Under what conditions should a pending lawsuit be recognized in a company's financial statements? Under what conditions should the lawsuit be disclosed in the notes to the financial statements?
What will be an ideal response?
A pending lawsuit should be recognized in a company's financial statements if the outcome is deemed to be probable, and if its amount can be reasonably estimated. The lawsuit should be disclosed in the notes to the financial statements if the outcome is reasonably possible, or, if probable but the amount cannot be reasonably estimated.
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What can a retailer do to increase inventory turnover, and what are the drawbacks to these approaches?
What will be an ideal response?
A business maintains subsidiary accounts for each of its customers. On April 7, the business provides $2,500 in services to Anne Hill on account. The business sells $4,000 (sales price) of merchandise inventory to Ron Wilson on account.
The full amount was collected from each customer on April 26.
Prepare the journal entries for April 7 and April 26. Ignore Cost of Goods Sold and omit explanations.
Which of the following is the most accurate generalization of members of Generation Y?
A) Many people in this segment seem determined to have stable families after growing up as latchkey children. B) Members of this generation are currently responsible for the majority of new start-up businesses in the United States. C) Members of this generation were born in the years immediately following the end of World War II. D) Members of this generation are willing to spend money to stay young, healthy, and attractive. E) Members of this generation are more difficult to reach through television advertising than members of older generations are.
Which of the following organizational actions would LEAST likely help enhance the positive effects of diversity on teams?
a. Developing social contacts and relationships between workers of different backgrounds b. Equalizing status c. Creating a psychologically safe environment d. Teaching about cultural differences