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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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A mixed-market economy is one in which
GalinKa [24]

Answer:

both the government control and the private sector exist

Explanation:

The mixed-market economies are economies that have primarily developed from the command economies, but have implemented market economy elements as well. In this type of economies we have a situation where the governments still have a very important role in the economy, while in the same time, the private businesses are also thriving. The government is usually in control of the most important and abundant natural resources, thus providing security for the country's people and economy. The private businesses are able to operate freely, and they collaborate with the government as a business partner., with both of them being dependent on each other.

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3 years ago
Excise tax is levied in the __ of goods and services
lina2011 [118]

Answer:

its probably buying

Explanation:

6 0
2 years ago
In a decision to either sell as is or process a product further, __________costs are considered irrelevant and _____________cost
MrRa [10]

In a decision to either sell as is or process a product further, joint costs are considered irrelevant and process further costs are considered relevant.

The decision of whether to sell the product right away or wait to sell it in order to earn more money. Although we think that growing the business's income is great, we also need to make sure that the costs associated with the growth will be met. We must contrast the profit margin between selling now and selling later because additional processes will demand more resources and expenses.

Additionally, we need to make an effort to maximise the return on our investment. Additional processes might need more money spent on equipment. These factors require us to apply the sell or process further technique in order to choose the best course of action.

Typically, this scenario occurs in a joint product where one or more outputs can be generated and produce additional revenue. The joint products are produced at the same cost up until the point where they are divided and further sold or processed. Although the products can be sold at the split point, there are instances when continuing developing them is more profitable.

Learn more about joint cost here brainly.com/question/14988439

#SPJ4

6 0
1 year ago
Depreciation is a _____, a cost that cannot be affected by any future action.
stiks02 [169]
<span> <span><span>Depreciation is a </span>sunk cost. </span></span>It is the value lost on an asset after consumption. In accounting, depreciation cost qualifies as a sunk cost because it is already lost and cannot be recovered. For that reason, it is correct to ignore depreciation cost when determining the future course of a business.
7 0
3 years ago
Read 2 more answers
A description of the future one envisions for a business, including what one plans to do and how one plans to do it, is called _
Arturiano [62]

Answer:

planning ( b )

Explanation:

planning for a business involves all the components of a business idea and how to carryout such business idea in the open market in other to be successful and profitable.

hence the description of the future one envisions for a business and what one plans  to do and how to do them is embodied in the planning stage of the business. while the Brainstorming session/stage of the business cycle deals with finding solutions to already existing challenges. also surveying is used to measure what kind of business one should be involved with.

4 0
3 years ago
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