Chapter 12: Liabilities Suggested Time Case 12-1 Dry Clean Depot Limited 12-2 Darcy Limited 12-3 Homebake Incorporated Assignment 12-1 Liability issues 25 12-2 Liability recognition (W*) 25 12-3 Warranty 10 12-4 Estimated obligations 20 12-5 Liability measurement……………………….. 15 12-6 Measurement of estimated liabilities 20 12-7 Long-term note—borrower and lender 35 12-8 Note with below-market interest rate 35 12-9 Debt issuance‚ fair value
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Kia had created a system which gives reports of any defect‚ accident or injuries involving its vehicle to the U.S. National Highway Traffic Safety Administration. The received information stored in at least seven different system run by Kia’s warranty‚ parts‚ consumer and legal affairs departments. This fragmentation of information in different system prevented Kia to get a complete picture of defect. Kia could have created some software on the fly that merely pushed the required information out
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Current Liabilities Current liabilities are defined as: “Debts due to be paid with cash or with goods and services within one year‚ or within the entity’s operating cycle if the cycle is longer than a year.” (Hongren‚ Harrison & Oliver‚ 2012) These liabilities fit into three categories: Current liabilities of known amount; current liabilities that must be estimated; and contingent liabilities. According to the matching principle of accounting‚ expenses and revenues need to be reported during
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psi) • Firestone plant was “rife with quality control problems”. • Firestone expressed “major reservations” about a Ford plan to replace Firestone tires overseas • Ford said it was under obligation to report overseas recalls • Ford did not have warranty data on tire recalls • The New York Times found that fatal crashes involving Ford Explorers were almost three times the as likely to be tire related as fatal crashes involving other sport utility vehicles • Department of Transportation did not
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contract such as verbal promises made before the written agreement was signed‚ as is the case with Angie and Vince’s communication. Due to the loss of value and importance of the bedside table‚ the damage inflicted would be deemed as a breach of warranty rather than a breach of a condition. Tramways Advertising Pty Ltd v Luna Park (N.S.W.) Ltd
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India Negotiated M&A Guide Corporate and M&A Law Committee Contact H. Jayesh Juris Corp Mumbai‚ India h_jayesh@jclex.com 50767302.2 CHAPTER I INTRODUCTION Historically‚ the foreign investment policy of the Indian government (during the period from 1950 to 1990) consisted of stringent foreign exchange controls and regulations (including in the form of industrial licensing‚ quota system‚ capital controls)‚ a bar on free trade and control of the flow of funds to a very large extent. As early
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PVT in third place according to their criteria. These reports are currently not official‚ but if true‚ PVT will lose the contract. Rubenstein and Salvatori call a meeting with senior executives to discuss the following 4 options: • Extend their warranty from 10 to 20 years • 99% uptime guarantee • Offer a new more efficient product earlier than they would have with higher capacity at 1.25MW and 98.5% efficiency. • Approach Morgan and confirm the reports Major Issues and recommendations: Issue
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The Australian Consumer Law is the main law that protects the rights and interests of consumers and provides remedies for consumers in case of breach of the Australian Consumer Law. The text of the Australian Consumer law consists of : * Chapter 1 — Introduction: a single set of definitions and interpretive provisions about consumer law concepts. * Chapter 2 — General protections: general protections‚ which create standards of business conduct in the market. Specifically‚ Chapter 2
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that the noise was coming from cracked pistons 2‚ 4‚ and 7 scratching the motor walls. My family purchased many vehicles from Banner Chevrolet so I knew I had to negotiate my out of this one. Because of the modifications the vehicle power train warranty would be voided and a new LS3 was 14 thousand dollars to replace. Communication Before I discussed the possibility of purchasing a new motor I expressed my self to the service team at Banner. I believed I had an engine that came off the
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previous year’s by $1‚000‚000. Nothing that the current financial statements report an increase of $950‚000 in the net income‚ Vice President Jack Brickhouse asks Louise Boudreau‚ the controller‚ to reduce the estimate of warranty expense by $60‚000. The present estimate of warranty expense is $500‚000 and is known by both Brickhouse and Boudreau to be a fairly "soft" amount. Identify possible causes of action. -Brickhouse is acting unethically. His action serves only his self-interest‚ self review
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