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serg [7]
3 years ago
13

A company is a defendant in litigation involving a swimming accident on one of its three cruise ships. Required: The likelihood

of a payment occurring is probable, and the estimated amount is $1.14 million. The likelihood of a payment occurring is probable, and the amount is estimated to be in the range of $0.94 to $1.14 million. The likelihood of a payment occurring is reasonably possible, and the estimated amount is $1.14 million. The likelihood of a payment occurring is remote, while the estimated potential amount is $1.14 million. Record the necessary entry for the scenarios given above. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in dollars, not in millions. For example, $5.5 million should be entered as 5,500,000.)
Business
1 answer:
MissTica3 years ago
7 0

Answer:

Journal entries

Explanation:

The journal entries are shown below:

a. Loss $1,140,000

       To Contingent liability $1,140,000

(Being the contingent liability is recorded)

b. Loss $940,000

       To Contingent liability $940,000

(Being the contingent liability is recorded)

c. No journal entry is required

d. No journal entry  is required

Therefore, only first two journal entries are required

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Answer:

B. A receipt.

Explanation:

A receipt is normally given to the person after he or she purchased something, in case if the person wants a refund or etc he can use the receipt for evidence to be able to do so.

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2 years ago
The mainstream view among economists is that a. no tradeoff exists between unemployment and inflation, either in the short run o
4vir4ik [10]

Answer:

b. society faces a tradeoff between unemployment and inflation, but only in the short run

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3 years ago
The activities buyers and sellers perform to facilitate mutually satisfying exchanges is:
timofeeve [1]

The activities buyers and sellers perform to facilitate mutually satisfying exchanges is marketing

<h3>Buyers and Sellers</h3>

Buyers are those that request for goods and services for consumption purpose while the sellers make goods and services available to the buyers,

Both buyers and sellers carry out activities for mutual benefit of both parties. These activity that is being performed between the parties is known as marketing.

Learn more on marketing here: brainly.com/question/25369230

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3 0
3 years ago
Why are the incentives of a supplier the opposite of the incentives of a demander
antiseptic1488 [7]

Answer:

The incentives of a supplier are the opposite of the incentives of a demander because it is a relationship whose nature makes supply and demand inversely proportional to each other: the higher the supply, the lower the demand for each product and the lower its price; While the lower the supply, the greater the demand for each product and the higher its price. Thus, in many cases, suppliers seek to restrict supply to maximize profits, while demanders seek to lower prices through a greater quantity of goods offered.

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