Evite paid $2408.91 in interest what was the selling price of the car

Blythe Corp. is a defendant in a lawsuit. Blythe's attorneys believe it is reasonably possible that the suit will require Blythe

8090 [49]

Answer:

The entry is not required because the outcome is reasonably possible, not certain or probable. So IAS 37 says that the liability must not be recognized as the outcome is not reasonably certain or probable.

Explanation:

The liability must be included in the financial statement only if the outcome is certain or probable. In this scenario, the outcome is reasonably possible but neither certain nor probable in this situation. So the entry in the financial statement is not required. If the liability is of a huge amount then IAS 37 says that their must be a disclosure in the financial statement notes about the lawsuit.

7 0

3 years ago

Read 2 more answers

Historical Art is a new business. During its first year of operations, credit sales were $50,000 and collections from credit sal

Igoryamba

Answer: $1000

Explanation:

First, we calculate the amount if bad debt expense which will be:

= 3% × $50000

= $1500

Therefore, the balance of accounts receivable at the end of the first year will be:

= Amount of bad debts expense - Account written off

= $1500 - $500

= $1000

5 0

2 years ago

What is most likely to cause a rise in expenditure in an economy?

d1i1m1o1n [39]

Answer:

B

Explanation:

because b i think gimme vbucks

3 0

3 years ago

Who determines the price in perfect markets?

Trava [24]

Answer:

<h2>Price is determined by the</h2><h2> intersection of market demand and market supply; individual firms do not have any influence on the market price in perfect competition. Once the market price has been determined by market supply and demand forces, individual firms become price takers.</h2>

Explanation:

<h2>PLEASE MARK ME BRAINLIEST AND FOLLOW ME LOTS OF LOVE FROM MY HEART AND SOUL DARLING TEJASWINI SINHA HERE ❤️</h2>

5 0

2 years ago

Gross payroll for the employees of Bannister Enterprises totals $100,000 per week. From this must be withheld Social Security ta

bogdanovich [222]

Answer:

B) $77,350

Explanation:

Gross payroll=$100,000

Social Security taxes =6.20%

6.20/100×$100,000

=0.062×$100,000

=$6,200

Medicare taxes = 1.45%.

1.45/100×$100,000

=0.145×$100,000

=$1,450

federal and state income tax =15%

15/100×$100,000

=0.15×$100,000

=$15,000

Total Withholdings=

$6,200+$1,450+$15,000

=$22,650

Total employee compensation= Gross earnings-total withhold

=$100,000-$22,650

=$77,350

4 0

3 years ago