Which of the following is a contingent liability?
a. Note payable with interest included in face amount
b. Excise tax payable
c. Property tax liability
d. Disputed additional tax assessment
D
You might also like to view...
Answer the following statements true (T) or false (F)
1. One goal of robust design is to design products that can handle variations in the price of raw materials. 2. There are two categories of control charts: one for monitoring attributes and the other for monitoring variables. 3. A difference between a p-chart and a c-chart is that a p-chart identifies the number of defects in each unit. 4. One of the categories in a fishbone diagram is “middle-men” (one example of middle-men is wholesaler).
Hotels shifting customers from overbooked rooms to other hotels is an example of?
a. Outsourcing b. Capacity sharing c. Capacity swapping d. Capacity leasing
When an employee has been fired without just cause, on what basis will a court award damages?
A) One month per year of service. B) Reasonable notice C) For junior employees, the notice period set out in provincial employment law D) for senior employees, the common law standard. E) One week per year of service
Oregon Co. began operations on January 1, Year 1, by issuing $10,000 in common stock to the stockholders. On March 1, Year 1, Oregon received $36,000 cash in advance from a client for services and promised to perform those services for a one-year period beginning April 1, Year 1. During Year 1, services in the amount of $32,000 were provided to customers on account, and 80% of this amount was collected by year-end. During Year 1, operating expenses incurred on account were $24,000, and 60% of this amount was paid by year-end. During the year, Oregon paid $1,200 to purchase supplies. By year-end, $1,080 of the supplies had been used. Dividends to stockholders were $2,000 during the year. During Year 1, Oregon paid salaries of $28,000, and on December 31, Year 1, the company accrued
salaries of $2,800. Oregon recorded all appropriate adjusting entries at year end.Required:1) What would Oregon report for service revenue for Year 1?2) What would Oregon report for salaries expense for Year 1?3) What would Oregon report for supplies expense for Year 1?4) What would the amount be for net cash flows from operating activities for Year 1?5) What is the net income for Year 1?6) What would the balance in the retained earnings account be at December 31, Year 1? What will be an ideal response?