Answer:
contingent liabilities are journalized when they are both probable and estimable.
EPA's fine, states it is probable it will stand.
Damage awards and fines DR $248,000
Contingent Liability-fines CR $248,000
Out of court settlement for $130,000. Although since the settlement was just reached, we would just use a payable account.
Damage awards and finesDR $130,000
Awards payable CR $130,000
The homeowner lawsuit is not thought to be a strong case, plus the amount of any actual damages is unforeseeable, therefore a journal entry would not normally be needed at all. Although those would still be disclosed to shareholders on financial statements.
The correct option is C.
Consumer protection laws refers to those laws that are enacted by the government in order to protect the interests of the consumers so that they will not be exploited by the suppliers.
Consumer credit dates back to colonial times.
<h3>What is consumer credit?</h3>
Money that customers can borrow to pay for products or services is known as consumer credit. Customers who have access to credit can make purchases today and pay for them over time. Consumers can obtain credit from banks, financial organizations, and companies.
Consumer credit is governed by federal and state rules that shield borrowers from dishonest lending practices and stop companies from treating them differently based on non-financial considerations.
Examples of consumer credit are credit cards, education loans, mortgages, etc.
Consumer credit has been around since the colonial era when farmers used it frequently.
Learn more about consumer credit here:
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Answer:
E) match its core competencies.
Explanation:
The Mayo Clinic's core competency is offering top-quality medical care. It is known around the world for providing great medical services and it has an extremely good reputation among medical personnel and patients as well.
By opening new facilities on different locations, the clinic is using its good reputation to increase the number of customers and also hire great human resources. This is something similar to what the Louvre Museum did on Abu Dhabi, anyone who loves great art will want to visit it just because its the Louvre (the most famous museum in the world).
12. After posting the journal entries to the ledger, the balance of the Cash account is <span>Credit $1,042.92.
13. </span>After posting the journal entries to the ledger, the balance of the Equipment—Store account is <span>Debit $4,500
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14.</span>On May 3, the balance of the Equipment—Office account is <span>Debit $690
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15. T</span>he balance of the Accounts Payable—Bellhaven Bank account is <span>Debit $1,000</span>
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16. </span>After posting the journal entries to the ledger, the balance of the Supplies account is Debit $542.92
17. After posting the journal entries to the ledger, the balance of the Accounts Payable—Craft Bank account is <span>Credit $3,500
18. </span><span>After posting the journal entries to the ledger, the opening balance of the P. Woodsley—Capital account was unchanged.
19. The entry </span>you make in the Post Ref. column of the ledger to show that you posted the transactions from the journal is <span>J1
20. </span> Asset accounts are increased by entries to the debit side of the account.
Pretty sure I got all of them! Hope this helps!!
