A contingent liability should be recorded in a company's financial statements only if the likelihood of a loss occurring is: At least remotely possible and the amount of the loss is known. At least reasonably possible and the amount of the loss is known. At least reasonably possible and the amount of the loss is reasonably estimable. O Probable and the amount of the loss can be reasonably estimated. 0.5 points Save Answer QUESTION 22 Large, highly-rated firms sometimes sell commercial paper: To borrow funds at a lower rate than through a bank. To improve their credit rating. To borrow funds when they cannot obtain a loan from a bank. Because they can't borrow anywhere else. QUESTION 23 Which of the following are employer payroll costs? 1 FICA taxes Il Federal and state unemployment taxes Ill. Federal and state income taxes IV. Employer contributions to a retirement plan. 11, and IV I and IV III and IV ll and illi QUESTION 24 Which of the following would not result in an increase in both the current ratio and the acid test ratio? Increase in current investments Increase in cash Increase in accounts receivable Increase in inventory