In accordance with GAAP, the action you should take when the company was served with a lawsuit is to provide a disclosure on financial statements regarding the pending litigation.
<h3>What is GAAP?</h3>
GAAP means Generally accepted accounting principles which is a accounting standards that guides the details, complexities and legalities of accounting.
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In conclusion, the action you should take when the company was served with a lawsuit is to provide a disclosure on financial statements regarding the pending litigation.
Missing word"The outcome of the litigation will not be determined for several months, but it could result in a materially large settlement to be paid by your corporation. According to GAAP, what action should you take?"
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The premium that the insurance company should charge each year to realize an average profit of $500 is $6,900.
First step is to calculated the expected amount to pay
Expected amount=Total loss +50% loss+25% loss
Expected amount=$200,000(0.002)(1)+$200,000(0.01)(0.5)+$200,000(0.1)(0.25)
Expected amount=$400+$1,000+$5,000
Expected amount=$6,400
Second step is to calculate the premium
Premium=Expected amount+ Average profit
Premium=$6,400+$500
Premium=$6,900
Inconclusion the premium that the insurance company should charge each year to realize an average profit of $500 is $6,900.
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Answer:
B. CH₅N
Explanation:
The combustion reaction of a compound CₐHₓNₙ with O₂ is:
CₐHₓNₙ + O₂ → a CO₂ + X/2 H₂O + n NO₂
Where 1 mole of CₐHₓNₙ with an excess of O₂ produce a moles of CO₂, X/2 moles of H₂O and n moles of NO₂
Thus, you need to convert the mass of CO₂ and H₂O to moles to find the C:H ratio and determine a possible empirical formula thus:
Moles CO₂ (Molar mass 44g/mol):
44g ₓ (1mol / 44g) = 1 mole CO₂ = 1 mole C
Mole of H₂O (Molar mass 18g/mol):
45g ₓ (1 mol / 18g) = 2.5 moles H₂O = 5 moles H
Thus, in the compound you have 5 moles of H per mole of C, and a possible empirical formula is:
B. CH₅N
The only structure that meet this C:H ratio
