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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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The balance in the office supplies account on January 1 was $7,362, the supplies purchased during January were $3,421, and the s
Zigmanuir [339]

Answer:

d.$8,327

Explanation:

The computation of the amount used in the adjusting entry is shown below:

= Beginning balance of office supplies + supplies purchased - ending balance of office supplies

= $7,362 + $3,421 - $2,456

= $8,327

The adjusting entry is

Supplies expense $8,327

        To Supplies A/c $8,327

(Being the supplies expense is recorded)

For recording this transaction we debited the supplies expense as it increased the expense account and credited the supplies account as it reduced the asset account

7 0
3 years ago
In addition to the two proposed framework for a new constitution what other plan might the delegates have considered
Mrrafil [7]
Hello there,
<span>The delegate might consider the freedom of slaves and what rights they might have. *They couldn't issue their own money.

Hope this helps :))

~Top
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4 0
3 years ago
Explain in detail what differences in demand that the monopoly ferry operator on the east coast island of Onus will experience c
WINSTONCH [101]

Answer:

answer is given below

Explanation:

The monopoly looks at the demand curve of the entire market. A monopoly can reduce production and increase prices or increase production and lower prices for maximum efficiency.

Since the single ferry operator operates in a fully competitive market, this is cost-taking, meaning that the price they receive is set from the demand and supply of the ferry service in the market. Monopoly yachts are price settlers so they set their own prices.

Under optimal market conditions, the average total cost of maintaining a ferry its ferry is the lowest. But the monopoly boat does not operate at the optimum level and has additional potential in the market.

as  the competitive ferry service provider is allocated and economically efficient. There can be no monopoly.

Fully competitive markets tend to get caught up in the market-determined equilibrium price and look at the flat demand curve at the equilibrium price.

5 0
3 years ago
Identify some of the reasons why Congress passed the Sarbanes-Oxley Act.
TiliK225 [7]

Answer: C) To require public companies to document and verify their internal controls.

Explanation:

The Sarbanes-Oxley Act was passed in the year 2002 and represented an unprecedented increase in influence of the Government on the activities of public companies.

Passed in the aftermath of several financial scandals such as the Enron and Worldcom scandals, SOX as it is usually referred to, aimed to make companies more accountable for their actions by amongst other things, requiring that they document and verify their internal controls and made it the responsibility of senior management to ensure that it was done.

7 0
3 years ago
An Accenture consulting team is tasked with developing a new client operating model and decide to follow the Waterfall approach.
Mice21 [21]

Answer:

Scrum

Explanation:

Agile practices are used in the software development industry to solutions through collaboration between cross functional teams along with input from the customer.

This ensures that quality product is delivered in a timely manner.

We have two major methodologies in agile practice: scrum and Kanban.

Kannan is where a board is used that shows visually 3 items: to do, doing, and done. This drives the team to know where they are and what is coming next.

Scrum involves dividing the project into sprints and focusing on managing one sprint at a time. There is position for scrum master and product owner.

The given scenario where the team decides to work in a series of sprints, with brief daily meetings to ensure all team members collaborate effectively, is a scrum approach

6 0
3 years ago
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