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weqwewe [10]
1 year ago
8

At the beginning of year 2, a government entity had a $500,000 judgment outstanding. The government entity paid $400,000 of the

judgment during year 2. The remaining balance of the judgment includes $25,000 payable early in year 3 and $75,000 payable at the end of year 4. What amount should the government entity report as a liability for the judgment in its year 2 governmental fund financial statements
Business
1 answer:
viktelen [127]1 year ago
8 0

The amount that the government entity report should report as a liability for the judgment in its year 2 governmental fund financial statements is $25000.

<h3>What is liability?</h3>

"At the beginning of year 2, a government entity had a $500,000 judgment outstanding. The government entity paid $400,000 of the judgment during year 2. The remaining balance of the judgment includes $25,000 payable early in year 3 and $75,000 payable at the end of year 4. What amount should the government entity report as a liability for the judgment in its year2 governmental fund financial statements?

A) $500,000 B) $100,000 C) $75,000 D) $25,000

It should be noted that liability simply means the future sacrifices of economic benefit that an entity is obliged to make.

Here, the amount that the government entity report should report as a liability for the judgment in its year 2 governmental fund financial statements is $25000.

Learn more about liability on:

brainly.com/question/25012970

#SPJ4

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Alexxandr [17]

Answer:

It would fall

Explanation:

The unemployment rate measures the amount of people who are out of a job for at least 4 weeks, and are actively seeking to find a new job. If a person is not willing or able to search for a job, he/she is not considered unemployed nor part of the labor force.

If unemployed people just quit looking for jobs, the unemployment will decrease even though the number of people who are out a job increases. This happens because as soon as someone quits looking for new job, they are not considered unemployed anymore.

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2 years ago
Which of the following is NOT considered to be one of the main revenue centers at most financial institutions?
Aleks [24]

Answer:

money and credit markets,investments,financial management

Explanation:

Finance consists of three interrelated areas: (1) money and credit markets, which deals with the securities markets and financial institutions; (2) investments, which focuses on the decisions made by both individuals and institutional investors; and (3) financial management, which involves decisions made within the ...

7 0
2 years ago
1. Bankruptcy law is primarily state law. a. True b. False 2. The government is given the power to establish bankruptcy laws in
exis [7]

Answer:

1. Bankruptcy law is primarily state law.   b. False

2. The <u>  </u><u>federal </u> government is given the power to establish bankruptcy laws in Article I, Section 8 of the <u> U.S constitution</u>. The purpose of bankruptcy law is to protect the <u> debtor </u> by giving him or her a fresh start and to ensure <u>equitable</u> treatment of the <u> </u><u>creditors</u>.

Fill in the blanks with words that would best complete the passage.

equitable federal debtor perfect state assets state constitutions creditors U.S. Constitution

3. Bankruptcy proceedings are held in <u> federal bankrupcy courts</u>.

4. Title <u> 11 </u>of the United States Code contains the Bankruptcy Code.

5. The Bankruptcy Code has several chapters. Chapter <u> 7  </u>provides for liquidation proceedings, Chapter <u> 11  </u>governs reorganizations, and Chapter    <u>13</u> provides for an adjustment of debts for individuals with regular income.

6. In order to obtain bankruptcy relief a debtor must be insolvent, or unable to pay his debts. b. False

7. Consumer-debtors are those whose debts result from the purchase of goods for <u> personal</u> use. The Bankruptcy Code<u> </u><u>requires</u>  that court clerks provide additional<u> information </u>to consumer-debtors when they file for bankruptcy.

8 0
2 years ago
The following information pertains to Lessor Company: Total assets $150,000 Total current liabilities 110,000 Total expenses 160
ipn [44]

Answer:

Achieved. The ROI currently is 13.33% So the prohect earning a ROI of 12% was accomplished

Explanation:

Return on Investment will be  Income/ Investment Capital

Which in this case is defined as total assets.

So it would be<em> Income / Total Assets</em>

The last is a given figure: 150,000

Now <u>let's first find out the income:</u>

180,000 revenues - 160,000 expenses = 20,000 net income

Finally <em>calculate the </em><em>ROI</em>  20,000/ 150,000 = 13.33%

8 0
3 years ago
The interest cost component of NPPBC is the_______________.
san4es73 [151]

Answer: D

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It is usually equal to the APBO at the start of the period times, the supposed discount rate which is used to regulate present value of future cash outflows currently expected or needed to satisfy the commitment or duty.

7 0
3 years ago
Read 2 more answers
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