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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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During global culture training for a group of employees who are being transferred to Egypt, Charmaine, the HR training manager,
joja [24]

Answer: Option E

Explanation: Cultural training refers to the training that is given to an individual for informing them about other cultures know-how.

In the Arab culture, the holding of hands is considered as an act of giving respect to others. It is considered as showing devotion and equality to the opposite party. Such acts comes from the well known hospitality culture of Arabic countries.

Thus, from the above we can conclude that the correct option is E.

7 0
3 years ago
John and Joan are married and want to make cash gifts to their children (2), their children's spouses (2), and their grandchildr
IgorLugansk [536]

The answer is $0.00 (third option).

Explanation:

During the year of 2018, the annual exclusion of both federal and state tax to cash gifts was up to $15,000 per individual. <em>Annual exclusion</em> means that there's up to a certain amount of money that can be gifted without being taxable. In this case, John and Joan's cash gift falls within the limit.

When couples gift money to their family members, the limit is precisely $15,000 per relative, individually; meaning the can gift up to a total of $60,000 without being subject to gift tax.

3 0
4 years ago
What is a sinking fund?
rosijanka [135]
A fund formed by periodically setting aside money for the gradual repayment of a debt or replacement of a wasting asset.
4 0
3 years ago
When entering traffic, you should activate your turn signal after
yanalaym [24]
Check traffic<span> around </span>you<span> (rear, sides and front). Look for a gap of 4 to 5 seconds in</span>traffic<span>. </span>Activate your turn signal<span> (do this at least 100 feet before </span>you<span> make the lane change). Check </span>your<span> mirrors (rear-view then </span>your<span> side mirrors).</span>
6 0
3 years ago
A labor-intensive process has a fixed cost of $338,000 and a variable cost of $143 per unit. A capital-intensive (automated) pro
sertanlavr [38]

Answer:

the 17,941 units should be produced and sold

Explanation:

The computation of the number of units that should be generated and sold is shown below:

Let us assume the number of units be n

Now as we know that

Total labor cost = variable cost + fixed cost

So the equations are

For labor intensive = $33,8000 + 143 n

And

For capital intensive = $1,244,000 + $92.5n

It could be written as

$1,244,000 + $92.5 n  <  $338,000 + $143 n

After solving it

n> 906,000÷ 50.5

n>17941

And,

$1,244,000 + $92.5 n < 197 n

After solving it

n>$1,244,000 ÷ 104.5

n>11,904

So the highest is 17,941

Therefore the 17,941 units should be produced and sold

4 0
3 years ago
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