Uncertainties such as natural disasters are: Multiple Choice Not contingent liabilities because they are future events not arising from past transactions or events. Contingent liabilities because they are future events arising from past transactions or events. Disclosed because of their usefulness to financial statements. Estimated liabilities because the amounts are uncertain. Reported in the same way as debt guarantees.

Fanning books buys books and magazines directly from publishers and distributes them to grocery stores. the wholesaler expects to purchase the following inventory: april may june required purchases (on account) $ 111,000 $ 131,000 $ 143,000 fanning books accountant prepared the following schedule of cash payments for inventory purchases. fanning books suppliers require that 85 percent of purchases on account be paid in the month of purchase; the remaining 15 percent are paid in the month following the month of purchase. required complete the schedule of cash payments for inventory purchases by filling in the missing amounts. determine the amount of accounts payable the company will report on its pro forma balance sheet at the end of the second quarter.

Abank has $132,000 in excess reserves and the required reserve ratio is 11 percent. this means the bank could have in checkable deposit liabilities and in (total) reserves.

In 1975, mcdonald’s introduced its egg mcmuffin breakfast sandwich, which remains popular and profitable today. this longevity illustrates the idea of: