Lauren made an error in step 3 because she should have subtracted expenses from income.
Net income = (Total of all sources of income)- (Total of all bills and expenses)
You must subtract expenses because they are things you are <u>paying for.</u>
Answer:
1. The likelihood of a payment occurring is probable, and the estimated amount is $1.14 million.
- Dr Law suit loss 1,140,000
- Cr Law suit liability 1,140,000
2. The likelihood of a payment occurring is probable, and the amount is estimated to be in the range of $0.94 to $1.14 million.
- Dr Law suit loss 940,000
- Cr Law suit liability 940,000
US GAAP allows companies to record probable losses at lowest estimated value.
3. The likelihood of a payment occurring is reasonably possible, and the estimated amount is $1.14 million.
- no journal entry is required, only a disclosure in the footnotes of the financial statements.
A contingent liability (or loss) that is only possible, but not probable, does not need to be journalized and recorded. It only needs to be disclosed in the footnotes of the financial statements.
4. The likelihood of a payment occurring is remote, while the estimated potential amount is $1.14 million.
- no journal entry is required
A contingent liability (or loss) that is remote, does not need to be journalized or recorded, nor included in the footnotes of the financial statements.
The country that contributes the least amount of aid to foreign nations and multinational organizations based on its GNI is the B. United States.
<h3>How much aid does the U.S. contribute?</h3>
The U.S. is perhaps the largest donor to international organizations and foreign nations with billions going to other nations annually.
The percentage that is given as aid is however a small amount of U.S. national income thanks to the staggering amount earned by Americans in a year.
Options for this question include:
A. United Kingdom
B. United States
C. Germany
Find out more on aid to foreign nations at brainly.com/question/769309
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Answer:
Poorly designed materials storage and packaging lines. Long packaging process times. Paying for box dimensions rather than product dimensions. Ineffective packaging materials that allow damage. Inefficient manufacturing models. Failing to optimize packaging.
