Answer:
Debit Contingent Legal Expense $500,000; credit Contingent Legal Liability $500,000.
Explanation:
The Journal entry with their narration and explanation is shown below:-
When the contingent liability loss is probable and the liability can be recorded, the law suits loss in probability and the cost can be calculated, therefore the following entry for the potential loss is passed
Contingent legal expense Dr,$500,000
To Contingent legal liability $500,000
(Being potential loss is recorded)
It is the percentage between the people joining and people leaving.
Answer:
The credit card decrease percentage is 71%
Explanation:
To know the percentage of decrease of the card we will make a simple rule of three, which indicates the value we need.
We have that 100% of the card quota is 600, and we want to know how much the percentage decreases when the account has 426 available, we do the following;
100% ---> $600
X -----> $426
100 * 426 = x * 600
= x
71% = X
that is, the decrease in the account when you have $426 available quota is 71%.
Answer:
the investor must file a 13D report with the SEC.
Explanation:
Any investor that holds more than 5% of the outstanding stocks of a publicly traded corporation must file a 13D report. The investor is classified as a beneficial owner by the Securities and Exchange Commission (SEC) since their influence and voting power in the corporation are very large. It must be filed within 10 days of the transaction that resulted in more than 5% in the corporation.
