Answer:
It means the cash is overstated.
Explanation:
An overstated balance is an account balance that is claimed to have a larger balance than would be the case. The overstated cash is present in the account.
Answer:
See attached accounting entries.
Explanation:
For question 1, the likelihood of a payment occurring is probable, the is chance that Pacific Cruise Lines will pay liability as such estimated amount of $1.29 million should be set aside.
For question 2, the likelihood of a payment occurring is probable, the is chance that Pacific Cruise Lines will pay liability as such estimated maximum amount of $1.29 million should be set aside.
For question 3, the likelihood of a payment occurring is reasonably probable, the is chance that Pacific Cruise Lines will pay liability as such estimated amount of $1.29 million should be set aside.
For question 3, the likelihood of a payment occurring is remote, that is, there little relationship with this case that cause Pacific Cruise Lines being liable to pay as such potential amount of $1.29 million should be set aside.
Answer:
Grouper Inc. is involved in a lawsuit at December 31, 2020
It is given that Grouper will be liable for $863,600 as a result of this suit. Therefore, the journal entry for this situation is as follows;
On December 31, 2020
Lawsuit loss A/c Dr. $863,600
To Lawsuit liability $863,600
(To record the lawsuit loss of the Grouper Inc.)
Answer: Error of Central Tendency is called when exercise evaluators describe all activities as average in order to avoid making difficult decisions.
Explanation:
