Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please answer all please Gains on sale of treasury stock should be credited to Retained earnings O A contributed capital account Other income O Share

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

please answer all please

Gains on sale of treasury stock should be credited to Retained earnings O A contributed capital account Other income O Share capital Under IFRS, a provision has a degree of certainty that is: O Not probable O Certain O Unlikely 0 Probable Daga Corporation, a manufacturer of household appliances, is preparing annual financial statements at December 31, 2014. Because of a recently proven safety hazard in one of its toasters, the government has clearly indicated its intention of having Daga recall all toasters of this model sold in the last six months. The management of Daga estimates that this recall will cost $550,000. What accounting recognition, if any, should be set up in this situation? O No recognition Set aside retained earnings of $550,000 Expense of $550,000 and liability of $550,000 Note disclosure only When there is a large population of obligations that will be paid over a long period of time, the best estimate is determined using: The most likely outcome The cumulative probabilities O The highest probability alternative The expected value

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

IT Auditing And Application Controls For Small And Mid Sized Enterprises Revenue Expenditure Inventory Payroll And More

Authors: Jason Wood, William Brown, Harry Howe

1st Edition

1118072618, 9781118072615

More Books

Students also viewed these Accounting questions

Question

Discuss the steps in the progressive discipline approach.

Answered: 1 week ago

Question

2. List the advantages of listening well

Answered: 1 week ago