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Marta_Voda [28]
3 years ago
9

After years of experience, Dilcort Company reasonably estimated that a loss from a pending lawsuit was probable at September 30

of the current year. Dilcort Company estimated that the loss would amount to $57,500. Required: Prepare the journal entry, if any, to record the lawsuit at its September 30 year-end.
Business
1 answer:
g100num [7]3 years ago
3 0

Answer:

Dr lawsuit expense   $57,500

Cr other liabilities                         $57,500

Explanation:

Since it has been established that the lawsuit would be cost $57,500 based on past experience,it is required that a contingent liability be recognized in the books of accounts to reflect the possible obligation that may arise from the lawsuit by debiting lawsuit damages account with the expense and a corresponding liability account to record the likely obligation as shown below.

The lawsuit expense/damages would be debited since an increase in expense account is naturally a debit entry while other liability account is credited.

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During the year, Walt who is self-employed travels from Seattle to Tokyo, Japan, on business. His time was spent as follows: two
aleksklad [387]

Answer:

d.$5,500.

Explanation:

The computation of the deductible expense is shown below:

= Airfare + lodging + 50% of meals

= $3,000 + $2,000 + 50% of $1,000

= $3,000 + $2,000 + $500

= $5,500

hence, the deductible expense is $5,500

Here we take 100% of airfare &  lodging but we took 50% for the meals

hence, the option d is correct

6 0
3 years ago
Which of the following is a pair of events which are mutually exclusive?
Lemur [1.5K]

Answer:

C. Sleeping in late and waking up early.

Explanation:

Two or more events are said to be mutually exclusive if and only if they can't happen at the same time.

Going with the above brief analysis, we.can easily say which of the pair of events is not mutually exclusive.

1. Rolling a 4 on a six-sided die and on a four-sided die

It's 100% possible to have an outcome of 4 when a 4 sided die and when a 6 sided die are rolled, whether at the same time or on different occasions. So, this pair of events are not mutually exclusive

2. Making rice and making corn

This pair of events are not mutually exclusive because it's possible to make rice and corn at the same time either together as a meal or separately using different cooking utensils

3. Sleeping in late and waking up early

This pair of events are mutually exclusive. This is so because literally, it's not possible to sleep late and wake up early at the same time.

You sleep early to wake early and you sleep late to wake late.

4. Going to work and riding the bus.

This pair of events are not mutually exclusive because they can occur at the same time when you go to work a bus.

So, option C is the correct answer

4 0
3 years ago
The chart indicates the tasks of four individuals who work in the Education and Training career cluster.
kondaur [170]
I believe the answer is D, as Tammy creates new ways to become a better teacher, Vannia speaks with parents and the school board, and Alcott Meets with the school board regarding changes in budgets making them administration and administrative support pathway  and Stefan belongs to the supportive services as he is dealing with scholarship information and testing info. 
7 0
3 years ago
Read 2 more answers
Direct Labor Variances Advanced Micro Devices develops high-performing computing products. Assume one of its processors, Ryzen 7
Butoxors [25]

Answer and Explanation:

The computation is shown below:

a. The labor rate variance is

= (standard rate - actual rate) × actual labor hours

= ($20 - $19.50) × 64,000

= $32,000 favorable

b. The labor efficiency variance is

= (standard hours - actual hours) × standard rate

= (62,500 - 64,000) × $20

= -$30,000 unfavorable

c. the total flexible budget variance is

= standard cost - actual cost

= ($1,250,000 - $1,248,000)

= $2,000 favorable

7 0
3 years ago
A new company with a balance of zero in their cash account had the following cash transaction in its first month: obtained a ban
stealth61 [152]

Answer:

The balance in the cash account at the end of the month will be $401.000

Explanation:

$0

+$ 344,000 bank loan

+$112,000 stock issued to stakeholders

-$54,000 purchase of inventory

+$25,000 sell

-$26,000 payment of dividends

-------------

$401,000 balance at the end of the month

see attached file for T-account

Download xlsx
7 0
3 years ago
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