Answer:
cash = $10,000, property assets = $90,000, and stock shares = $100,000.
Explanation:
Answer:
D
Explanation:
B and C dont make sense A is that you can never run out of things in stock
Answer:
Southwest Airlines
Partial Balance Sheet December 31, 2021
Current Liabilities
Current portion of long-term debt $6,800,000
Long Term Liability
Notes Payable $<u>32,600.000</u>
(39,4000,000-6,800,000)
Total Liabilities $<u>39,400,000</u>
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Answer:
- Record a liability.
- Disclose in notes.
- Have no disclosure.
Explanation:
A contingent liability should only be recorded if the likelihood of it happening is known and the value can reasonably be estimated.
In the first scenario, it is likely that Huprey will lose so the likelihood is known. The value can also be reasonably estimated to be $1,070,000 so this should be recorded as a liability.
In the second scenario, the likelihood is known but the value cannot be estimated. In such a case, simply disclose this possibility in the notes of the financial statement.
For the third scenario, the possibility of the liability being incurred is remote so there is no need to either record or disclose the liability.
