Think of competitors that sell the same thing, for example Pacific Coffee or Pretz.
When a contingent event that may give rise to a future loss is likely to occur, it is said to be contingent liability.
A contingent liability is a possible loss that could arise due to an event in the future. Such losses are regarded as probable losses or could also be said to be reasonably possible losses
Examples of contingent liability that has the probability of happening in the future is a lawsuit or the warranties from a product.
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Answer:
✓Vehicle type
✓date placed in service
✓total mileage (including business, commuting and personal)
Explanation:
IRS guidelines available for automobile
deductible is that if one is using his cat for business purposes, the entire cost of ownership as well as operation can be deducted. But if the car is for business and personal purposes, the cost for the business use can be deducted.
The three items that are are included in the substantiation requirements are;
✓Vehicle type
✓date placed in service
✓total mileage (including business, commuting and personal)
Answer:
Total assets turnover = 1.2 times
Explanation:
Total assets turnover tells the efficiency of a firm's assets in generating revenue.
The formula for total assets turnover is net sales over average total assets.
Total assets turnover = Sales / average total assets
Total assets turnover = 3010 / 2510 = 1.199 or 1.2 times