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barxatty [35]
3 years ago
10

Uncertainties such as natural disasters are: Select one: a. Estimated liabilities because the amounts are uncertain. b. Not cont

ingent liabilities because they are future events not arising from past transactions or events. c. Not contingent liabilities because they are future events not arising from past transactions or events. Contingent liabilities because they are future events arising from past transactions or events. d. Disclosed because of their usefulness to financial statements. e. Reported in the same way as debt guarantees.
Business
1 answer:
Dovator [93]3 years ago
6 0

Answer:

d. Disclosed because of their usefulness to financial statements.

Explanation:

A <em>liability</em> is a present obligation (Legal or Constructive) of an Entity that arises as a result of a past event and the settlement of which will result from an out flow of cash from the entity.

One class of Liability that relate to the case is a <em>Provision</em>.A provision is a liability whose amount can be determined with certainty.

A liability whose amount can not be determined with certainty is known as a <em>Contingent liability</em>.A contingent liability is not presented in the financial statements but is  only disclosed in the Financial Statements.

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A Liquidation of a partnership LO P5 Kendra, Cogley, and Mei share income and loss in a 3:2:1 ratio (in ratio form: Kendra, 3/6;
morpeh [17]

Answer:

a. Inventory is sold for $608,400.

gain on sale of inventory = $608,400 - $537,600 = $70,800

allocation of gain:

Kendra 1/2 x $70,800 = $35,400

Cogley 1/3 x $70,800 = $23,600

Mei 1/6 x $70,800 = $11,800

Dr Cash 608,400

    Cr Inventory 537,600

    Cr Gain on sale of inventory 70,800

Dr Gain on sale of inventory 70,800

    Cr Kendra, capital 35,400

    Cr Cogley, capital 23,600

    Cr Mei, capital 11,800

Dr Accounts payable 258,000

    Cr Cash 258,000

Dr Kendra, capital 112,100

Dr Cogley, capital 196,175

Dr Mei, capital 146,025

    Cr Cash 454,300

b. Inventory is sold for $469,200.

loss on sale of inventory = $469,200 - $537,600 = -$69,400

allocation of loss:

Kendra 1/2 x $68,400 = $34,200

Cogley 1/3 x $68,400 = $22,800

Mei 1/6 x $68,400 = $11,400

Dr Cash 469,200

Dr Loss on sale of inventory 68,400

    Cr Inventory 537,600

 

Dr Kendra, capital 34,300

Dr Cogley, capital 22,800

Dr Mei, capital 11,400

    Dr Loss on sale of inventory 68,400

Dr Accounts payable 258,000

    Cr Cash 258,000

Dr Kendra, capital 42,400

Dr Cogley, capital 149,775

Dr Mei, capital 122,825

    Dr Cash 315,100

c) c. Inventory is sold for $358,800 and any partners with capital deficits pay in the amount of their deficits.

loss on sale of inventory = $358,800 - $537,600 = -$178,800

allocation of loss:

Kendra 1/2 x $178,800 = $89,400

Cogley 1/3 x $178,800 = $59,600

Mei 1/6 x $178,800 = $29,800

Dr Cash 358,800

Dr Loss on sale of inventory 178,800

    Cr Inventory 537,600

 

Dr Kendra, capital 89,400

Dr Cogley, capital 59,600

Dr Mei, capital 29,800

    Dr Loss on sale of inventory 178,800

Dr Cash 12,700

    Cr Kendra, capital 12,700

Dr Accounts payable 258,000

    Cr Cash 258,000

Dr Cogley, capital 112,975

Dr Mei, capital 104,425

    Dr Cash 217,400

   

d. Inventory is sold for $298,800 and the partners have no assets other than those invested in the partnership.

loss on sale of inventory = $298,800 - $537,600 = -$238,800

allocation of loss:

Kendra 1/2 x $238,800 = $119,400

Cogley 1/3 x $238,800 = $79,600

Mei 1/6 x $238,800 = $39,800

Dr Cash 298,800

Dr Loss on sale of inventory 238,800

    Cr Inventory 537,600

 

Dr Kendra, capital 119,400

Dr Cogley, capital 79,600

Dr Mei, capital 39,800

    Dr Loss on sale of inventory 238,800

Dr Cogley, capital 28,467

Dr Mei, capital 14,233

    Cr Kendra, capital 42,700

Dr Accounts payable 258,000

    Cr Cash 258,000

Dr Cogley, capital 64,508

Dr Mei, capital 80,192

    Dr Cash 144,700

6 0
3 years ago
Loss leaders are poorly managed retail companies of outlets. true or false.
Amanda [17]
False. Loss leaders are products that are sold at or below cost in order to lure you into the store.
6 0
2 years ago
Read 2 more answers
The indirect financial and nonfinancial payments employees receive for continuing their employment with a company are called ___
gayaneshka [121]
Benefits is the correct answer
3 0
3 years ago
Best Buy Co, Inc., is a leading retailer specializing in consumer electronics. A condensed income statement and balance sheet fo
IRISSAK [1]

Answer

A)=1.47655 times

B)0.74 times

C)1.94 times

D)26.2 times

Explanation

The formulas and calculations are shown below:

1-A)the current ratio for Best Buy for its fiscal year ended January 28, 2017.

= Total Current assets ÷ total current liabilities=[10516 ÷ 7122]

=1.47655

1-B)the acid-test ratio for Best Buy for its fiscal year ended January 28, 2017 can be calculated below as

Quick assets = Cash and cash equivalents + short-term investments + Accounts receivable (net)

=2240 + 1681 + 1347=5268

the current liabilities = 7122

If we substitute the values into the above expresion, we have

=$ 5652 ÷ $7122

= 0.74 times

1-C.) the debt to equity ratio for Best Buy for its fiscal year ended January 28, 2017.

Debt equity ratio = (Total debt ÷ Shareholders’ Equity)

where,

Total debt = Total current liabilities + Long-term liabilities

Total current liabilities =$ 9147

the Shareholders’ equity is $4709

If we substitute the values we have,

$9147 ÷$ 4709

= 1.94 times

1-D. Calculate the times interest earned ratio for Best Buy for its fiscal year ended January 28, 2017 can be calculated as

Times interest earned ratio = (Earnings before interest and taxes) ÷ (Interest expense)

Earnings before interest and taxes = Income before income tax + Interest expense + income tax expense

$1854 - $38 + $72

=$1888

Interest expense=$72

Then substitute into above expresion, we have

=$ 1888 ÷$ 72

= 26.2 times

6 0
3 years ago
You are climbing a stair case. It takes n steps to reach to the top. Each time you can either climb 1 or 2 steps. In how many di
lyudmila [28]

Answer:

(n^2 + n)/2 ways

Explanation:

Each time you can climb 1 or 2 steps to the top (n steps)

Number of ways climbing 1 step to the top = n combination 1 = n!/(n-1)1! = n(n-1)!/(n-1)! = n

Number of ways climbing 2 steps to the top = n combination 2 = n!/(n-2)!2! = n(n-1)(n-2)!/2(n-2)! = (n^2 - n)/2

Total number of ways = n + (n^2 - n)/2 = (2n + n^2 - n)/2 = (n^2 + n)/2 ways

7 0
3 years ago
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