Answer:
1. Huprey can resonably estimate that a pending lawsuit will result in damages of $1,280,000, it is probable that Huprey will lose the case.
2. It is reasonably possible that Huprey will lose a pending lawsuit. The loss cannot be estimable.
3. Huprey is being sued for damages of $2,400,000. It is very unlikely (remote) that Huprey will lose the case.
Explanation:
Contingent liabilities must be recorded only when it is probable that the liability will happen and you can estimate the associated costs.
When contingent liabilities are only reasonably possible or you cannot estimate the amount, they must be included in the footnotes of the financial statements.
When contingent liabilities are not reasonably possible, nothing needs to be disclosed.
Answer:
Using an excel spreadsheet I prepared an amortization schedule. For the 61st payment, the interest rate is increased from 0.5% to 0.625% monthly.
(a) Calculate the loan balance immediately after the 84th payment.
(b) Calculate the amount of interest in the 84th payment.
(c) Calculate the amount of the balloon payment.
As you can see, the interest amount for the 61st payment increases, while it had been decreasing previously.
Answer: 2 years
Explanation:
Years of existing of the firm=30 years
Number of associates= 300,
Number of Managers= 70;
Number of partners= 30;
Total number of workers=400
Number of years associates has been changed in last 30 year=30/5=6
Number of years managers has been changed in last 30 year=30/3=10
Number of times for partner=x
Number of years partners has been changed in last 30 year=30/x=15
15x=30
x=30/2
x=2 years
Answer:
DR Work in Progress Account $39,650
DR Factory Overhead Account $18,440
CR Wages Payable $58,090
(To record factory Labor Costs)
Workings
Work in Progress
Standard policy is to send the direct cost of Labor to the Work in Progress Account.
The Total direct cost of labor are all of the above except the Indirect cost.
= 3,460 + 2,870 + 5,260 + 5,950 + 3,630 + 2,380 + 16,120
= $39,650
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