Which of the following is an example of a contingent liability?
a. A lawfuit pending against a restaurant chain for improper storage of perishable food items.
b. The liability for future warranty repairs on computers sold during the current period.
c. A corporation’s long-term employment contract with its chief executive officer.
d. A liability for notes payable with interest included in the face amount.
A contingent liability is a portion of any contract or agreement which may or may not be activated in the future as an expense. Thus, B is your answer, because computers may or may not need repair in the future; whereas in all the other answers, there is no choice but to pay for the future expenses.
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Progressive International LKS-06 Lettuce Keeper $10.90 Help preserve your lettuce and produce and keep it fresh and tasty with the Lettuce and Produce Keeper preserving container from Progressive. Using an adjustable air vent and water reservoir, the keeper simulates more natural conditions for the produce, while helps to keep it healthy and fresh tasting. An included divider segments the container so you can preserve more than one produce type at a t… |
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