Answer:
Huprey Co.
Identifying the accounting treatment for each claim as either (a) a liability that is recorded or (b) an item described in notes to its financial statements:
1. Huprey (defendant) estimates that a pending lawsuit could result in damages of $1,550,000; it is unlikely that the plaintiff will win the case.a. A liability that is recorded.
b. An item described in notes to its financial statements.
2. Huprey faces a loss on a pending lawsuit that it is unlikely to lose; the amount is reasonably estimable.
a. An item described in notes to its financial statements. b. A liability that is recorded.
3. Huprey faces a probable loss on a pending lawsuit; the amount is reasonably estimable.a. An item described in notes to its financial statements.
b. A liability that is recorded.
Explanation:
Huprey Co. will recognize and record contingent liabilities in its accounts when it can be reasonably established that the future event will occur and the amount of the liability can be reasonably estimated. The implication is that Huprey Co. must establish two things before a contingent liability is recognized and recorded. One is that the probability or the likelihood or the chance that the event will happen exists and can be estimated. With the probability estimate, it becomes possible for Huprey Co. to also estimate the amount that the happening of the event will cost it.
Answer:
Company net income will DECREASE by $2,000 if the order is accepted.
Explanation:
Company net income will DECREASE by $2,000 if the order is accepted.
Additional order will produce additional sales revenue of $150 per unit
The marginal cost for this order = Variable costs (Direct material + Direct labour + variable cost) =$152 per unit
Since the marginal cost ($152) is more than the revenue ($150)per unit, there will be a loss of $2 per unit.
So the net income of the company will DECREASE by $2000 ($2x 1000)
Reconciliation is the accounting process of comparing two data sets to ensure that the numbers are correct and consistent.
Reconciling bank statements simply means comparing your internal financial records with those provided by your bank. This process is critical to being able to identify anomalous transactions caused by fraud or accounting errors.
All businesses are required to reconcile their banks at least once a month. It is convenient to reconcile the books immediately after the end of the month, as at the end of the month your bank will send you a monthly statement that you can use as the basis for your reconciliation. Balance sheet reconciliation is the process of closing the balances of all individual companies.
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Answer: C. clean and fast-growing and that pay
Explanation:
Answer:
institutional
Explanation:
Institutional advertising refers to advertising that shows the benefits and ideals or an organization. It does not focus on any particular product or service, instead its main goal is to build a positive image of the organization within the community. Many times institutional advertising is done when the organization has suffered from a serious of events that have damaged its reputation and it needs to improve it.
