Answer:
One company pays 100%, the other re-reimburses 50%
Explanation:
If an environmental assessment found that the two companies share joint and several liability for a hazardous materials cleanup.
What could happen if the two of them don't agree to cooperate in the cleanup is that one of the companies will eventually settle the costs fully while the other party will have to reimburse the party that pays, 50%.
The paying company could make claims because the environmental impact assessment has already found both companies jointly liable. hence each company ought to jointly share the costs
Answer:
$10,000 gain
Explanation:
The computation of recognized loss or gain is shown below:
= Insurance proceeds amount - adjusted basis
= $360,000 - $350,000
= $10,000 gain
So, it would have a recognized gain of $10,000 by considering the amount of insurance proceed and adjusted basis. We ignore all other information which is given in the question
Answer:
<em>Sales Promotion</em>
Explanation:
The method of order to persuade a potential client to purchase the product is sales promotion.
Sales promotion is meant to be used as a short-term tool to boost sales – as a means of creating long-term customer loyalty, it is rarely acceptable.
Many offers for sales are intended for customers.
Answer:
Correct option is (a)
Explanation:
Unearned revenue are revenue earned against services that have not been performed yet. In accrual system, revenue is recognized when service is performed against it.
Revenue earned without service being discharged is treated as liability till the period service is performed. It is recognized as income only after service is performed. For example unearned rent revenue is an unearned revenue which is reported as a liability till the rent period for which revenue was received is over.
