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Explain the concept of a contingent liability

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Reference no: EM132822481

Problem 1: Journalize how an employer pays out a benefit right away such as a retirement plan. Explain your reasoning.

Problem 2: Journalize how an employer accounts for a benefit that isn't collected right away, such as vacation pay. Then, use your best judgment to do the journal entry for when the employee cashes in on that benefit. Explain all your reasoning.

Problem 3: Explain the concept of a contingent liability and show how a liability like this would be journalized, both in its initiation and when it has to be paid out.

Reference no: EM132822481

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