A contingent liability is best described as a(n)
a. current liability.
b. probable liability.
c. potential liability.
d. estimated liability.
C
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On April 24 of the current year, The Memphis Pecan Company experienced a tornado that destroyed the company's entire inventory. At the beginning of April, the company reported beginning inventory of $228,650. Inventory purchased during April (until the date of the tornado) was $199,700. Sales for the month of April through April 24 were $644,400. Assuming the company's typical gross profit ratio is 50%, estimate the amount of inventory destroyed in the tornado.
A. $106,150 B. $322,200 C. $216,050 D. $158,738 E. $214,175
Which of the following is FALSE about optional elements appearing after the complimentary close?
a. An enclosure notation must identify the number and type of enclosure. b. A copy notation appears below the enclosure notation. c. The company name is optional when letterhead is used. d. The computer file notation provides information about where the file can be found on the computer network.
In regression, an independent variable is sometimes called a response variable
Indicate whether the statement is true or false
You have $50,000 invested in an account paying 3.50%. If you just finished paying your total college expenses for the coming year and your college costs $19,000 per year, how many years will your money last?
Treat your costs like an annuity with the first payment one year from today.) Use a financial calculator. What will be an ideal response?