MGAB01H3 Chapter Notes - Chapter 10: Financial Statement, Income Statement, Deferred Income

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MGAB01H3 Full Course Notes
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MGAB01H3 Full Course Notes
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On june 15, 2014, the company signed a ,000 contract with d. j. Consultants to provide consulting services for the period from july 1, 2014 to june 30, 2015. On june 20, 2014, it was discovered that 1 of the company"s underground gas tanks had been leaking. The extent of the leak will not be known until an investigation is completed in august, 2014. However, the company acknowledges that they will be responsible for the cost of cleaning up the spill. A customer is suing the company for damages resulting from a fall caused by slipping on a wet floor in one of the company"s retail locations. The case will go to trial in november 2014, and the company"s lawyer is unsure whether the company will be found guilty. The company provides customers with a 1-year warranty on its lawn mowers. It estimates the warranty will cost 1% of sales revenue over the 1-year warranty.

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