Problem
1. How is the book value of plant assets calculated? What are the cost and the net book value of your selected corporation's plant assets as of end of the year?
2. What type of intangibles would be included on your selected corporation's financial statements and where would they be located?
3. What is goodwill? Does your selected corporation report goodwill? Explain your answer.
4. Explain unearned revenues and how unearned revenues arise.
5. Identify short term and long-term debt this company has.
6. Explain what a warranty is and when businesses record warranty expense, and why.
7. Explain contingent liabilities. How should a company handle contingent liabilities that are reasonable, possible, or probable but cannot be estimated?