The amount that the government entity report should report as a liability for the judgment in its year 2 governmental fund financial statements is $25000.
<h3>What is liability?</h3>
"At the beginning of year 2, a government entity had a $500,000 judgment outstanding. The government entity paid $400,000 of the judgment during year 2. The remaining balance of the judgment includes $25,000 payable early in year 3 and $75,000 payable at the end of year 4. What amount should the government entity report as a liability for the judgment in its year2 governmental fund financial statements?
A) $500,000 B) $100,000 C) $75,000 D) $25,000
It should be noted that liability simply means the future sacrifices of economic benefit that an entity is obliged to make.
Here, the amount that the government entity report should report as a liability for the judgment in its year 2 governmental fund financial statements is $25000.
Learn more about liability on:
brainly.com/question/25012970
#SPJ4
Answer:
The answer is "Whenever a court requires him to use the res ipsa loquitur doctrine, he possibly would succeed".
Explanation:
Res ipsa loquitur is also an English common law doctrine which claims in an action for tort, throughout the absence of direct proof on whether any defendant acted, a jury may conclude neglect of the nature of an illness or incident. It is used in circumstances in which the complainant is not presented sufficient proof that the offender is not liable.
Hi there!
<u>Information:</u>
<u>First, allow us to observe what an "economic factor is".</u>
- An economic factor is data taken out of market and economy.
- Economic factor may include certain costs. And these costs well be in our answer.
<u>Problem-Solving / Answer</u>
<u>Now, we figure out what economic factors we can find.</u>
<u>Tax rates</u> - tax rates can include an Economic factor.
<u>Laws</u> - Laws are a known economic factor.
<u>Unemployment</u> - Big one, at this time due to COVID-19, unemployment rates are flying off the charts. This is an example of an economic factor.
Important Keywords;
- Data ; <u>Data can be information taken from a place, for example, you have taken data from a chart.</u>
<u>Learn more:</u>
<u>Push factors: brainly.com/question/13553564</u>
<u>Economic growth: brainly.com/question/13023127</u>
<u></u>
<u />
Answer: No.
Explanation:
This is a Perfectly Competitive market and that means that you are a price taker who maximises output at a point where Marginal Revenue equals Marginal Cost ( MR = MC). As costs have gone up, it simply means that for the conditions to be satisfied, you need to produce less at the factory in Connecticut.
That does not mean that you have to produce more at the Massachusetts plant because it is already producing at capacity and increasing the marginal cost would violate the MR=MC rule as you have no control over the price so you cannot change Marginal Revenue. It is therefore better to keep the production level at the Massachusetts plant unchanged.
