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.
Answer:
Simple interest is paid on large, long-term loans, while compound interest is paid on small, short-term loans. Simple interest is paid on the principal and interest accrued, while compound interest is paid only on the principal. Ask for details.
Explanation:
Answer:
Yes, it does.
Explanation:
It definitely impacts the present value analysis. If we are evaluating two proposals and we ignore the useful lives of the investments, then
- The present values of the investment proposals will be inaccurate.
- The cash flows might be inaccurate.
- The discount factor to be used will also be inaccurate.
- The overall results will be misleading.
- The tax credits and balancing allowances and charges will also be inaccurate.
Answer:
(D) higher prices lead to higher profit and higher output.
Explanation:
When the price increase, the profitability of the firm increase, therefore firm produces more at high price. Hence at high price output increase. This is the reason why SRAS curve is positively sloped.
Answer:
yes
Explanation:
As a high schooler in dual enrollment you have the opportunity to take college level courses which will help when you are looking for a college.
