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
AysviL [449]
3 years ago
10

Scorcese Inc. is involved in a lawsuit at December 31, 2020.

Business
1 answer:
IceJOKER [234]3 years ago
5 0

Answer and Explanation:

a. The Journal entry is shown below:-

Lawsuit loss Dr, $900,000

         To Lawsuit liability $900,000

(Being lawsuit loss is recorded)

Here we debited the lawsuit loss as it increased the losses and we credited the lawsuit liability as  it also increased the liabilities because the losses contains normal debit balance and the liability contains normal credit balance

b. No Journal entry is required as The loss is not accrued as it is not expected that a liability has been spent at Dec 31, 2020

You might be interested in
A classified income statement has four major sections—operating revenues, cost of goods sold, operating expenses, and non-operat
Advocard [28]

Answer: False

Explanation:

The statement in the question that a classified income statement has four major sections which are the operating revenues, cost of goods sold, operating expenses, and non-operating revenues and accounts receivables is not true.

It should be noted that a classified income statement is made up of the revenue, the expenses and the non operating revenues and expenses.

3 0
3 years ago
Basic courses offered specifically to prepare students for college-level courses are called
natali 33 [55]
D) Developmental courses

These are courses that are given to students upon placement test scores that show that the student may not be prepared for the class.
3 0
3 years ago
Read 2 more answers
Patrick has a written independent contractor agreement with his broker Tami. Last year, about 25% of his income came from sales
melomori [17]

Answer:

The correct answer here is C) an employee .

Explanation:

Even though Patrick has written independent contract agreement with his broker, he will be considered an employee not independent contractor because Patrick is earning 75% of his total income from his broker on a hourly wage and that is paid to him on normal pay date , while the independent contractors are paid when the accounts payable receives the invoice, usually independent contractors are paid after the completion of task or at the end of a period.

7 0
3 years ago
Read 2 more answers
Hewlett-packard recently shifted its entire u.s. salesforce into home offices and saved millions in staff salaries and office re
ivanzaharov [21]
Such decreased selling costs are among the benefits of : <span>salesforce automation

Basically, salesforce create an algorithm to handle your company's expense so there will be no abundance in resource buying and selling. In a large corporations that have a large amount of equity, this algorithm could save a lot of money</span>
7 0
3 years ago
Read 2 more answers
What would happen to the equilibrium price and quantity of lattés if the cost of producing steamed milk, which is used to make l
bagirrra123 [75]

Answer:

The equilibrium price would increase, and the equilibrium quantity would decrease.

Explanation:

With an increase in the cost of steamed milk, the cost of materials, one of the key factors in pricing decision would rise, which means that the equilibrium price of lattes would also increase. With an increase in price, according to the law of demand, there is a decrease in demand. Therefore, the quantity of lattes sold at the new equilibrium price would decrease.

The equilibrium price would increase, and the equilibrium quantity would decrease.

7 0
3 years ago
Other questions:
  • Select the correct answers. Which strategy would be most suitable for a company at the maturity stage of its product life cycle?
    13·1 answer
  • A good leader will have followers who_____.
    9·2 answers
  • Which idea forms the basis of double-entry accounting?
    9·1 answer
  • Discount Travel has the following current assets: cash, $102 million; receivables, $94 million; inventory, $182 million; and oth
    11·1 answer
  • Which of the following statement is not true about derivative contracts?
    8·1 answer
  • Explain one recognised technique used by innovations to protect the intellectual property (IP) of their ideas.
    9·1 answer
  • If a company uses the periodic inventory system, what is the impact on net income of including goods in transit f.o.b. shipping
    11·1 answer
  • The country of Lydania has a complex network of pipelines that transports natural gas for millions of people. These pipelines ar
    6·1 answer
  • the graph above reflects a significant increase in world oil prices. what will the impact on aggregate supply most likely lead t
    14·1 answer
  • NeXL
    8·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!