Classify each of following items as a contingent liability, a provision or neither.
- an unresolved lawsuit against the entity for copyright infringement
- allowance for doubtful debts
- an arrangement to pay a bonus to salespersons for achieving sales over $50 000.
- refurbishment costs of a machine that will need refurbishment in two years.
- an agreement to act as guarantor for another firm’s borrowings.
- environmental damage that an entity has undertaken to repair.
- one thousand 12% debentures issued at $100.
- a warranty provided at time of purchase that the manufacturer undertakes to repair items that fail within 12 months.
It’s that simple.Pay only when you are satisfied.
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