footnote disclosure, what amount should be reported as a receivable in Beni’ s balance sheet at December 31, year 1?
99. The following information pertains to a fire insurance policy in effect during calendar year 1, covering Vail Co.’ s inventory:
100. Vail’ s inventory averages $ 1,000,000 uniformly throughout the year. Vail’ s income tax rate is 40 %. How much of a contingent liability should Vail accrue at December 31, year 1, to cover possible future fire losses?
101. Which of the following is generally associated with payables classified as accounts payable?
102. Which of the following is generally associated with payables classified as accounts payable?
103. Which of the following is classified as an accrued liability?
104. Morgan Company determined that:( 1) it has a material obligation relating to employees’ rights to receive compensation for future absences attributable to employees’ services already rendered,( 2) the obligation relates to rights that vest, and( 3) payment of the compensation is probable. The amount of Morgan’ s obligation as of December 31, year 1, is reasonably estimated for the following employee benefits:
105. What total amount should Morgan report as its liability for compensated absences in its December 31, year 1 balance sheet?
106. Bold Company estimates its annual warranty expense at 2 % of annual net sales. The following data are available: