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Edge Co., a toy manufacturer, is in the process of preparing its financial statements for the year ended December 31, 2013. Edge expects to issue
Edge Co., a toy manufacturer, is in the process of preparing its financial statements for the year ended December 31, 2013. Edge expects to issue its 2013 financial statements on March 1, 2014. |
Given in question are various information that has not been reflected in the financial statements. For each item: |
1) Determine if an adjustment is required and select the appropriate amount, if any, from the options provided: |
a) No adjustment Required b) $150,000 c) $100,000 |
2) Enter either Yes or No if additional disclosure is required, either on the face of the financial statements or in the notes to the financial statements.
Question - "On January 5, 2014, a warehouse containing a substantial portion of Edge s inventory was destroyed by fire. Edge expects to recover the entire loss, except for a $250,000 deductible, from insurance."
No adjustment is required; Yes
No adjustment is required; No
"$100,000; Yes"
"$150,000; Yes" |
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