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Naddik [55]
3 years ago
6

A contingent liability:

Business
1 answer:
Pepsi [2]3 years ago
3 0

Answer:

d. is a potential liability that has arisen because of a past event or transaction.

Explanation:

A contingent liability refers to an obligation which arises owing to past events or transactions, whose happening is improbable i.e it may or may not arise in the near future.

If the effect of such a liability can be reasonably estimated, then these should be provided for as a footnote in the financial statements.

An example of a contingent liability would be a legal suit filed against the company, if lost would lead to an obligation for damages which the company may have to pay.

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The following information pertains to Lightning Inc., at the end of the year: Credit Sales $ 70,000 Accounts Payable 12,200 Acco
tino4ka555 [31]

Answer: $7000

Explanation: The year ending allowance account can be computed using following formula :-

Ending balance in in allowance for uncollectible accounts = balance in allowance for uncollectible account + bad debts during the period

.

therefore, putting the values in equation we get :-

ending balance = $1400 + $70,000 * 8%

                           =  $7000

5 0
3 years ago
Which of the following statements about enzymes is true
Inessa [10]
I think that the answer would be E.

3 0
4 years ago
There are currently 69,000,000 U.S. Twitter users. Roughly 46% of Twitter are on the platform daily. How many Twitter users are
Sati [7]

Answer:

b. = 31,740,000

Explanation:

69,000,000 - 46% = 37260000

69,000,000 - 37260000 = 31,740,000

8 0
2 years ago
Walman Corp. manufactures products X, Y, and Z from a joint production process. Joint costs are allocated to products on the bas
Maurinko [17]

Answer:

$340,000

Explanation:

The computation of Product X’s sales value at the split-off point is shown below:

= Total sales value - Product Y sales value at the split-off point - Product Z sales value at the split-off point  

= $600,000 - $150,000 - $110,000

= $340,000

Basically for determining the Product X sales value at the split-off point, we deduct the Product Y sales value and the Product Z sales value at the split-off point from the total sales value

8 0
3 years ago
Ethan's job as an accounting assistant was recently modified to include reconciling bank accounts and making deposits, two tasks
Lostsunrise [7]

Answer:

A) enlargement.

Explanation:

Job enlargement takes place when the tasks, duties and responsibilities of a certain job position increase to include new tasks, new duties and new responsibilities that are related to the original ones. While the employee is given more things to do, his/her level within the organization doesn't change.

6 0
3 years ago
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