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Amplify, Inc. was sued by Sound City for $50,000. Sound City feels very confident that it...
Problem 1 Nevue Inc. has been sued for following three alleged infringements of law: (1) Unauthorized...
Problem 1 Nevue Inc. has been sued for following three alleged infringements of law: (1) Unauthorized use of a trademark; the claim is for $100 million (2) Nonpayment of end-of-service severance pay and gratuity to 5,000 employees who were terminated without Nevue Inc. giving any reason; the class action lawsuit is claiming $3 million (3) Unlawful environmental damage for dumping waste in the river near its factory; environmentalists are claiming unspecified damages as cleanup costs Legal counsel is of the...
The ink-jet printing division of Environmental Printing has grown tremendously in recent years. Assume the following...
The ink-jet printing division of Environmental Printing has grown tremendously in recent years. Assume the following transactions related to the ink-jet division occur during the year ended December 31, 2021. Environmental Printing is being sued for $10.1 million by Addamax. Plaintiff alleges that the defendants formed an unlawful joint venture and drove it out of business. The case is expected to go to trial later this year. The likelihood of payment is reasonably possible. Environmental Printing is the plaintiff...
11. A brewing company operating in an Ontario city experiencing water shortages received its water bill...
11. A brewing company operating in an Ontario city experiencing water shortages received its water bill for December 2018, on December 31, 2018. The bill ($8,000) represents the cost of water used in December to make its product. The company will not publish the 2018 financial statements until February 2019. Therefore, the adjusting entry as of December 31, 2018 includes which of the following? A. cr. utilities payable $8,000 B. cr. cash $8,000 C. cr. utilities expense $8,000 D. no...
- 29. It is possible to settle a liability by a. transfer of an asset, including...
- 29. It is possible to settle a liability by a. transfer of an asset, including but not limited to cash. b. delivery of goods or services. c. creation of another liability, d. all of the above. - 30. An oil company purchased 10,000 acres of land on January 1, 2019, for $5,000,000, on which it developed an underground oil site. The company spent $11,000,000 to prepare the site for operation but believes that 500,000 barrels of oil can be...
Problem 8-7B Record contingencies (LO8-5) Compact Electronics is a leading manufacturer of digital camera equipment. Assume...
Problem 8-7B Record contingencies (LO8-5) Compact Electronics is a leading manufacturer of digital camera equipment. Assume the following transactions occur during the year ended December 31, 2021. 1. Accounts receivable were $27.2 million (all credit) at the end of 2021. Although no specific customer accounts have been shown to be uncollectible, the company estimates that 2% of accounts receivable will eventually prove uncollectible. 2. Compact Electronics is the plaintiff in a $3.2 million lawsuit filed against a supplier. The suit...
Listed below are selected events transactions relating to Tamarisk, Inc. for the current year ending December...
Listed below are selected events transactions relating to Tamarisk, Inc. for the current year ending December 31. Tamarisk manufactures laptop computers for sale in its own stores and for sale by other retailers. On December 1, Tamarisk accepted an order from a new customer, Pearl Computers. Pearl has a questionable credit history, so Tamarisk requires a $11,000 deposit from Pearl in order to begin production on its 1. order. 2. During December, cash sales at Tamarisk's retail locations totaled $4,708,000,...
5. Gab&Run, Inc., a fast food company, sells franchises for $100,000, accepting a $5,000 down payment...
5. Gab&Run, Inc., a fast food company, sells franchises for $100,000, accepting a $5,000 down payment and a 50-year note for the remainder. Grab & Run promises for 3 years to assist in site selection, building, and management training. Grab&Run records the $100,000 franchise fee as revenue in the period in which the contract is signed. 6. Curtis Conway Company "faces possible expropriation (i.e., takeover) of foreign facilities and possible losses on sums owed by various customers on the verge...
Please answer ALL of the multiple choice questions. Sinurfs & Toads Inc. purchased sio 000 short-term...
Please answer ALL of the multiple choice questions.
Sinurfs & Toads Inc. purchased sio 000 short-term bonds with excess cash. The bonds pay interest at 3% The journal entry to record the purchase will include which of the following: A. Debit to Cash $10,000 B. Debit to Bond Investments $10,000 C. Credit to Bond Investments $10,000 D. Debit to Bond Investments $10,300 E. None of the above 8. Gourmet Donuts owns 800 shares of Coffee Express. Coffee Express, which has...
Leader Enterprises Ltd. follows IFRS and has provided the following information: 1. In 2019, Leader was sued in a patent infringement suit, and in 2020, Leader lost the court case. Leader must now pay a competitor $50,000 to settle the suit. No previous
Leader Enterprises Ltd. follows IFRS and has provided the following information:1.In 2019, Leader was sued in a patent infringement suit, and in 2020, Leader lost the court case. Leader must now pay a competitor $50,000 to settle the suit. No previous entries had been recorded in the books relative to this case because Leader’s management felt the company would win.2.A review of the company’s provision for uncollectible accounts during 2020 resulted in a determination that 1.5% of sales is the appropriate...
- 29. It is possible to settle a liability by a. transfer of an asset, including but not limited to cash. b. delivery of goods or services. c. creation of another liability, d. all of the above. - 30. An oil company purchased 10,000 acres of land on January 1, 2019, for $5,000,000, on which it developed an underground oil site. The company spent $11,000,000 to prepare the site for operation but believes that 500,000 barrels of oil can be...
Problem 8-7B Record contingencies (LO8-5) Compact Electronics is a leading manufacturer of digital camera equipment. Assume the following transactions occur during the year ended December 31, 2021. 1. Accounts receivable were $27.2 million (all credit) at the end of 2021. Although no specific customer accounts have been shown to be uncollectible, the company estimates that 2% of accounts receivable will eventually prove uncollectible. 2. Compact Electronics is the plaintiff in a $3.2 million lawsuit filed against a supplier. The suit...
Listed below are selected events transactions relating to Tamarisk, Inc. for the current year ending December 31. Tamarisk manufactures laptop computers for sale in its own stores and for sale by other retailers. On December 1, Tamarisk accepted an order from a new customer, Pearl Computers. Pearl has a questionable credit history, so Tamarisk requires a $11,000 deposit from Pearl in order to begin production on its 1. order. 2. During December, cash sales at Tamarisk's retail locations totaled $4,708,000,...
5. Gab&Run, Inc., a fast food company, sells franchises for $100,000, accepting a $5,000 down payment and a 50-year note for the remainder. Grab & Run promises for 3 years to assist in site selection, building, and management training. Grab&Run records the $100,000 franchise fee as revenue in the period in which the contract is signed. 6. Curtis Conway Company "faces possible expropriation (i.e., takeover) of foreign facilities and possible losses on sums owed by various customers on the verge...
Please answer ALL of the multiple choice questions.
Sinurfs & Toads Inc. purchased sio 000 short-term bonds with excess cash. The bonds pay interest at 3% The journal entry to record the purchase will include which of the following: A. Debit to Cash $10,000 B. Debit to Bond Investments $10,000 C. Credit to Bond Investments $10,000 D. Debit to Bond Investments $10,300 E. None of the above 8. Gourmet Donuts owns 800 shares of Coffee Express. Coffee Express, which has...
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