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
horrorfan [7]
2 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]2 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.

You might be interested in
Sales management at universal containers wants product managers to become more involved with sales deals that are being delayed
pickupchik [31]
If these were the given choices and I had to choose 2 answers.
<span>A. Use an assignment rule to notify product managers when opportunities are updated.
B. Create a Chatter group to share product information with the sales team, product managers, and customers. 
C. @mention product managers in Chatter posts on relevant sales deals. 
D. Add the opportunity team, product managers, and customers to libraries containing files relevant to sales deals.

My answers are:
</span>B. Create a Chatter group to share product information with the sales team, product managers, and customers. 
C. @mention product managers in Chatter posts on relevant sales deals.<span> 
</span>
Chatter group is real time. It is faster and more convenient to discuss product details that are needed to boost sales. Rather than looking for a product manager, one can simply post questions and clarifications on the chatter group and everybody can see the answers. It reduces redundancies. 
6 0
3 years ago
In its first year of operations Best Corp. had income before tax of $540,000. Best made income tax payments totaling $177,000 du
hodyreva [135]

Answer:

$378,000

Explanation:

Best Corp. has income before tax of $540,000.

The tax rate is 30%.  the amount of tax will be 30% of $540,000.

= 30/100 x $540,000

=0.3 x 540,000

=$162,000

Tax amount = $162,000.

Net income =  Income before tax - tax amount

=$540,000 - $162,000

=$378,000

8 0
3 years ago
HEY IS THIS THING ON
fgiga [73]

Answer:SID THE SCIENCE KID

Explanation:

6 0
2 years ago
Read 2 more answers
Job 543 started on june 1 and finished on july 15. Total cost on july 1 was​ $10,800, and the costs added in july were​ $164,300
Snowcat [4.5K]

Answer:

$175,100

Explanation:

Job 523 started on June 1 and ended on July 15

The total cost on July 15 was 10,800

The cost added in July was 164,300

Therefore the debit to cost of goods sold can be calculated as follows.

= 10,800 + 164,300

= 175,100

Hence the debit to cost of goods sold is $175,100

4 0
3 years ago
Justify the effectiveness of the national credit act ,2005 on businesses
forsale [732]

Answer:

The Act was introduced to: promote a fair and non-discriminatory marketplace for access to consumer credit

Explanation:

The National Credit Act was enacted on the premise that consumers need to be protected from this practice. The Act thus exerts pressure on the credit lenders to assess the consumer's ability to repay, disclose the cost of credit, as well as setting limit on interest that can be charged.

5 0
2 years ago
Other questions:
  • Lionel joined the International Council on Hotel, Restaurant and Institutional Education for career guidance. Which profession i
    5·1 answer
  • What should you look for to be sure you can trust the source of information on a webpage?
    8·1 answer
  • "the idea that the more any given resource is applied to production, the lower the marginal gain in output, until a point is rea
    8·1 answer
  • Crich Corporation uses direct labor-hours in its predetermined overhead rate. At the beginning of the year, the estimated direct
    10·1 answer
  • An agent does not like another broker and refuses to present his offers. The agent's employing broker notices he does a good job
    8·1 answer
  • Two external factors which must be considered in pricing decisions are​ __________. A. the marketing mix and the nature of the m
    8·1 answer
  • Isaac Inc. began operations in January 2021. For some property sales, Isaac recognizes income in the period of sale for financia
    10·1 answer
  • What are the primary reasons food producers can increase profits by participating in a local direct market?
    10·1 answer
  • Describe a pricing decision your company has made. was it optimal? if not, why not? how would you adjust price? compute the prof
    15·1 answer
  • The interstate commerce act gave the right to supervise railroad activities to?
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!