subject
Business, 20.09.2019 20:00 hamilclips6805

Gomez corporation, a manufacturer of household paints, is preparing annual financial statements at december 31, 2011. because of a recently proven health hazard in one of its paints, the government has clearly indicated its intention of having gomez recall all cans of this paint sold in the last six months. the management of gomez estimates that this recall would cost $900,000.part a - what accounting recognition, if any, should be accorded this situation? part b - how would your answer change to part a if 70% of the paint cans were sold before 12/31/2011 and the remainder were sold after 12/31/2011 but before the financial statements were issued on 3/5/2012? part c - how would your answer change to part a if the health hazard was only alleged (but not yet probable) when the 2011 financial statements were published.

ansver
Answers: 1

Another question on Business

question
Business, 21.06.2019 19:00
What is credit and debit in accounting
Answers: 2
question
Business, 22.06.2019 01:00
Bond x is noncallable and has 20 years to maturity, a 7% annual coupon, and a $1,000 par value. your required return on bond x is 10%; if you buy it, you plan to hold it for 5 years. you (and the market) have expectations that in 5 years, the yield to maturity on a 15-year bond with similar risk will be 9.5%. how much should you be willing to pay for bond x today? (hint: you will need to know how much the bond will be worth at the end of 5 years.) do not round intermediate calculations. round your answer to the nearest cent.
Answers: 3
question
Business, 23.06.2019 16:00
Which  best  describes which careers would work in offices? 1.marketing information management and research, distribution and logistics, and marketing communications and promotion employees can work in offices.2.all marketing, sales, and service employees can work in offices.3.all marketing, sales, and service employees except those in management and entrepreneurship can work in offices.4.sales and service employees work in offices, but marketing employees do not
Answers: 1
question
Business, 23.06.2019 21:30
Zane's vanes is a service that restores old weather vanes. zane has just spent $125 purchasing a 1920s-era weather vane which he expects to restore and sell for $500 once the work is completed. after having spent $125, zane realizes that he will need to spend an additional $200 on materials to complete the restoration. alternatively, he can sell the weather vane without restoring it for $200. what is his marginal benefit if he sells the weather vane without restoring it?
Answers: 2
You know the right answer?
Gomez corporation, a manufacturer of household paints, is preparing annual financial statements at d...
Questions
question
Mathematics, 06.11.2020 01:00
question
English, 06.11.2020 01:00
question
Mathematics, 06.11.2020 01:00
question
World Languages, 06.11.2020 01:00
question
Mathematics, 06.11.2020 01:00
question
History, 06.11.2020 01:00
Questions on the website: 13722363