28. TRUE or FALSE: Partners are liable for ordinary negligence. Group of answer choices True False

Q: Part I. Using the adjusted trial balance of Margie Decorating Services, compute for the following:…

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Q: What does a balance sheet show?

A: Balance sheet consists of all assets, All liabilities and owners equity.

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A: Hi student Since there are multiple questions, we will answer only first question.

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Contingent Liabilities and Provisions

A contingent liability can be defined as a liability the occurrence of which is dependent upon the happening of an uncertain future event. It is generally recorded in the books only when the amount of liability can be reasonably estimated and the contingency is likely to occur shortly.