Known liabilities are agreements, contracts, or laws that are measurable and have little uncertainty.
Known liabilities are agreements, contracts, or laws that are measurable and have little uncertainty.
Homework Answers
True, Known liabilities are debts that a company has little uncertainty about. The company knows who to pay, how much to pay them, and when the payment is due. Most of the time, known liabilities come from contracts, agreements, or laws. The most common known liabilities are accounts payable, sales tax payable, payroll liabilities, and contracted notes payable.
Add Answer to:
Known liabilities are agreements, contracts, or laws that are
measurable and have little uncertainty.
journal Required information Known (determinable) current liabilities are set by agreements or laws and are measurable...
journal
Required information Known (determinable) current liabilities are set by agreements or laws and are measurable with little uncertainty. They include accounts payable, sales taxes payable, unearned revenues, notes payable, payroll liabilities, and the current portion of long-term debt. Knowledge Check 01 On March 1, a designer received a check for $7,500 from a customer for services to be provided after the customer chooses a color scheme for the first floor of her house. On July 31, the designer completed...
revenue portion Required information Known (determinable) current liabilities are set by agreements or laws and are...
revenue portion
Required information Known (determinable) current liabilities are set by agreements or laws and are measurable with little uncertainty. They include accounts payable, sales taxes payable, unearned revenues, notes payable, payroll liabilities, and the current portion of long-term debt. Knowledge Check 01 On February 13, a jewelry store sells an engagement ring with a sales price of $10,000 to a nervous young man, who pays in cash. The sale is subject to a 9.75 percent sales tax. Prepare the...
In a deterministic model, A) There’s uncertainty associated with its parameters B) There’s a measurable outcome...
In a deterministic model, A) There’s uncertainty associated with its parameters B) There’s a measurable outcome C) All its parameters are known with complete certainty D) Computation must be done manually without computer software
court for enforcement of international contracts. We also discussed how Countries enter into agreements called Treaties...
court for enforcement of international contracts. We also discussed how Countries enter into agreements called Treaties (not contracts) with each other. In order to encourage other countries to keep their treaty promises, Governments will sometimes impose international sanctions. In a short paragraph, please answer the following questions: 1 - what is a sanction? 2 - how do sanctions encourage governments to keep their treaty promises? 3 - name two types of sanctions that Canada imposes and give examples of two...
All airlines will have agreements with airports that outline the airline’s route structure. Discuss the core...
All airlines will have agreements with airports that outline the airline’s route structure. Discuss the core components of the airport impact within airline management, as it relates to practices of managerial planning, organizing, staffing, directing, and controlling. Identify the airport impact from a gate lease, operations, seasonal contracts perspective, etc. as it relates to strategies designed to gain market share, increase product development, and penetrate new markets.
Your hospital faces considerable revenue uncertainty because you have to negotiate contracts with several health insurance...
Your hospital faces considerable revenue uncertainty because you have to negotiate contracts with several health insurance companies. You forecast a 10% chance your total inpatient revenue from Florida blue will be $456,000, a 20% chnace that your inpatient revenue from Medicare will be 575,634, a 30 percent chance that your inpatient revenue from Medicaid is 300,000, a 40 percent chance that your will get 60% back of your bad debt (600,000) from Medicaid disproportionate share dollars program. Your costs are...
Background: Contracts are essential for business, and will be an integral part of GC operations, so...
Background: Contracts are essential for business, and will be an integral part of GC operations, so the owners now want to focus on contract law. Each of the owners has experience with contracts in their businesses, and appreciate the probable risks and liabilities associated with contracts. They also know that to avoid possible disputes with employees and clients, contracts should be comprehensive, clear, and specific. The GC owners know that there are various types of contract agreements relevant to their...
15 PTS: QUESTION 6 - SERVICE CONTRACTS / AGREEMENTS 2 PARTS) On October 1, 2019 GOOD...
15 PTS: QUESTION 6 - SERVICE CONTRACTS / AGREEMENTS 2 PARTS) On October 1, 2019 GOOD LAWNS, INC and PENNY PALS COMPANY entered into a 2 year agreement. GOOD LAWNS will provide monthly landscaping services to PENNY PALS at a cost of $500 per month **PART 1: REQUIRED" How much landscaping revenue should GOOD LAWNS record for each time period below (assume accrual basis): . Over the entire 2 year contract • Revenue for 2019? • Revenue for 2020? •...
Background: Contracts are essential for business, and will be an integral part of GC operations, so the owners now want...
Background: Contracts are essential for business, and will be an integral part of GC operations, so the owners now want to focus on contract law. Each of the owners has experience with contracts in their own businesses, and appreciate the probable risks and liabilities associated with contracts. They also know that to avoid possible disputes with employees and clients, contracts should be comprehensive, clear and specific. The GC owners know that there are various types of contract agreements relevant to...
Which of the represent disadvantages of a cash purchase of target stock? Buyer responsible for known...
Which of the represent disadvantages of a cash purchase of target stock? Buyer responsible for known and unknown liabilities. Buyer may avoid need to obtain consents to assignments on contracts. NOLs and tax credits pass to the buyer. No state sales transfer, or use taxes have to be pai Enables circumvention of target’s board in the event a hostile takeover is initiated.
journal
Required information Known (determinable) current liabilities are set by agreements or laws and are measurable with little uncertainty. They include accounts payable, sales taxes payable, unearned revenues, notes payable, payroll liabilities, and the current portion of long-term debt. Knowledge Check 01 On March 1, a designer received a check for $7,500 from a customer for services to be provided after the customer chooses a color scheme for the first floor of her house. On July 31, the designer completed...
revenue portion
Required information Known (determinable) current liabilities are set by agreements or laws and are measurable with little uncertainty. They include accounts payable, sales taxes payable, unearned revenues, notes payable, payroll liabilities, and the current portion of long-term debt. Knowledge Check 01 On February 13, a jewelry store sells an engagement ring with a sales price of $10,000 to a nervous young man, who pays in cash. The sale is subject to a 9.75 percent sales tax. Prepare the...
court for enforcement of international contracts. We also discussed how Countries enter into agreements called Treaties (not contracts) with each other. In order to encourage other countries to keep their treaty promises, Governments will sometimes impose international sanctions. In a short paragraph, please answer the following questions: 1 - what is a sanction? 2 - how do sanctions encourage governments to keep their treaty promises? 3 - name two types of sanctions that Canada imposes and give examples of two...
15 PTS: QUESTION 6 - SERVICE CONTRACTS / AGREEMENTS 2 PARTS) On October 1, 2019 GOOD LAWNS, INC and PENNY PALS COMPANY entered into a 2 year agreement. GOOD LAWNS will provide monthly landscaping services to PENNY PALS at a cost of $500 per month **PART 1: REQUIRED" How much landscaping revenue should GOOD LAWNS record for each time period below (assume accrual basis): . Over the entire 2 year contract • Revenue for 2019? • Revenue for 2020? •...
Most questions answered within 3 hours.
-
The tires of a car make 61 revolutions as the car reduces its
speed uniformly from...
asked 5 minutes ago -
Peabody, Inc., sells fireworks. The company’s marketing director
developed the following cost of goods sold budget...
asked 9 minutes ago -
A signal transduction pathway includes the steps listed
below.
1. An inactive signal transduction molecule is...
asked 8 minutes ago -
1. The correlation coefficient determined for two variables has
a value of 0.89. Describe, in words,...
asked 14 minutes ago -
The following data relate to direct materials costs for
November:
Actual costs
4,700 pounds at $5.35...
asked 13 minutes ago -
Kyle, a 95.0 kg football player, leaps straight up into the air
(with no horizontal velocity)...
asked 36 minutes ago -
Which of the following is a measure of profitability?
A.
Quick (acid-test) ratio
B.
Net sales...
asked 39 minutes ago -
Find the total pressure exerted by 2 grams of ethane and 3 grams
of CO2 contained...
asked 40 minutes ago -
A fireman standing on a 5.2 m high ladder operates a water hose
with a round...
asked 37 minutes ago -
A cream formulation is studied for accelerated stability study.
Creaming was observed when formulation was tested...
asked 40 minutes ago -
A 1,150 lumen light bulb is placed 37 cm in front of a mirrored
wall, whose...
asked 50 minutes ago -
Given that z is a standard normal random variable, compute the
following probabilities (to 4 decimals)....
asked 56 minutes ago