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solmaris [256]
3 years ago
10

Punkeytown carries no insurance for possible claims and, as of January 1, 2019 (the start of its fiscal year), Punkeytown had no

outstanding claims. During 2019 a town water main burst, flooding the basements of two property owners. The property owners sued the town for damages. The town settled one claim in December 2019 for $5,000 and expected to pay it in early January 2020. The town’s counsel believes the probable settlement amount on the second claim will be about $11,000, but he expected negotiations to drag on for 18 months before reaching agreement. Based on this information state how much Punkeytown will report as the liability for judgments and claims in its governmental fund balance sheet.
Business
1 answer:
Simora [160]3 years ago
4 0

Answer: Will report a liability of $5000 for judgement debt and a claim of $11,000

Explanation:

The liability refers to the obligations of the firm which are certain is going to make payment as compensation.

The $5000 liability, although payment has not been made it's already Incurred by the company under the acural concept.

The claim of $11,000 is only probable and not certain even though amount and time of execution can be estimated, since it's not certain it will only be recorded as a claim in the goverments fund balance sheet.

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The market for tomatoes is in equilibrium at the price of $10, and quantity of 50 tomatoes. If consumer surplus is $400 and tota
Darya [45]

Answer:

$250

This because out of the total surplus, the surplus left after being received by the consumer goes to the producer.

Explanation:

Data provided in the question:

Price of tomato = $10

Equilibrium quantity = 50 tomatoes

Consumer surplus = $400

Total surplus = $650

Now,

The  producer surplus = Total surplus - Consumer surplus

= $650 - $400

= $250

This because out of the total surplus, the surplus left after being received by the consumer goes to the producer.

3 0
3 years ago
Interest is: A- charge for lending money to a bank B-the amount owed for borrowing money C-the amount added into your savings wh
KIM [24]
B.when you take a loan out for something the faster you pay it off the less interest you have to pay
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3 years ago
You want to purchase a new car, and you are willing to pay $19,970. If you can invest at 10% per year and you currently have $15
andrezito [222]

Answer:

It will take 3 years to have enough money to purchase the car.

Explanation:

We can use either Compounding or Discounting Formula to determine the time it will take to make $19,970 from $15,000 when the investment rate is 10%. Lets go with the Compounding Formula:

                           Future Value = Present Value * (1 + i) ^ n

<u>Re-arrange equation for "n" which is the Time Period:</u>

⇒ FV / PV = (1 + i) ^ n

Taking log on both sides;

⇒ log (FV / PV) = log (1 + i) ^ n

OR log (FV / PV) = n log (1 + i)

OR n = log (FV / PV) / log (1 + i)

Simply put values now;

⇒ n = log (19,970 / 15,000) / log (1 + 10%) = log (1.33) / log (1.1) = .12 / .04

OR n = 3

3 0
3 years ago
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Rom4ik [11]

Answer:

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Explanation:

4 0
2 years ago
The marketplace sets the price for wheat, so farmers who are trying to sell their wheat crops do not need a pricing strategy and
jek_recluse [69]

Answer:

The correct answer is option c.

Explanation:

The only kind of market structure where the price is set by market forces and not the firms is pure competition. The firms in other market structures such as oligopoly, monopoly and monopolistic competition are price setters.  

The market for wheat is a pure competition as there is a large number of sellers who are producing identical products. The firms are price takers and the price is determined by market forces.

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