Gain contingencies are recognized if they are: a. probable b. reasonably possible c. remote d. not...
Gain contingencies are recognized if they are:
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a. probable |
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b. reasonably possible |
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c. remote |
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d. not recognized |
Homework Answers
Gain contingencies related to the recovery of contingent losses are recognized when recovery is deemed probable.
The answer is a. Probable
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Gain contingencies are recognized if they are:
a. probable
b. reasonably possible
c. remote
d. not...
Contingent Corporation has the following contingencies on its horizon: $30,000 20,000 30,000 ? (a) A lawsuit...
Contingent Corporation has the following contingencies on its horizon: $30,000 20,000 30,000 ? (a) A lawsuit by Corporation Z, for which it is probable that Contingent will have to pay $20,000 (b) A reasonable possibility that Contingent will win a tax court case, resulting in a tax refund of $19,000 (c) A remote chance of hurricane damage to its building, resulting in a $17,000 loss (d) A reasonably possible chance that Contingent will win a $10,000 lottery. (Contingent's chief executive...
A gain contingency that is reasonably possible and for which the amount can be reasonably estimated...
A gain contingency that is reasonably possible and for which the amount can be reasonably estimated should be ________. accrued neither accrued nor disclosed classified as an appropriation of retained earnings disclosed but not accrued
In which scenario is a journal entry required for a contingent loss? a)The likelihood of the loss is remote, and a reaso...
In which scenario is a journal entry required for a contingent loss? a)The likelihood of the loss is remote, and a reasonable estimate can be made. b) The likelihood of the loss is probable, and a reasonable estimate can be made. c) The likelihood of the loss is probable, and a reasonable estimate cannot be made. d) The likelihood of the loss is reasonably possible, and a reasonable estimate can be made.
A contingent liability that is probable and can be reasonably estimated must be I. Disclosed. a....
A contingent liability that is probable and can be reasonably estimated must be I. Disclosed. a. b. Not disclosed. Recorded. d. Paid. 2. Suppose that Neuman Exploration Tours has filed a lawsuit against a competitor for an alleged trademark violation. At the end of the year, Neuman's attorney estimates that the company will likely win the lawsuit and be awarded between S1.5 and $2 million, with the most likely amount being S1.8 million. How much should Neuman record as a...
S11-12 Accounting treatment for contingencies Freeman Motors, a motorcycle manufacturer, had the following contingencies. a. Freeman...
S11-12 Accounting treatment for contingencies Freeman Motors, a motorcycle manufacturer, had the following contingencies. a. Freeman estimates that it is reasonably possible but not likely that it will lose a current lawsuit. Freeman's attorneys estimate the potential loss will be $4,500,000. b. Freeman received notice that it was being sued. Freeman considers this lawsuit to be frivolous. I c. Freeman is currently the defendant in a lawsuit. Freeman believes it is likely that it will lose the lawsuit and estimates...
P 13-6 Various contingencies • L013-5, L013-6 Easter Manufacturing is involved with several situations that possibly...
P 13-6 Various contingencies • L013-5, L013-6 Easter Manufacturing is involved with several situations that possibly involve contingencies. Each is described below. Eastern's fiscal year ends December 31, and the 2021 financial statements are issued on March 15, 2022. a. Eastern is involved in a lawsuit resulting from a dispute with a supplier. On February 3, 2022, judgment was rendered against Eastern in the amount of S107 million plus interest, a total of S122 million. Eastern plans to appeal the...
P 13–6 Various contingencies QL013–5, 1013–6 Eastern Manufacturing is involved with several situations that possibly involve...
P 13–6 Various contingencies QL013–5, 1013–6 Eastern Manufacturing is involved with several situations that possibly involve contingencies. Each is described below. Eastern's fiscal year ends December 31, and the 2021 financial statements are issued on March 15, 2022. a. Eastern is involved in a lawsuit resulting from a dispute with a supplier. On February 3, 2022, judgment was rendered against Eastern in the amount of $107 million plus interest, a total of $122 million. Eastern plans to appeal the judgment...
Eastern Manufacturing is involved with several situations that possibly involve contingencies. Each is described below. Eastern's...
Eastern Manufacturing is involved with several situations that possibly involve contingencies. Each is described below. Eastern's fiscal year ends December 31, and the 2021 financial statements are issued on March 15, 2022. a. Eastern is involved in a lawsuit resulting from a dispute with a supplier. On February 3, 2022, judgment was rendered against Eastern in the amount of $111 million plus interest, a total of $126 million. Eastern plans to appeal the judgment and is unable to predict its...
Eastern Manufacturing is involved with several situations that possibly involve contingencies. Each is described below. Eastern's...
Eastern Manufacturing is involved with several situations that possibly involve contingencies. Each is described below. Eastern's fiscal year ends December 31, and the 2021 financial statements are issued on March 15, 2022. a. Eastern is involved in a lawsuit resulting from a dispute with a supplier. On February 3, 2022, judgment was rendered against Eastern in the amount of $112 million plus interest, a total of $127 million. Eastern plans to appeal the judgment and is unable to predict its...
5 Eastern Manufacturing is involved with several situations that possibly involve contingencies. Each is described below....
5
Eastern Manufacturing is involved with several situations that possibly involve contingencies. Each is described below. Eastern's fiscal year ends December 31, and the 2018 financial statements are issued on March 15, 2019. a. Eastern is involved in a lawsuit resulting from a dispute with a supplier. On February 3, 2019, judgment was rendered against Eastern in the amount of $117 million plus interest, a total of $132 million. Eastern plans to appeal the judgment and is unable to predict...
A contingent liability that is probable and can be reasonably estimated must be I. Disclosed. a. b. Not disclosed. Recorded. d. Paid. 2. Suppose that Neuman Exploration Tours has filed a lawsuit against a competitor for an alleged trademark violation. At the end of the year, Neuman's attorney estimates that the company will likely win the lawsuit and be awarded between S1.5 and $2 million, with the most likely amount being S1.8 million. How much should Neuman record as a...
S11-12 Accounting treatment for contingencies Freeman Motors, a motorcycle manufacturer, had the following contingencies. a. Freeman estimates that it is reasonably possible but not likely that it will lose a current lawsuit. Freeman's attorneys estimate the potential loss will be $4,500,000. b. Freeman received notice that it was being sued. Freeman considers this lawsuit to be frivolous. I c. Freeman is currently the defendant in a lawsuit. Freeman believes it is likely that it will lose the lawsuit and estimates...
P 13-6 Various contingencies • L013-5, L013-6 Easter Manufacturing is involved with several situations that possibly involve contingencies. Each is described below. Eastern's fiscal year ends December 31, and the 2021 financial statements are issued on March 15, 2022. a. Eastern is involved in a lawsuit resulting from a dispute with a supplier. On February 3, 2022, judgment was rendered against Eastern in the amount of S107 million plus interest, a total of S122 million. Eastern plans to appeal the...
P 13–6 Various contingencies QL013–5, 1013–6 Eastern Manufacturing is involved with several situations that possibly involve contingencies. Each is described below. Eastern's fiscal year ends December 31, and the 2021 financial statements are issued on March 15, 2022. a. Eastern is involved in a lawsuit resulting from a dispute with a supplier. On February 3, 2022, judgment was rendered against Eastern in the amount of $107 million plus interest, a total of $122 million. Eastern plans to appeal the judgment...
Eastern Manufacturing is involved with several situations that possibly involve contingencies. Each is described below. Eastern's fiscal year ends December 31, and the 2021 financial statements are issued on March 15, 2022. a. Eastern is involved in a lawsuit resulting from a dispute with a supplier. On February 3, 2022, judgment was rendered against Eastern in the amount of $111 million plus interest, a total of $126 million. Eastern plans to appeal the judgment and is unable to predict its...
Eastern Manufacturing is involved with several situations that possibly involve contingencies. Each is described below. Eastern's fiscal year ends December 31, and the 2021 financial statements are issued on March 15, 2022. a. Eastern is involved in a lawsuit resulting from a dispute with a supplier. On February 3, 2022, judgment was rendered against Eastern in the amount of $112 million plus interest, a total of $127 million. Eastern plans to appeal the judgment and is unable to predict its...
5
Eastern Manufacturing is involved with several situations that possibly involve contingencies. Each is described below. Eastern's fiscal year ends December 31, and the 2018 financial statements are issued on March 15, 2019. a. Eastern is involved in a lawsuit resulting from a dispute with a supplier. On February 3, 2019, judgment was rendered against Eastern in the amount of $117 million plus interest, a total of $132 million. Eastern plans to appeal the judgment and is unable to predict...
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