(Answered) 1 how would a contingent loss be reported in the income

Accounting

1. How would a contingent loss be reported in the income statement? Should the liability be short term or long term? Why?

2. How do you report refinancing of a short term obligation under GAAP? Is it different under IFRS?.

Please answer all the questions above, as more detail as possible

View complete question

Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92559318
Price:- $15

Verified Expert

Priced at $30 Now at $15, Verified Solution

Have any Question?Write your Review or question?

Related Questions in Accounting Basics

Question - zhang company reported cost of goods sold of

Question - Zhang Company reported Cost of goods sold of $841,000, beginning Inventory of $38,400 and ending Inventory of $46,900. Calculate the average Inventory amount?

Question - doug is considering investing in one of two

Question - Doug is considering investing in one of two partnerships that will build, own, and operate a hotel. One is located in Canada and one is located in Arizona. Assuming both investments will generate the same befo ...

Question - earnings per share - at december 31 2016 shiga

Question - Earnings per Share - At December 31, 2016, Shiga Naoya Corporation had the following stock outstanding. 10% cumulative preferred stock, $100 par, 107,500 shares $10,750,000 Common stock, $5 par, 4,000,000 shar ...

Problem - thakin industries inc manufactures dorm furniture

Problem - Thakin Industries Inc. manufactures dorm furniture in separate processes. In each process, materials are entered at the beginning, and conversion costs are incurred uniformly. Production and cost data for the f ...

Question - the structure of a typical organization is

Question - The structure of a typical organization is similar to a pyramid, with different levels that require one consistent type of information to assist with all managerial decision making. Explain a typical corporati ...

Question - pina corporation purchased a special tractor on

Question - Pina Corporation purchased a special tractor on December 31, 2017. The purchase agreement stipulated that Pina should pay $20,180 at the time of purchase and $5,020 at the end of each of the next 8 years. The ...

Question income tax implication of capital investment

Question: Income Tax Implication Of Capital Investment Decisions Read the following case study: The Whitley Corporation's year-end is December 31, 2013. It is now October 1, 2013. The Whitley management team is taking a ...

Question - during 2017 crimson inc purchased 2775000 of

Question - During 2017, Crimson Inc. purchased $2,775,000 of inventory. The cost of goods sold for 2017 was $2,635,938 and the ending inventory at December 31, 2017 was $544,688. What was the inventory turnover for 2017?

Question - assume that green cos total assets at the end of

Question - Assume that Green Co.'s total assets at the end of the prior year and at the end of the current year were $937,000 and $1,019,000, respectively. Calculate ROI (based on operating income) for the current year u ...

Question - family home and security inc sells super

Question - Family home and security, Inc sells super padlocks. It reported an increase in net sales from 5.0 billion in 2014 to 5.3 billion in 2015, and an increase in gross profit from 1.5 billion in 2014 to 1.7 billion ...

4,153,160 Questions Asked
13,132 Experts
2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Recent Questions

Ask Accounting Basics Expert