Answer:
1. Huprey can resonably estimate that a pending lawsuit will result in damages of $1,280,000, it is probable that Huprey will lose the case.
2. It is reasonably possible that Huprey will lose a pending lawsuit. The loss cannot be estimable.
3. Huprey is being sued for damages of $2,400,000. It is very unlikely (remote) that Huprey will lose the case.
Explanation:
Contingent liabilities must be recorded only when it is probable that the liability will happen and you can estimate the associated costs.
When contingent liabilities are only reasonably possible or you cannot estimate the amount, they must be included in the footnotes of the financial statements.
When contingent liabilities are not reasonably possible, nothing needs to be disclosed.
Answer:
I think is the first one I'm not sure but I think is that one.
Answer:
The correct answer is Production loss.
Explanation:
The quantifiable cost associated with the interruption of the operation of a pump is low when compared to the cost throughout its useful life in an installation carried out in a commercial building. However, the loss of comfort suffered by users of the building makes it advisable to have a spare pump.
Unlike what happens in production processes, stopping a pump from a commercial building almost never results in a loss of production. On the contrary, the interruption is usually translated into a loss of comfort. However, the immeasurable costs associated with downtime may be even higher if, for example, hotel guests run out of water. Therefore, it is always advisable to install a replacement pump to prevent comfort losses caused by an unexpected failure in the pumping system. The communication capabilities of electronically controlled pumps E help minimize downtime because replacement and repair work can be completed more quickly in the event of a breakdown. A backup pump is used to prevent downtime and consequent loss of comfort in the event of a breakdown.
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