all questions

13. At the "inception of a guarantee," what must be recognized in the guarantor's statement of financial position? You can limit your response to the one most relevant "recognition" section paragraph. 14. When is it appropriate for a not-for-profit entity to recognize the receipt of an unconditional promise to give (a "contribution receivable") from another entity? 15. What is the threshold for recognition of a loss contingency? 16. A customer got serious food poisoning from Chix Now restaurant on April 30,202, necessitating a trip to the emergency room. On May 6, 20x2, the customer initiated a lawsuit. At December 31, 20x2, Chix Now estimated its probable loss to be $100,000. In January, 20x3, before issuance of Chix Now's financial statements, a judge ruled in favor of the customer and awarded the customer $120,000 in damages. Must the company recognize the effects of this ruling in its 202 financial statements? Explain. 17. Are "unconditional promises to give" required to be recognized as liabilities? 18. ASC 350-40 (Intangibles - Internal Use Software) specifically states that capitalization of costs (in an internal use software project) may begin when two criteria are met. What are these two criteria? 19. An employer offers each of its 50 employees 20 vacation days per year. As of January, no employees have taken vacation; however, each employee has earned 1.5 days. Vacation days that are unused at the end of the year may be carried forward to the following year. The employer encourages employees to use their full vacation allotment and thus does not anticipate forfeitures. Must the employer record a liability for the employees' vacation days earned thus far