Punkeytown carries no insurance for possible claims and, as of January 1, 2019 (the start of its fiscal year), Punkeytown had no outstanding claims. During 2019 a town water main burst, flooding the basements of two property owners. The property owners sued the town for damages. The town settled one claim in December 2019 for $5,000 and expected to pay it in early January 2020. The town's counsel believes the probable settlement amount on the second claim will be about $11,000, but he expected negotiations to drag on for 18 months before reaching agreement. Based on this information state how much Punkeytown will report as the liability for judgments and claims in its governmental fund balance sheet.
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Punkeytown carries no insurance for possible claims and, as of January 1, 2019 (the start of its fiscal year), Punkeytown had no ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
A risk premium A. is the minimum amount a decisionminusmaker would pay to avoid taking a risk. B. is the maximum amount a decisionminusmaker would pay to avoid taking a risk. C. is required to get a riskminusneutral person to make a fair bet. D.
Answers (1)
The process cost summary presents calculations of the cost of units completed during the reporting period, but does not present any information about the ending goods in process inventory. True or false?
Answers (1)
Raphael is training for a triathlon, a timed race that combines swimming, biking, and running. Consider the following sentence: Raphael has only 20 hours per week that he can devote to training for his race.
Answers (1)
Suppose a certain firm is able to produce 165 units of output per day when 15 workers are hired. the firm is able to produce 176 units of output per day when 16 workers are hired (holding other inputs fixed).
Answers (1)
The partnership contract for Hanes and Jones LLP provides that Hanes is to receive a bonus of 20% of net income (after the bonus) and that the remaining net income is to be divided equally.
Answers (1)
New Questions in Business
If using a thermometer that cannot be calibrated by cold or boiling methods, food handlers should check with whom to make sure the thermometer are calibrated correctly?
Answers (1)
Because the statistic called the standard deviation measures the volatility of a variable, it is used to measure the return of a portfolio. a. true b. false
Answers (1)
The City of Washington needs to upgrade its levies and its water drainage systems. The cost will exceed the amount of tax revenue the City expects to receive over the next 10 years.
Answers (1)
Suppose you are moving to a new college dorm and need to buy a new piece of furniture. which type of product is the furniture you purchase?
Answers (1)
Sundance Systems has the following transactions during July. July 5 Purchases 56 LCD televisions on account from Red River Supplies for $3,300 each, terms 3/10, n/30. July 8 Returns to Red River two televisions that had defective sound.
Answers (1)