Multiple Choice
Onopea Inc.considered two contingencies at the end of 2016: ** a probable loss in the range of $300,000 to $500,000
** a reasonably possible loss of $150,000
Under U.S.GAAP,what is the balance for contingent liabilities at the end of 2016?
A) $300,000
B) $400,000
C) $450,000
D) $550,000
Correct Answer:
Verified
Correct Answer:
Verified
Q39: Which of the following is not a
Q40: A company has a probable loss that
Q44: If management can only estimate a range
Q49: Distinguish between an interest-bearing note and a
Q62: The defensive interval ratio gauges liquidity based
Q71: Warranties that cover longer time periods are
Q86: What are compensated absences?<br>A) paid time off<br>B)
Q89: Which of the following best describes the
Q92: A contingency is deemed to be probable
Q95: Asset retirement obligations (AROs) are short-term legal