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Nadusha1986 [10]
3 years ago
7

Unified Airlines is being sued by Northeast Airlines for $5,000,000. At the end of the year, Unified feels it is probable that i

t will pay $5,000,000 at some point in the following year. What should Unified and Northeast record at the end of the year concerning the lawsuit?
Business
1 answer:
alexgriva [62]3 years ago
4 0

Answer:

Unified records $5,000,000 contingent loss; Northeast does not record any contingent gain

Explanation:

CONTIGENT LOSS can be defined as a liability or loss which is often dependent upon unforeseen circumstances which may occur in the future and may not occur and may be incurred by the entity based on the result of the future event. which is why it is often recorded only in a situation where it can be estimated if not, then it should not be disclosed.

CONTINGENT GAIN can be defined as an asset which are yet to occurred in which when it occured it will lead to increase in asset which is why it is not often recognized in the financial statements of a business, company or organisation until the transaction has been settled fully.

Therefore CONTINGENT ASSET leads to potential gain.

Concerning the law suit:

UNIFIED records $5,000,000 contingent loss; NORTHEAST does not record any contingent gain.

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To pay for investment advice from financial consultants Smith and Jones, Tony signs a check payable to "Smith or Jones." A prope
DedPeter [7]

Answer:

to Smith only, or Jones only, or Smith and Jones

Explanation:

In this specific scenario, a proper indorsement of the check would be to Smith only, or Jones only, or Smith and Jones. That is because a check needs to be as specific as possible and cannot have various options. The check needs to be made to a single specific individual and if it is for more than one individual then both need to be included as a requirement (and). Making it so that both recipients must cash the check together for it to be accepted.

6 0
3 years ago
Can someone help me with this please:):)
ratelena [41]

Number 4 bottom answer

Explanation:

I know the first bit which is Total Utility is consumer satisfaction with all consumption for definite.

6 0
3 years ago
The shortest-route problem is a special case of the transshipment problem.
Vsevolod [243]

The shortest-route problem is a special case of the transshipment problem while transportation problems prevent shipments from entering and exiting some nodes, the transshipment problem does.

<h3>What are transshipment?</h3>

Transshipment is the loading and unloading of goods and stuff from one transport vehicle to another vehicle.

Transshipment happens because of no direct connection between the ports, due to this the goods are transported to different vehicles.

Thus, while transportation problems prevent shipments from entering and exiting some nodes, the transshipment problem does.

Learn more about transshipment

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3 0
2 years ago
Mondo Corporation is a U.S. firm that invoices some of its exports in Japanese yen. If it expects the yen to weaken, it could __
Allisa [31]

Answer:

The answer is 'sell future contracts on yen

Explanation:

Futures contract is a form of derivative that is standardized. It occurs through the exchange rather than over the counter. It is safe from default or counterparty risk because the clearing house guarantees any loss.

Futures contract obligates the parties involved to either buy or sell the underlying security.

Because Mondo corporation is expecting some of its exports in yen and it is afraid of fall in exchange of yen relative to US dollar, to hedge the risk, it must sell future contracts on yen.

5 0
3 years ago
Bothell Company uses a job order costing system that allocates estimated overhead as 40% of prime costs. What is the cost of a j
Juli2301 [7.4K]

Answer:

$10,080

Explanation:

The computation of the cost of the job is shown below:

We know that

prime cost = direct material + Direct labor

= $2,000 + $5,200

= $,7200

Now  overhead is

= 40% of $7200

= $2,880

And,

Cost of job = direct material + Direct labor + overhead

= $2,000 + $5,200 + $2,880

= $10,080

4 0
3 years ago
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