Pacific Cruise Lines is a defendant in litigation involving a swimming accident on one of its three cruise ships. Required: 1. The likelihood of a payment occurring is probable, and the estimated amount is $1.22 million. 2. The likelihood of a payment occurring is probable, and the amount is estimated to be in the range of $1.02 to $1.22 million. 3. The likelihood of a payment occurring is reasonably possible, and the estimated amount is $1.22 million. 4. The likelihood of a payment occurring is remote, while the estimated potential amount is $1.22 million. Record the necessary entry for the scenarios given above. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in dollars, not in millions. For example, $5.5 million should be entered as 5,500,000.)
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Pacific Cruise Lines is a defendant in litigation involving a swimming accident on one of its three cruise ships. Required: 1. The ...” 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
The "over-the-counter" market received its name years ago because brokerage firms would hold inventories of stocks and then sell them by literally passing them over the counter to the buyer. a. True b. False
Answers (1)
Boeing produces commercial airliners. Assume that if Boeing produces 10 planes a year, its total costs are $500 million and that if produces 11 planes, its total costs are $560 million. The marginal cost of the 11th plane is $1 million. $60 million.
Answers (1)
Today most of our money is issued by Question 25 options: the Federal Reserve System individual states. Congress. the U. S. president.
Answers (2)
This year, Santhosh, a single taxpayer, estimates that his tax liability will be $100,000. Last year, his total tax liability was $15,000. He estimates that his tax withholding from his employer will be $35,000.
Answers (1)
59. What is a contingency? a. An existing situation where certainty exists as to a gain or loss that will be resolved when one or more future events occur or fail to occur. b.
Answers (1)
New Questions in Business
If it takes 40 hours to complete the first unit and the company knows from experience that the learning rate should be 0.80, how fast can they be expected to finish all twelve units? 289 hours 18 hours 264 hours 316 hours
Answers (1)
In year 1, Kris purchased a new home for $200,000 by making a down payment of $150,000 and financing the remaining $50,000 with a loan, secured by the residence, at 6 percent. As of January 1, year 4, the outstanding balance on the loan was $40,000.
Answers (1)
Which financial statement is prepared first?
Answers (2)
Ace Inc. is evaluating two mutually exclusive projects-Project A and Project B. The initial investment for each project is $50,000.
Answers (1)
How is solving the problem of organizing protistan diversity a model for understanding the process of science?
Answers (1)