MGAB01H3 Study Guide - Midterm Guide: Bank Statement, Cheque, Promissory Note
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MGAB01H3 Full Course Notes
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Chapter 10 liabilities, chapter 13 performance measurements, review. Liabilities are : probable future sacrifices of economic benefits, constitute a present obligation resulting from a past transaction or event, measured at their current cash equivalent at the time incurred. Classify the following : sam is a successful business owner. However, she is not sure how to file her tax returns and she received a letter of assessment by the cra stating she owes between ,000 to ,000. She hasn"t had time to consult her lawyer yet: some of sam"s workers had to stay overtime due to the christmas shopping season on december 26. Sam only returned to work on january 2, and did not pay them: sam decided to order a batch of toys to sell for 2015, and signed a contract with lego inc. who began building it. Material costs went up and lego inc. informed sam it would cost more than they estimated.
