Answer:
A Contingent liability is recorded in the books if the loss is probable and the amount can be estimated.
a. The loss is probable and the amount can be estimated:
DR Loss $1,200,000
CR Contingent Liability $1,200,000
b. Loss is probable and the amount is estimated in a range. Take the <u>lower limit of the range:</u>
DR Loss $1,000,000
CR Contingent Liability $1,000,000
c. Loss is not probable but rather reasonably possible. Contingent liability i<u>s not recorded but disclosed in full in the footnotes</u>.
d. Loss is remote. <u>Do not record in books and Disclosure is not required.</u>
Answer:
please tell the question properly
Explanation:
The quantity of manufacturing workers demanded will fall, the wage of manufacturing workers will rise and the quantity of manufacturing workers supplied will rise.
<h3>What does a union among workers represent in economy?</h3>
In the macroeconomic model, a union among workers will increase the wage rate, thereby the supply of manufacturing workers will also increase.
This phenomenon is associated with a decrease in the demand and quantity of manufacturing workers.
In conclusion, the quantity of manufacturing workers demanded will fall, the wage of manufacturing workers will rise and the quantity of manufacturing workers supplied will rise if manufacturing workers formed a union.
Learn more about the macroeconomic model here:
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Answer:
The long term debt is $167,721
Explanation:
Workings are attached.
