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Vitek1552 [10]
2 years ago
11

Sound Audio manufactures and sells audio equipment for automobiles. Engineers notified management in December2018 of a circuit fla

w in an amplifierthat poses a potential fire hazard. An intense investigation indicated that a productrecall is virtually certain, estimated to cost the company 52 million. The fiscal year ends on December 31.Required:1. Should this loss contingency be accrued, only disclosed, or neither? Explain.2. What loss, if any, should Sound Audio report in its 2018 income statement?3. What liability, if any, should Sound Audio report in its 2018 balance sheet?4. Prepare any journal entry needed.
Business
1 answer:
julsineya [31]2 years ago
4 0

Answer:

Please see attachment .

Explanation:

Please see attachment .

Download pdf
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The Azuza Company owns no plant assets and had the following income statement for the year:
Nutka1998 [239]

Answer:Please see answer below

Explanation:

Solving

Net income= $16,000

Change in asset and liabilities

Accounts receivable Increased $67,000- $59,000 =- -8000

Inventory Decreased 62,000- 86,000=24,000

Prepaid rent --Increased 9,000- 7,000 = -2000

Accounts payable ---decreased 22,000 -30,000 = -8000

Wages payable ----Increased 9,000- 7,000=2000

Net cash provided by operating activity.=24,000+ 2000-(8000+2000+8000)

= $24,000

Net income= $16,000

Change in asset and liabilities

Accounts receivable--Increase -$8,000

Inventory--Decreased-- $24,000

Prepaid rent --Increased -$2,000

Accounts payable ---decreased-$8,000

Wages payable ----Increased $2,000

Net cash provided by operating activities,= $24,000

6 0
3 years ago
Fremont Enterprises has an expected return of 12 % and Laurelhurst News has an expected return of 24 %. If you put 56 % of your
Savatey [412]

Answer:

     = 18.7%

Explanation:

<em>A portfolio is a collection of assets/ investment. The return on a portfolio is the weighted average of all the return of the individual assets weighted according to the percentage of total funds allocated to each assets.</em>

Expected return on portfolio:

E(R) =(  Wa*Ra) + (Wb*Rb)

  Wa   =   56%   ,   Wb = 100-56 = 44%

Ra = 12%, Rb = 24%

E(R) = (0.56*24%) + (0.44× 12%)

       = 18.7%

8 0
2 years ago
What type of a seating arrangement is suitable in case a meeting requires intense interaction
ankoles [38]

I believe the answer you are looking for is open seating arrangement - nobody has assigned seats and people can move around freely to interact with whoever they like. This improves collaboration and communication among the people in the meeting.

4 0
2 years ago
A worker, who is typical in all respects, works for a wage of $30,000 per year in a perfectly safe occupation. Another typical w
Fantom [35]

Answer:

$6,000,000

Explanation:

Change in risk = 0 in 1,000 to 1 in 1,000 = 0 to 0.001 = +0.001

Change in wage = $30,000 to $36,000 = +$6,000

Therefore:

wage/risk = 6,000/0.001

= $6 million or $6,000,0000

The value of a human life for workers with these characteristics should a cost-benefit analyst use is $6,000,000 because workers are willing to receive an extra $6,000 for a 1 in 1,000 increase in risk of death, implying a value of life of $6 million)Value of human life for workers with these characteristics = $6 million .

In order words the workers require $6,000 to accept a death risk of .001. The value of life implied by this is $6,000/.001 = $6,000,000.

4 0
2 years ago
Read 2 more answers
The Dean Company has sales of $500,000, and the break-even point in sales dollars of $300,000. What is the company’s margin of s
postnew [5]

Answer:

40%

Explanation:

The Dean company have a sales of $500,000

The break-even point in sales dollar is $300,000

Therefore, the company's margin of safety can be calculated as follows

Margin of safety= Sales-break-even sales/sales

= $500,000-$300,000/$500,000

= $200,000/$500,000

= 0.4×100

= 40%

Hencethe company's margin of safety percentage is 40%

4 0
2 years ago
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