Answer:Yes it should be reported.
$2.8 million should be reported in the the balance sheet as a liability.
Explanation: Contingent liabilities are liabilities that depend on the outcome of an event that may likely not occur.
Before they can be reported in financial statement, it must be able to estimate the value of such contingent liability and the liability must have a higher than 50% possiblity of being achieved.
If the value can be estimated, then the liability has a higher chance of being realised.
Qualifying contingent liabilities such as the $2.8 million estimated by Top Sound International should be recorded in the income statement as an expense and a liability on the balance sheet.
Therefore the $2.8 million liability should be reported in its 2018 balance sheet
Answer:
D. base an employee's salary on the number of task skills he or she possesses.
Explanation:
Pay for knowledge programme as the name implies, is when an employer renumerate an employee for learning or developing new skills/task on the job.
If an employee develop new skills while working and then get renumerated, this will make the employee get himself or herself acquainted with the company. In order words, the employee will go out of his way to improve his efficiency in terms of increase in productivity due to the new task skill gained.
In this reward system, the employer rewards the employee with payment increase for leaning new task and skills on the job which is beyond their regular activity.
Answer:
$418,200
Explanation:
Period Costs under Variable Costing include (1) Fixed Manufacturing Overheads and (2) All Non-Manufacturing Expenses.
<u>Calculation of Period Costs</u>
Fixed manufacturing overhead $260,700
Fixed selling and administrative expense $120,000
Variable selling and administrative expense ($5 × 7,500) $37,500
Total Period Cost $418,200
To determined the profit is being maximized, you need to make sure that the difference between the total revenue and total cost is greatest. So the formula we need to use in determining the maximized profit is
Profit = Total Revenue - Total Cost
Given
TR = $5
TC = $4.10
Solution
Profit = 5 - 4.10
= 0.9
The answer is 0.9.
A tax that is considered fair by most people in a society is where the tax rate is progressive so that the more a person earns the higher rate of tax they pay and on the opposite end of the scale those with low income should pay very little if any. The other very important factor which is involved is is what are the taxes spent on? If they are mainly spent on meeting the needs of the most dispossessed people plus the basic needs of the general society for health care, education and housing then that is very important too.