Business, 31.05.2020 03:58, Ryvers

Pacific Cruise Lines is a defendant in litigation involving a swimming accident on one of its three cruise ships.1. The likelihood of a payment occurring is probable, and the estimated amount is $1.14 million. 2. The likelihood of a payment occurring is probable, and the amount is estimated to be in the range of $0.94 to $1.14 million. 3. The likelihood of a payment occurring is reasonably possible, and the estimated amount is $1.14 million. 4. The likelihood of a payment occurring is remote, while the estimated potential amount is $1.14 million. Record the necessary entry for the scenarios given above.

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answered: val4218

1. The likelihood of a payment occurring is probable, and the estimated amount is $1.14 million.

Dr Law suit loss 1,140,000 Cr Law suit liability 1,140,000

2. The likelihood of a payment occurring is probable, and the amount is estimated to be in the range of $0.94 to $1.14 million.

Dr Law suit loss 940,000 Cr Law suit liability 940,000

US GAAP allows companies to record probable losses at lowest estimated value.

3. The likelihood of a payment occurring is reasonably possible, and the estimated amount is $1.14 million.

no journal entry is required, only a disclosure in the footnotes of the financial statements.

A contingent liability (or loss) that is only possible, but not probable, does not need to be journalized and recorded. It only needs to be disclosed in the footnotes of the financial statements.

4. The likelihood of a payment occurring is remote, while the estimated potential amount is $1.14 million.

no journal entry is required

A contingent liability (or loss) that is remote, does not need to be journalized or recorded, nor included in the footnotes of the financial statements.

answered: Guest

answer; ///i believe the best answer from the above question is (c) a method of making a purchase by trading items instead of using money; plz check first.good luck

answered: Guest

$527.7.if the following was the question $527.7 is the answer.students who are trying to raise funds have an agreement with a local pizza chain. the chain has agreed to sell them pizzas at a discount, which the students can then resell to families in the local community for a profit. it is expected that of the 500 families in the community, at most 70% will buy pizza. based on a survey of their personal preferences, the students believe that they should order no more than 120 cheese pizzas, no more than 150 pepperoni pizzas, and no more than 100 vegetarian pizzas. they also want to make sure that at least 20% of the total pizzas are cheese and at least 50% of the pizzas are pepperoni. they make a profit of $1.45, $1.75, and $1.98, respectively, for each cheese, pepperoni, and vegetarian pizza they resell. how many pizzas of each type should they buy?

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Pacific Cruise Lines is a defendant in litigation involving a swimming accident on one of its three...