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E5 Question Help Q Which of the following statements is false? 0 A. All contingent liabilities should be reported as liabilities on the nancial statements, even those that are unlikely to occur. 0 B. A contingent liability should be disclosed in the notes to the nancial statements if there is a reasonable possibility that a loss (or expense) will occur. C. A contingent liability should be accrued if the loss is probable and the amount of the loss can be reasonably estimated. 0 D. A contingent liability is a potential obligation that depends on the future outcome of past events. A company reports purchases of $377,400, a beginning accounts payable balance of $30,000, and an ending accounts payable balance of $44,000. All purchases were on account. The company's accounts payable turnover would be closest to: (Values are rounded to two decimal places, X.XX.) O A. 10.2 0 B. 5.1 O C. 12.58 0 D. 8.58 Aaron, Inc., manufactures and sells computer monitors with a three-year warranty. Warranty costs are expected to average 7% of sales during the warranty period. The following table shows the sales and actual warranty payments during the first two years of operations: (Click the icon to view the sales and actual warranty payments during the first two years of operations.) Based on these facts, what amount of warranty liability should Aaron, Inc., report on its balance sheet at December 31, 2019? O A. $38,000 O B. $62,600 i Data Table X O C. $42,400 O D. $105,000 Year Sales Warranty Payments 2018 $ 550,000 $ 4,400 2019 950,000 38,000 Print Done