1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
kirill115 [55]
3 years ago
12

How should a loss contingency that is reasonably possible and for which the amount can be reasonably estimated be reported

Business
1 answer:
guajiro [1.7K]3 years ago
5 0

Answer:

as a footnote in financial statements or on the balance sheet

Explanation:

A loss contingency can be defined as the situation or occurrence in which there is uncertainty about an entity but that will be resolved when a/some future situation occurs or not.

Simply put, a loss contingency can be said to be loss of an entity that can be resolved later in future by the occurrence or not of an event.

When a loss can be reasonably estimated as seen from the question, it should be written as a footnote on a financial statement or on a balance sheet.

cheers.

You might be interested in
A business model describes how a company​ produces, delivers, and sells a product or service to create wealth.
Rudiy27

Answer: True.

Explanation:

The business model of a company is a business organization's plan to operate business. The business model covers the product the company intends to sell, the customers their products are aimed towards and the budgeted cost of running the business.

3 0
3 years ago
Assumes ABC Company had 50 units in beginning Finished Goods Inventory and sold 1,213 units. Additional data includes: Units pro
worty [1.4K]

Answer:

Dollar amount of ending Finished Goods Inventory = $1,073

Explanation:

The first step is to calculate the cost per unit.

Using absorption costing, the cost of one unit is  

Cost per unit = direct materials + direct labor + variable manufacturing overhead + fixed manufacturing overhead per unit.

Cost = 12 + 8 +2 + 7\\Cost = 29

Now, the number of units left in inventory should be defined

Finished Goods Inventory (FGI) =  Beginning Finished Goods Inventory + Units produced - units sold

FGI = 50 +1200 - 1213\\FGI = 37

The dollar amount of ending Finished Goods Inventory is FGI multiplied by the cost per unit.

37*29 = 1,073

3 0
3 years ago
A __________ describes the minimum qualifications a person must have to perform the job successfully.
Katena32 [7]
The correct answer here would be a job specification. 
5 0
3 years ago
Rylan Corporation received an offer from an exporter for 25,000 units of product at $16 per unit. The acceptance of the offer wi
hammer [34]

Answer: a.$275,000

Explanation:

Let us assume local production sales of 0 for simplicity of analysis.

At 0 there will be no Variable Costs and no fixed costs because they are dependant on the amount of units produced.

If then Rylan Corporation receives 25,000 units at $16 per unit this will change the Variable costs as it will have to incorporate the new units.

The question however says that normal production continues. This means that Fixed costs do not change. That means fixed costs remain at $0.

That means the only change will be the Variable costs of selling 25,000 units.

At a rate of $11 per unit we then have,

= 11 * 25,000

= $275,000

The costs have increased by $275,000 from 0 which means that $275,000 is the Incremental cost.

Note that Fixed and Variable costs of 0 are improbable and we're only used for simpler analysis. Feel free to try the question with other number of units for your own practice. You will arrive at the same answer regardless.

8 0
3 years ago
A woman is shopping with her three children. She is carrying several items and does not have a shopping basket. She is still bro
dlinn [17]

Answer: The women customer either complain to the supervisors to address her issue immediately nor the employee should apologize to the woman and provides a shopping basket to her.

Explanation:

In every supermarket, All employees of the shop have the duties and responsibilities to serve the customers' needs without any delay in time.  Consumer rights should be always ensured to protected in all the shops irrespective of the size of the business as well the employees count. The consumer has all rights to raise the complaint to the direct supervisors in the market.

In this case, Woman's customer has experienced the pain as she cannot able to get a basket to hold the items. As she needs to take care of her children, Her request needs to fulfilled without any delay. Mutual consent with the ethics of the shop needs to tie up the bonding relationship between employees and consumers. At last, if the employee apologizes for her mistake and helps the woman by providing basket will end in the peaceful business transactions in the supermarket.  

3 0
3 years ago
Other questions:
  • Identify the accounts that would normally have balances in the credit column of a business's trial balance.
    8·1 answer
  • Cad cream inc., an ice cream company, has collaborated with bite snack inc., a food manufacturing company, to come up with a thi
    11·1 answer
  • Which of the following is NOT a proposition of the Heckscher-Ohlin model? Countries will completely specialize in the product in
    6·1 answer
  • Since the middle of the 20th century, the international global business system has been shaped by global institutions. Countries
    10·1 answer
  • A buyer has deposited 10% of the sales price of a condominium with the broker as earnest money, and the bank has agreed to lend
    10·1 answer
  • Tim, a single taxpayer, operates a business as a single-member LLC. In 2018, his LLC reports business income of $394,000 and bus
    14·1 answer
  • The equilibrium quantity in markets characterized by oligopoly is higher than in monopoly markets and higher than in perfectly c
    8·1 answer
  • Which of the following benefits is offered by sales promotion tools? A) Sales promotion tools are more authentic and credible to
    11·1 answer
  • A company started a new product, and in the first month started 100,000100,000 units. The ending work in process inventory was 2
    9·1 answer
  • What were the three key observations made by darwin that allowed him to deduce that natural selection is a primary driver of evo
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!