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.
Answer:
$4.20
Explanation:
First and foremost, the marginal cost is the cost incurred in producing an extra unit of output, in this case, the marginal cost of eight-unit is the extra cost of producing one more after 7 units have been produced
Total Cost of producing 7 units=$5.00*7=$35.00
Total Cost of producing 8 units=$4.90*8=$39.20
Marginal cost of eight unit=Total Cost of producing 8 units-Total Cost of producing 7 units
Marginal cost of eight unit=$39.20-$35.00
Marginal cost of eight unit=$4.20
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Thats False it is never acceptable