Answer:
Huprey Co.
Identifying the accounting treatment for each claim as either (a) a liability that is recorded or (b) an item described in notes to its financial statements:
1. Huprey (defendant) estimates that a pending lawsuit could result in damages of $1,550,000; it is unlikely that the plaintiff will win the case.a. A liability that is recorded.
b. An item described in notes to its financial statements.
2. Huprey faces a loss on a pending lawsuit that it is unlikely to lose; the amount is reasonably estimable.
a. An item described in notes to its financial statements. b. A liability that is recorded.
3. Huprey faces a probable loss on a pending lawsuit; the amount is reasonably estimable.a. An item described in notes to its financial statements.
b. A liability that is recorded.
Explanation:
Huprey Co. will recognize and record contingent liabilities in its accounts when it can be reasonably established that the future event will occur and the amount of the liability can be reasonably estimated. The implication is that Huprey Co. must establish two things before a contingent liability is recognized and recorded. One is that the probability or the likelihood or the chance that the event will happen exists and can be estimated. With the probability estimate, it becomes possible for Huprey Co. to also estimate the amount that the happening of the event will cost it.
Answer:
The statement is: True.
Explanation:
Being a manager implies handling groups of people with diverse cultures, experiences, and personalities. To perform a proficient work, executives should have a well-defined method of working but be able to adapt it according to their subordinates and the situation the firm is facing. In some cases, their ego will have to be left behind to reach the company's goals.
Compared to a purely competitive firm in long-run equilibrium, the monopolistic competitor has a higher price and lower output.
<h3>
When a monopolistic competitive firm is in long-run equilibrium?</h3>
Long Run Monopolistic Competition Equilibrium: Over the long run, a company in a market with the monopolistic competition will produce several items at the point where the long-run marginal cost (LRMC) curve crosses the marginal revenue curve (MR). Where the quantity produced lies on the average revenue (AR) curve will determine the pricing.
<h3>
What ultimately transpires to a monopolistic rival?</h3>
Long-term economic gains or losses in monopolistic competition will be removed by entry or leave, leaving firms with no economic gains. There will be some excess capacity in a monopolistically competitive business; this could be seen as the price paid for the variety of products that this market structure brings about.
Learn more about monopolistic competition: brainly.com/question/28189773
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Answer:
a) Financial Statements
b) Limited Liability
Explanation:
a) The reporting of financial conditions at the corporation so that it can be evaluated, is the aim of preparing <em>financial statements. </em>Financial statements<em> </em>are periodic reports prepared monthly or annually to show the financial health of a company. They are made up of the statement of profit or loss, statement of financial position, cash flow statements and statement of changes in equity.
b) Legal protections for shareholders so that they are not taken advantage of is the purpose of limiting the liability of shareholders. Limited liability relates to a shareholder's financial liability being limited to a fixed amount not exceeding his investment in the company or partnership. Nevertheless every shareholders is liable for his own actions personally.
