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What else can I help you with?
Do you need workers compensation insurance in Minnesota for sub contractor truckers?
Yes, either that or Occupational Accident and Contingent Liability. These are often less expensive than Comp and can be customized.
What is the difference between contingent liability and off balance sheet liability?
There is no difference between Contingent Liability and Off Balance Sheet Liability.
What is journal entry for contingent liability?
the Journal entry for the above isRelated Expinditure DrContigent liability CR
Is the contingent liability added to the total liability?
Contingent liabilities are not added to total liabilities but shown as a note to financial statements that these are the liabilities that are contingent on certain event
How does contingent liability impact earnings?
Contingent liability can impact earnings because it is a projected and future liability. Not knowing what the outcome of the liability is, it can unexpectedly affect a large amount of earnings.
Journal entry for contingent liability?
There is no journal entry for contingent liability because contingent means which is not occurred and not sure that when will that liability will be created or liability is depended on certain event that's why contingent liability is shown under financial statements notes as contingent liability.
How do you record contingent liabilities?
A contingent liability is recorded in financial statements or books of accounts only if it is a probable contingency and if the liability amount can be estimated. No need to make a journal entryÊif the contingent liability is possible but not probable.Ê
What is the differnent between a current liability for an uncertain amount and a contingent liability?
Under current liability of uncertain amount liability is created on company although actual amount is unknown but in contingent liability, liability is not created on company unless specific date or time or occurence of any contingent action or activity.
Where contingent liability shown in balance sheet?
Contingent liability is not shown in balance sheet because the actual occurance or amount of liability is unknown until some specific future time or event that's why it is shown as note in notes to financial statement section.
Is contingent liability credit or debit?
Contingent liability is not shown in financial statments until it if considerably clear that liability will be happend and until that time it is shown as a note in notes to financial statement section.
Is a volunteer firefighter considered an employee?
Excellent question! Some states say that if a volunteer is compensated with so much as a t-shirt or a sandwich, that worker becomes an employee. It depends on the state & your agreement (unless the state's rules override your agreement.) Since your question is in the Work Comp (WC) category, I assume you're interested in WC requirements of the group. If your volunteer unit does not provide WC, you might ask them to consider Occupational Accident and Contingent Liability coverage. Available in most states, Occupational Accident coverage can be customized and often is less expensive than Comp. They aren't the same, though, and when used for independent contractors & volunteers I personally feel it should *always* be paired with Contingent Liability. Your group's insurance agent can help.
Contingent liability is?
A potential liability that arises from a past transaction and is dependent on a future event.
