1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
-Dominant- [34]
3 years ago
12

During the year, a $1,000,000 lawsuit was filed against a U.S. company for unsafe working conditions. Management and the attorne

ys feel that it is not likely that the company will lose the case. The plaintiff who filed the lawsuit has offered to settle for $600,000. Management estimates that lawsuits for unsafe working conditions are generally settled for $300,000. What amount of contingent liability would be recorded for this lawsuit on the company's current balance she
Business
1 answer:
Anton [14]3 years ago
7 0

Answer:

The Contingent liability to be recorded for this lawsuit on the current balance sheet is $0.

Explanation:

A Contingent liability is recorded when the chances are probable and the amount can be reasonably estimated.

As in the given case it is not probable that the company will lose the case, no Contingent liability to be recorded.

Therefore, The Contingent liability to be recorded for this lawsuit on the current balance sheet is $0.

You might be interested in
Who is the founder of toyota
alexira [117]
The answer is <span>Kiichiro Toyoda</span>
8 0
3 years ago
Read 2 more answers
In the balance sheet at the end of its first year of operations, Dinty Inc. reported an allowance for uncollectible accounts of
Vlada [557]

Answer:

The correct option is 2. $50,200

Explanation:

Please see below the required journals for the transactions that occurred:

Debit Allowance for doubtful accounts             $31,800

Credit Accounts receivable                                $31,800

(<em>To record write-off of accounts receivable)</em>

Debit Accounts receivable                           $2,340,000

Credit Sales revenue                                    $2,340,000

<em>(To record credit sales during the year)</em>

Debit Cash                                                      $1,910,000

Credit Accounts receivable                           $1,910,000

<em>(To record collection on account)</em>

  • The effect of the above journals on allowance for doubtful account is a reduction. Since Dinty already assessed its allowance for doubtful account to be $82,000, bad debt expense required will be $50,200 ($82,000 - $31,800).
  • The balance in accounts receivable will be $2,340,000 - $1,910,000 - $31,800 = $398,200.
7 0
2 years ago
The ____ the percentage of an MNC's business conducted by its foreign subsidiaries, the ____ the percentage of a given financial
Xelga [282]

Answer:

greater; greater

Explanation:

The greater the percentage of an MNC's business conducted by its foreign subsidiaries, the greater the percentage of a given financial statement item that is susceptible to translation exposure.

3 0
3 years ago
Which are broad categories of action for crafting strategic moves to improve a diversified company's overall performance? (Choos
vlabodo [156]

Question Completion with Options:

O sticking closely with the existing business lineup and pursuing opportunities that those businesses present.

O Divesting certain businesses and retrenching to a narrower base of business operations.

O Widening the company's business scope by making new acquisitions in new industries.

Answer:

The broad categories of action for crafting strategic moves to improve a diversified company's overall performance are:

O sticking closely with the existing business lineup and pursuing opportunities that those businesses present.

O Divesting certain businesses and retrenching to a narrower base of business operations.

O Widening the company's business scope by making new acquisitions in new industries.

Explanation:

In addition to pursuing existing business opportunities, a diversified company can increase its performance indexes by divesting itself of certain unprofitable lines of business or slow-growth businesses and focusing its resources on cash cows and stars.  The pursuit of stars will lead it to make new acquisitions in relatively new industries in order to remain attractive to investors, otherwise, it runs the risk of growing into extinction like the historical dinosaur.

7 0
3 years ago
Given that news organizations frequently call for more transparency from the government and organizations they cover, critics fi
charle [14.2K]

Answer:

Revenues

Explanation:

The role of news organisations in political campaigns in recent times has been very significant.

Critics find it hypocritical because when paid to run political campaigns, news organisations do not reject lies by public officials, because they were paid for the air time.

For example, according to information from statistica, it estimates that more than 6 billion dollars were spent in the US Presidential elections campaign on broadcast TV in 2016.

Scrutiny would involve critical examination of the activities of this news organisations.

7 0
3 years ago
Other questions:
  • The __________ is a listing of all the balance sheet and income-related accounts
    8·1 answer
  • Explain in detail two engagments. ASAP
    10·1 answer
  • Security dealers: are limited to trading non-listed stocks. buy and sell from their own inventory. operate exclusively in auctio
    5·1 answer
  • Dirk opened up a savings account with $600. at a yearly interest rate of 5 percent that is compounded monthly, how much interest
    10·1 answer
  • Jack manages an upscale French restaurant in the Washington, DC, area. His restaurant offers a few specials each evening in addi
    7·1 answer
  • Hannah posts her résumé on the websites of several companies. Unfortunately, it is poorly formatted and contains several spellin
    6·1 answer
  • June Corp. sells one product and uses a perpetual inventory system. The beginning inventory consisted of 80 units that cost $20
    9·1 answer
  • The Customer is asking for a forecast for when a specific Feature will be available. Where could Product Management find this in
    10·1 answer
  • How can problem solving skills assist a grade 12 leaver in the world of work
    13·2 answers
  • The adjusting entry for accrued interest on a note receivable would include a __________ to __________.
    7·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!