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Zanzabum
1 year ago
6

Gore Inc. recorded a liability in 2021 for probable litigation losses of $2 million. Ultimately, $5 million in legitimate warran

ty claims were filed by Gore's customers. Multiple Choice Gore has made a change in accounting principle, requiring retrospective adjustment. Gore needs to correct an accounting error. Gore is required to adjust a change in accounting estimate prospectively. Gore is not required to make any accounting adjustments.
Business
1 answer:
KengaRu [80]1 year ago
4 0

Answer:

Gore is not required to make any accounting adjustments

Explanation:

Gore won't be required to make any accounting adjustments because the litigation loss is already $2,000,000 leading to him recording a liability in his account in which

$5 million in legitimate warranty claims were as well filed by his customers which is why he won't be making any further Accounting adjustment in 2021.

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work or job specialization

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1 year ago
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1 year ago
A worker’s positive reaction to a negative performance review from an employer might be to ______.
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2 years ago
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Bay City Mining, Inc. has a price of $20 a share, outstanding shares of 2.5 million, retained earnings of $1 million dollars, an
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Answer:

a. 50, which is high by historical standards.

Explanation:

a. 50, which is high by historical standards.

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5 0
1 year ago
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