QUESTION 2 atements rather than being recorded if. A contingent liability should be disclosed in a note to th The likelihood of a loss is remote. The likelihood of a loss is reasonably possible. The likelihood of a loss is probable. The likelihood of a loss is eighty percent. 10 points Save Answer QUESTION 3 A contingent liability should be recorded on 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 Probable and the amount of the loss can be reasonably estimated 10 points Save Answer QUESTION 4 Action Travel has 10 employees each working 40 hours per week and earning $20 an hour. Federal income taxes are withheld at 15% and state income taxes at 6%. FICA taxes are 7.65% and unemployment taxes are 3.8% of the first $7.000 earned per employee. What is the actual direct deposit of payroll for the first week of January? O $5,404 $5,708. $4,792 $8,000