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 $1.27 million. 2. The likelihood of a payment occurring is probable, and the amount is estimated to be in the range of $1.07 to $1.27 million. 3. The likelihood of a payment occurring is reasonably possible, and the estimated amount is $1.27 million. 4. The likelihood of a payment occurring is remote, while the estimated potential amount is $1.27 million. Record the necessary entry for the scenarios given above. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in dollars, not in millions. (i.e. 5.5 should be entered as 5,500,000).) 2 4 Record the contingent liability if needed. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet Journal entry worksheet く 3 4 4 Record the contingent liability if needed. Record the contingent liability if needed. Note: Enter debits before credits. Note: Enter debits before credits. Transaction General Journal Debit Credit Transaction General Journal Debit Credit Record entry Clear entry View general journal Record entry Clear entry View general journal 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 $1.27 million. 2. The likelihood of a payment occurring is probable, and the amount is estimated to be in the range of $1.07 to $1.27 million. 3. The likelihood of a payment occurring is reasonably possible, and the estimated amount is $1.27 million. 4. The likelihood of a payment occurring is remote, while the estimated potential amount is $1.27 million. Record the necessary entry for the scenarios given above. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in dollars, not in millions. (i.e. 5.5 should be entered as 5,500,000).)

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 $1.27 million. 2. The likelihood of a payment occurring is probable, and the amount is estimated to be in the range of $1.07 to $1.27 million. 3. The likelihood of a payment occurring is reasonably possible, and the estimated amount is $1.27 million. 4. The likelihood of a payment occurring is remote, while the estimated potential amount is $1.27 million. Record the necessary entry for the scenarios given above. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in dollars, not in millions. (i.e. 5.5 should be entered as 5,500,000).) 2 4 Record the contingent liability if needed. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet Journal entry worksheet く 3 4 4 Record the contingent liability if needed. Record the contingent liability if needed. Note: Enter debits before credits. Note: Enter debits before credits. Transaction General Journal Debit Credit Transaction General Journal Debit Credit Record entry Clear entry View general journal Record entry Clear entry View general journal 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 $1.27 million. 2. The likelihood of a payment occurring is probable, and the amount is estimated to be in the range of $1.07 to $1.27 million. 3. The likelihood of a payment occurring is reasonably possible, and the estimated amount is $1.27 million. 4. The likelihood of a payment occurring is remote, while the estimated potential amount is $1.27 million. Record the necessary entry for the scenarios given above. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in dollars, not in millions. (i.e. 5.5 should be entered as 5,500,000).)

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter18: Comparative Forms Of Doing Business

Section: Chapter Questions

Problem 4P

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