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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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The following data pertains to Lam Co.'s manufacturing operations: Inventories 4/1 4/30 Direct Materials $ 18,000 $ 15,000 Work
Sliva [168]

Answer: $65000

Explanation:

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If you have 4.00 gg of H2, how many grams of NH3 can be produced?
n200080 [17]

Answer:

22.49 g of NH3

Explanation:

The balanced equation for this would be:

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So let's take note of this:

We will need 3 moles of H₂ to produce 2 moles of NH₃.

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Element:

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H   =          2                 x       1.01 g/mol = 2.02 g/mol

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H      =  3 x 1.01   = 3.03

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