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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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Incomplete question. I answered from a general economic standpoint.

Answer:

<u>stay the same; decrease</u>

Explanation:

<em>Remember</em>, in this scenario, it wasn't as though the mentioned workers lost their jobs, they only had their hours reduced by their employers; so they are not <u>unemployed</u>. This, therefore, implies that the unemployment rate will stay the same.

The labor force participation rate in simple words refers to the percentage of those who are currently employed or looking for a job within an economy. If the working hours are reduced, it may diminish the zeal among the workforce of an economy to work or find work because <u>they may perceive they''ll earn less.</u>

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A two digit number is such that, the sum of its digit is 13. When the digits are interchanged, the original number is increased
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Also, when 67 is interchanged(76), the original no. is increased by 9.

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All of the following are arguments against increased social responsibility except:________.
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Answer: 4 containers

Explanation:

The formula used to get the number of containers that are needed will be:

N = DT(1+X)/C

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