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mestny [16]
3 years ago
13

Top Sound International designs and sells high-end stereo equipment for auto and home use. Engineers notified management in Dece

mber 2018 of a circuit flaw in an amplifier that poses a potential fire hazard. Further investigation indicates that a product recall is probable, estimated to cost the company $2.8 million. The fiscal year ends on December 31. Should this contingent liability be reported, disclosed in a note only, or neither?
Business
1 answer:
Angelina_Jolie [31]3 years ago
4 0

Answer:

Yes

Explanation:

Since in the question it is mentioned that the product recall is probable and predicted that the cost to the company is $2.8 million so this represent the contingent liability as it is probable & estimated

So the same should be disclosed and reported

Hence, the answer should be yes

The same is to considered relevant

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Which of the following explains why a recipe is considered an algorithm?
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the dish created by a recipe is the same each time it is followed properly

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1. Which of the following questions would be permissible to ask during an interview with a candidate who
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I would say the first one

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3 years ago
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West County Bank agrees to lend Drake Builders Company $400,000 on January 1. Drake Builders Company signs a $400,000, 6%, 6-mon
viva [34]

Answer:

The answer is b.Cash ,000 Notes Payable ,000

Explanation:

The exact entry Drake Builders Company has to record in its accounting book for the proceeds received from the issuance of the note is:

1st January

Dr Cash                         400,000

Cr Note Payable          400,000

As at the time the note is issued, no interest expenses has been incurred, all the answer with Interest expenses can be eliminated.

In fact, interest expenses is only incurred and accrued during the lifetime of the note, based on the number of days the note is hold; that is, from the day the fund is lend out to Drake Builders Company; not on the day of issuance.

6 0
3 years ago
You purchased two WXO 30 call option contracts at a quoted price of $.35. What is your net gain or loss on this investment if th
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Answer: $670

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Then, the price of RADM 30 call option contract will be calculated as;

= $33.7 - $30

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Therefore, the net gain on 2 RADM30 call options will be:

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= $6.70

Since there are 100 shares in a option contract, the gain will be:

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= $670

3 0
2 years ago
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