below are three independent situations.

Business
1 answer:
Helga [31]3 years ago
6 0

Answer:1. Make provision for warranty claims.

2. Disclosure of contingent liability

3. No cost should be recorded.

Explanation:

Warranty is an assurance made by firms to make good any agreed loss that is incurred by the customers in usage of goods and services whiting the period of the warranty. Since an estimation can be made based on firms history of sales a provision has to be made for possible warranty.

Since it's only probably that a loss will be Incurred by the firm by going into the contract and the financial statement has not been issue the firm should made a contingent liability disclosure in the report.

The self insurance is not a contract with a third party, in this vein no cost will be accrued until the loss is actually suffered.

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Innovation activities are often aimed at making a discovery or commercializing a technology ahead of competition. What are some
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On January 1, 2012, Cale Corp. paid $1,020,000 to acquire Kaltop Co. Kaltop maintained separate incorporation. Cale used the equ
malfutka [58]

Answer:

The correct option is D) $127,000.

Explanation:

Note: This question is not complete. The complete question is therefore provided before answering the question as follows:

On January 1, 2012, Cale Corp. paid $1,020,000 to acquire Kaltop Co. Kaltop maintained separate incorporation. Cale used the equity method to account for the investment. The following information is available for Kaltop's assets, liabilities, and stockholders' equity accounts on January 1, 2012:

                                          Book  Value        Fair Value

Current assets                      $120,000          $120,000

Land                                           72,000           192,000

Building (20yr life)                  240,000           268,000

Equipment (10yr life)               540,000            516,000

Current Liabilities                      24,000             24,000

Long-term Liabilities                120,000           120,000

Common Stock                       228,000

Additional Paid-in Capital       384,000

Retained Earnings                   216,000

Kaltop earned net income for 2012 of $126,000 and paid dividends of $48,000 during the year.

In Cale's accounting records, what amount would appear on December 31, 2012 for equity in subsidiary earnings?

A) $ 77,000.

B) $ 79,000.

C) $125,000.

D) $127,000.

E) $ 81,800.

The explanation of the answer is now provided as follows:

Total amortization of allocations for 2012 = ((Building fair value – Building book value) / 20 year) + ((Equipment fair value - Equipment book value) / 10 years) = (($268,000 - $240,000) / 20) + (($516,000 - $540,000) / 10) = -$1,000

Amount for equity in subsidiary earnings on December 31, 2012 = Kaltop earned net income for 2012 - Total amortization of allocations for 2012 = $126,000 - (-$1,000) = $126,000 + $1,000 = $127,000

The amount that would appear on December 31, 2012 for equity in subsidiary earnings is $127,000. Therefore, the correct option is D) $127,000.

4 0
3 years ago
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