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larisa [96]
3 years ago
12

A contingency was evaluated at year-end and considered to have a remote possibility of becoming an actual liability. If this was

not reported on the balance sheet or in the notes to the financial statements, what effect would this have on the financial reporting of the company?
a. the net income of the company would be understatedb. there would be no effectc. the information about the transaction would be inadequately disclosed in the notesd. the liabilities on the balance sheet would be understated.
Business
1 answer:
Kaylis [27]3 years ago
8 0

Answer: There would be no effect

Explanation:

A company only report reasonably possible in the footnotes and Probable and estimated in the financial statements

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Answer:

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Kelsey wants to insure that Matilda can live in the cottage for the remainder of her life, but when Matilda dies, title to the property will return to Kelsey.

Kelsey can accomplish this objective by granting Matilda a Drag and Drop the appropriate terms into the spaces provided

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Maria currently earns a REAL/NOMINAL wage of $12.00 per hour; in other words, the amount of her paycheck each week is $12.00 per
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Answer:

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2) Workers and firms negotiate compensation packages and agree on a Nominal wage with those expectations in mind, as nominal wage is the actual amount of money that they get. If the price level turns out to be lower than expected, a workers nominal wage is the same because he will be paid the same amount of money, but his real wage will be higher than expected, because real wage refers to the purchasing power of your money and when price levels are lower than expected the worker can buy more goods and services from the same nominal wage, which means that his real wage is higher than expected

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