Question 18 (1 point) Saved Under ASPE, a contingent liability is recorded in the accounting records under no circumstances. if the contingency has not already been disclosed in the notes to the financial statements. if it is likely that a future event will confirm that a liability has been incurred and the amount of the related loss can be estimated. if the amount can be estimated, but the possibility of occurrence is remote. Previous Page Next Page Page 18 of 50 Previous Page Next Page Page 7 of 50 Question 7 (1 point) Kate's Fashions Ltd. produces and sells high fashion merchandise. For the year ended June 30, 2018, the company reported $85,000 cash provided by operating activities, $18,000 by investing activities, and $49,000 by financing activities. Kate's Fashions paid $22,000 in dividends and spent $35,000 for new equipment. Its free cash flow for 2018 was $28,000. $50,000. $95,000. $63,000. ENG e to search Ote - Question 11 (1 point) Saved Under the allowance method for uncollectible accounts, Bad Debts Expense is recorded when an individual account is written off. when the amount of loss is known. several times during the accounting period. for an amount that the company estimates it will not collect. Previous Page Next Page Page 11 of 50