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:
Conduct market research
Market research will tell you if there’s an opportunity to turn your idea into a successful business. It’s a way to gather information about potential customers and businesses already operating in your area. Use that information to find a competitive advantage for your business.
Explanation:
<span>A mess, a clean-up project, is what occurs when something is on the floor that shouldn't be. If it was meant to be on the floor, then we would call that regular or necessary, but if it isn't meant to be there, we want to change it, or clean it up.</span>
A landlord charges the same apartment rent as last year, but now adds a fee for parking spaces. This practice is known as <u>Unbundling</u>.
<u>Explanation:</u>
Unbundling means that certain items or the services are being marketed or are being charged for. This charge is separated and is not a part of the whole package.
In the above example, the landlord charged a separate amount as the fee of the parking lot of the apartment. This was not included in the rent of the apartment. Therefore it is known to be as unbundling because it is not a part of the bundle. It is separate.
Answer:
Personal income tax is generally computed as the product of a tax rate times taxable income
Explanation:
