FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

QUESTION 4 Till 2019, company provision for warranty claims was 10% of the total sales. However company estimates that in 2020, that warranty claims will

image text in transcribed
QUESTION 4 Till 2019, company provision for warranty claims was 10% of the total sales. However company estimates that in 2020, that warranty claims will be only around 7% of sales due to advanced technology in manufacturing. The transaction can be treated as: Change in policy reported retrospectively. Change in policy reported prospectively. Change in estimate C D. Error correction

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_2

Step: 3

blur-text-image_3

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

The Security Risk Handbook Assess Survey Audit

The Security Risk Handbook Assess Survey Audit

Authors: Charles Swanson

1st Edition

1032030356, 978-1032030357

More Books

Students also viewed these Accounting questions

Question

★★★★★
What are the legal requirements for a third party to sue an auditor under Section 10 and Rule 10b-5 of the Securities Exchange Act of 1934? How do these requirements relate to the Hochfelder decision?

Answered: 1 week ago

Question

★★★★★
Which of the following provides the best mobility connectivity options? Serial Cellular Wired Bluetooth

Answered: 1 week ago

Question

★★★★★
Enumerate the various events in the trade life cycle of an equity index futures trade and name the journal entries to be passed at each and every event.

Answered: 1 week ago

Question

★★★★★
Cambridge Tool Co. is a supplier that assembles purchased parts into components for three distinct marketsscooter parts, lawn mower parts, and hand tool parts. Following is the statement of operating...

Answered: 1 week ago

Question

★★★★★
Flores Company has the following data for the Assembly Department for August: F:\% (Click the icon to view the data.) Conversion costs are added evenly throughout the process. The company uses the...

Answered: 1 week ago

Question

★★★★★
help please omg its due at 11:59 The table below contains rainfall information in inches for each month of the years 2006 - 2010. Complete the task to contructa column chart using the data to compare...

Answered: 1 week ago

Question

★★★★★
Costco is running a member-only sales program for Carnival cruise vacation. There are totally 600 cabins on the cruise ship. Fixed cost is $15,000 (includes fuel cost for roundtrip, salary for crews...

Answered: 1 week ago

Question

★★★★★
1. Using indicial notation, prove the following (where W is a second-order tensor field and a and b are vector fields). Explain your derivation in detail. ( b)W = (Wb)

Answered: 1 week ago

Question

★★★★★
The income statement reports earned income on _____, and the cashflow statement is based on ______. Question 4Answer a. An accrual-basis, accrual basis accounting b. A cash-basis, accrual-basis...

Answered: 1 week ago

Question

★★★★★
Designing the Distribution Network for Michaels Hardware Ellen Lin, vice president of supply chain at Michaels Hardware, was looking at the financial results from the past quarter and thought that...

Answered: 1 week ago

Question

★★★★★
In which of the following situations would you need to use the SALUTE service recovery model? Veterans call your clinic and are dissatisfied with their experiences at the VA. Fellow employees come to...

Answered: 1 week ago

Question

★★★★★
Determine how you will monitor and report progress toward your groups goals. Will the group hold a weekly status meeting? Will members circulate daily e-mails to update one another?

Answered: 1 week ago

Question

★★★★★
A How important is it to have all the players on a team speak the same language? Would having a single language policy increase group cohesion? What might the downsides of such a policy be?

Answered: 1 week ago

Question

★★★★★
Identify the resources your group will need to accomplish its goals. Include such things as members time, office space, funds, and equipment. By anticipating resources, you avoid getting into a...

Answered: 1 week ago

Previous Question Next Question