Contingent liabilities should be recorded in the accounts when: it is possible the future event will occur the amount of the liability can be reasonably estimated. both of the above either of the above

The articles of partnership for Pal-Trotter Partnership provide for a salary allowance of $5,000 per month for partner Trotter, with the balance of net income to be divided equally.

Which situation is the best example of competition in an economic system? a. A restaurant just opened down the block from a movie theater, and the restaurant owner hopes to attract diners after each movie. b.

He balance shown in the August bank statement of Colt Company was $22,400. After examining the August bank statement and items included with it, the company's accountant found: Checks outstanding $4,500 NSF check 140 Note collected by bank for the

The Nautical Corporation manufactures custom-made wood wall units. The following data pertains to Job X4A: Direct materials placed into production $9,000 Direct labor hours worked 300 hours Direct labor rate per hour $15 Machine hours worked 100

One of the ways governments try to bring their (market) economies out of recession, to reduce unemployment, etc. is by A) enacting price controls and rationing rules. BY) raising the minimum wage and lowering employment ages.

A company has budgeted sales for January and February of 20,000 and 25,000 units, respectively. The selling price is $5 per unit and the purchase price is $3 per unit. Budgeted ending inventory is 10% of the next month's sales.

When the economy is weakening the fed is likely to decrease short-term interest rates?

When bart heard an ad state that kraft's pasta anytime microwave meals could be prepared in three minutes, he thought that he would find the meals in his supermarket's frozen food aisle with other microwave meals.

ManyEEs Inc. is a private consulting company that did not effectively forecast its HR staffing needs or the consumer demand for its services. On January 1, 2018, ManyEEs Inc.

The use of long-term savings to earn a financial reward is called