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horrorfan [7]
3 years ago
5

Contingent liabilities must be recorded if: Multiple Choice The future event is probable and the amount owed can be reasonably e

stimated. The future event is remote. The future event is reasonably possible but not estimable. The amount owed cannot be reasonably estimated. The future event is probable but not estimable.
Business
1 answer:
dybincka [34]3 years ago
3 0

Answer: The future event is probable and the amount owed can be reasonably estimated.

Explanation:

A Contingent Liability is an obligation that the business may possibly have to incur due to past events that the company engaged in.

The obligation might come about in future based on the outcome of other events, most of which the business usually have no control over.

An example of this is a law suit.

A Contigent liability should only be recorded in the books of accounting if and only if the future event is probable and the amount owed can be reasonably estimated.

If not then it is recommended to wait until the obligation might be incurred.

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Suppose a firm in each of the two markets listed below were to increase its price by 25 percent. In which pair would the firm in
Nadusha1986 [10]

Answer:

The correct answer is <em>corn and satellite radio.</em>

Explanation:

The price effect is the change in the quantity demanded of a good (or service) when its price is modified, while the rest of the variables remain constant (other prices, income or preferences among others).

When the price of a good changes, the conditions in which a particular consumption basket was chosen change. Given the above, the consumer will have to reevaluate his choice and will probably have to vary the quantity demanded of the goods that make up his shopping basket.

Thus, for example, if the price of one of the goods falls, the consumer sees his budgetary restriction modified and can look for a new optimum in a higher indifference curve. On the contrary, if the price of one of the goods increases, the budget line changes but now the consumer can only aspire to a lower indifference curve. In addition, given a price change, the relative prices of goods also change.

5 0
3 years ago
Assuming that the exchange of Assets A and B has commercial substance, record the exchange for both Culver, Inc. and Larkspur, I
Marizza181 [45]

Answer:

Explanation:

Culver, Inc assets

Assets B. 75,000

Accumulated Depreciation

40,000

Asset A96,000

Cash. 15,000. Gain on exchange. 4,000

Larkspur Asset

(Asset B)

Asset A. 60,000. Accumulated Depreciation 47,000.

Cash. 15,000. Asset B. 110,000. Gain on exchange. 12,000. (b) let's say that the exchange of Assets A and B lacks commercial substance, record the exchange for both Culver, Inc. and Larkspur, Inc . in accordance with generally accepted accounting principles.

Culver's Asset (Asset A)

Asset B. 71,000

Accumulated Depreciation

40,000

Asset A.

96,000

Cash. 15,000

Larkspur Asset (Asset B)

Asset A. 50,400

Accumulated Depreciation

47,000

Cash. 15,000

Asset B. 110,000

Gain on exchange. 2,400.

6 0
3 years ago
One external factor that can lead to aggressive behaviors is ________, which occurs when goal-directed behaviors are blocked. A
kirill115 [55]

Answer: Frustration

Explanation:

 Frustration is one of the general emotions in the psychology that basically refers to the annoyance, disappointment and the anger. It basically arises due to the unsuccessful and when the individual goals are blocked or not completed.

Frustration is basically refers to the negative behavior and it also lead to demotivate the person towards their goals and it result due to the interpersonal interaction with others.

Therefore, Frustration is the correct answer.

3 0
3 years ago
at the beginning of the month there were no units in beginning work in process and 115,000 units were begun during the month. At
vlada-n [284]

Answer:

The equivalent units for conversion costs is 87,000 units

Explanation:

First, we need to calculate the completed during the month

Completed units = Units begun during the month - Units in Work in process

Completed units = 115,000 - 40,000

Completed units = 75,000 units

Now calculate the equivalent unit in respect of conversion cost as follow

Equivalent units ( Conversion cost ) = Units completed in the month + ( Units in work in process x percentage of completion )

Equivalent units ( Conversion cost ) = 75,000 units + ( 40,000 x 30% )

Equivalent units ( Conversion cost ) = 75,000 units + 12,000 unints

Equivalent units ( Conversion cost ) = 87,000 units

8 0
3 years ago
6. Give a reason why economic interdependence can benefit economies.
Softa [21]

Answer: Why Does Interdependence Bring Economic Growth? With economic interdependence comes economic growth. This affiliation allows specialist industries to thrive. And, the success can lead to job and wage/salary increases and an overall improvement to wealth and lifestyle.

8 0
3 years ago
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