Settlement discount claimed by customer who was not expected to do so450

A factory owned by CCT Limited was destroyed by fire. CCT Limited lodged an insurance claim for the value of the factory building, plant, and an amount equal to one year’s net profit. During the year there were a number of meetings with the representatives of the insurance company. Finally, before year-end, it was decided that CCT Limited would receive compensation for 90% of its claim. CCT Limited received a letter that the settlement check for that amount had been mailed,but it was not received before year-end. How should CCT Limited treat this in its financial statements?a.Wait until next year when the settlement check is actually received and not recognize or disclose this receivable at all since at year-end it is a contingent asset.b.Because the settlement of the claim was conveyed by a letter from the insurance company that also stated that the settlement check was in the mail for 90% of the claim, record 90% of the claim as a receivable as it is virtually certain that the contingent asset will be received.c.Disclose the contingent asset in the footnotes.d.Because the settlement of the claim was conveyed by a letter from the insurance company that also stated that the settlement check was in the mail for 90% of the claim, record 100% of the claim as a receivable at year-end as it is virtually certain that the contingent asset will be received, and adjust the 10% next year when the settlement check is actually received.

Sue bought a toaster discounted from $45 to $38.Alex bought a mixer discounted from $189 to $161.Select the true statement. Sue received the larger percentage discount. Alex received the larger percentage discount. The two discounts were the same percentage.

A factory owned by CCT Limited was destroyed by fire. CCT Limited lodged an insurance claim for the value of the factory building, plant, and an amount equal to one year’s net profit. During the year there were a number of meetings with the representatives of the insurance company. Finally, before year-end, it was decided that CCT Limited would receive compensation for 90% of its claim. CCT Limited received a letter that the settlement check for that amount had been mailed,but it was not received before year-end. How should CCT Limited treat this in its financial statements?a.Because the settlement of the claim was conveyed by a letter from the insurance company that also stated that the settlement check was in the mail for 90% of the claim, record 100% of the claim as a receivable at year-end as it is virtually certain that the contingent asset will be received, and adjust the 10% next year when the settlement check is actually received.b.Wait until next year when the settlement check is actually received and not recognize or disclose this receivable at all since at year-end it is a contingent asset.c.Because the settlement of the claim was conveyed by a letter from the insurance company that also stated that the settlement check was in the mail for 90% of the claim, record 90% of the claim as a receivable as it is virtually certain that the contingent asset will be received.d.Disclose the contingent asset in the footnotes.

Toy Company purchased merchandise, the invoice,P169,500 includes P9,000 for freight and terms 3/15, n/30.  Merchandise in the amount of P24,000 was returned, and the balance of the invoice was paid within the discount period.  How much cash was disbursed by Toy in full settlement of the account?*a. P169,500b. P140,920c. P145,000d. P14,000

The first step in customer recovery is toMultiple choice question.offer price discountsidentify "at risk" customerspost regularly on social mediaset up a customer complaints department