Chapter 11 Current Liabilities and Payroll Questions 1. A current liability is one that is payable within the coming year or within the company’s normal operating cycle if longer than a year. All other liabilities are long-term. A contingent liability is a potential liability that depends on a future event arising out of past events. The future event will determine the amount and existence of the liability. A contingent liability may or may not become an actual obligation. 2. The company reports
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world-class business. Which student is correct? A. Both B. Student A only C. Neither D. Student B only 3. Which of the following represents the basic accounting equation? A. Owners ’ Equity − Liabilities = Assets B. Liabilities = Assets + Owners ’ Equity C. Assets = Liabilities + Owners ’ Equity D. Assets + Liabilities = Owners ’ Equity 4. Nearly a week before Hurricane Katrina reached New Orleans‚ Wal-Mart began moving trucks and supplies into position‚ as specified in the company ’s ________ plan.
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India’s large population - asset or liability? In his theory of population‚ Malthus stressed the need of keeping population within limits to the point he called Optimum. At this point in time‚ India has a population of about 1.27 billion people‚ and it supports upto 17% of the entire world’s population. Of these 1.27 billion people‚ 50% are below the age of 25‚ and 65% are below the age of 35. This means that the major part on India’s population are students and young workers. There are more
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Liability Alex Washington ACC 205 Principles of Accounting I Instructor: James Rodisch July 28‚ 2013 1. Payroll accounting. Assume that the following tax rates and payroll information pertain to Brookhaven Publishing: * Social Security taxes: 6% on the first $55‚000 earned per employee * Medicare taxes: 1.5% on the first $130‚000 earned per employee * Federal income taxes withheld from wages: $7‚500 * State income taxes: 5% of gross earnings * Insurance withholdings:
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2. THE FEATURES OF THE LIMITED LIABILITY COMPANY Limited Liability Company‚ along with other types of business entities‚ as well as business partnerships‚ cooperatives‚ state and municipal unitary enterprise is a commercial organization‚ namely organizations that pursue profit as the main goal of their activities and distributing the profits among the participants. This limited liability is characterized by the fact that the current (operational) management in the company (as opposed to partnerships)
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July 4‚ 2012 BAM530 Business Ethics Unit 3 Question #3: Evaluate the concept of strict liability. Strict liability is the legal responsibility levied on a person or company for certain damages or injury even if they were not at fault. Strict liability can even apply even if the person or company did not physically commit any act to cause the actual injury. Corporations can be held liable for the defects of their product even if they did not know about the problem or harm
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The alternative liability theory is most often used when two or more tortfeasors simultaneously commit independent acts of negligence‚ but only one act causes the injury‚ the plaintiff is then relieved from the burden of proof with respect to causation‚ and may sue both tortfeasors without direct proof of causation. However‚ the burden thus shifts to the defendant to exculpate them. Otherwise‚ defendants will be held joint and severally liable. In addition‚ the alternative liability theory has a
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Question 1 Mary v Peter Issue Given that Mary was injured by Peters’ act‚ is he solely liable for the accident? Law * In this case‚ we have to look at the Civil Liability Act 2002 (NSW) to determine who was negligent and in specific‚ we use s 5B(1)‚ s 5B(2) and s 5R of the Civil Liability Act 2002 (NSW); s 5B(1) for the reasonable foreseeability test‚ s 5B(2) for determining if the standard of reasonable care has been breached and s 5R for contributory negligence. * Where both the
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Lender Liability and the Duty of Good Faith I. Introduction From time to time‚ lenders and their attorneys announce that lender liability is no longer an issue with which the lending community needs to be concerned. What usually prompts this proclamation of the death of lender liability is a recent case in which a court has summarily rejected a borrower ’s claim that the lender violated the duty of good faith and fair dealing. Many courts have rejected borrowers ’ lawsuits which are based on
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Indeterminate Liability Liability is indeterminate only when the number of claims or the size of the claims cannot be realistically calculated. Therefore‚ indeterminacy depends upon what the defendant knew or ought to have known regarding the number of claimants and the nature of their likely claims. Hence‚ liability will not be imposed if it may lead to liability in an indeterminate time to an indeterminate class. In assessing indeterminacy in this case‚ 23andMe is a genome-testing organisation
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