1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
klio [65]
3 years ago
14

A foreign subsidiary of a U.S.-based company has been notified of a loss contingency with an estimated cost ranging between $220

,000 and $250,000 which is probable of resulting in an actual loss. Each dollar amount within this range of cost is equally likely of being the actual outcome. According to U.S. GAAP, what is the amount recognized as a provision for loss contingency?
Business
1 answer:
Marizza181 [45]3 years ago
3 0

Answer:

The amount recognized as a provision for loss contingency is $220,000

Explanation:

According to the United States  Generally Accepted Accounting Principles (US GAAP), the provision for loss contingency should be recognized based on the estimated amount. If the range is given then we should report the lower amount or minimum amount

In the given question, two amounts are given i.e $220,000 and $250,000

So $220,000 should be reported

You might be interested in
Sustainable development refers to A. placing restraints on a company's growth until all ancillary support services are in place
Semmy [17]

Answer:

The correct answer is letter "C": conducting business in a way that protects the natural environment while making economic progress.

Explanation:

Sustainable development is the capacity an institution has to satisfy individuals' needs without damaging the environment neither harming the atmosphere. To reach this stage there must be an equilibrium between the <em>economy, society, </em>and <em>the environment.</em> Sustainable development is difficult to be obtained with high poverty rates, habitats destruction, or indiscriminately resources exploitation.

4 0
2 years ago
Individuals who provide baby-sitting and lawn-mowing services are<br> viewed by the IRS as?
kati45 [8]

Answer: Household employees, for the babysitting one, occasionally nann(y/ies) or babysitter(s)

Explanation:

6 0
2 years ago
The assets of a company total $738,000; the liabilities, $219,000. what are the net assets?
ziro4ka [17]
739,000 - 219,000 = 520,000

The net assets are assets minus liabilities, so it is $520,000 in this case.
4 0
3 years ago
Individual marketing across segments creates more total sales than any other type of marketing. ​
Flura [38]

Answer:

false

Explanation:

7 0
3 years ago
The following information is available for the current year ending December 31:
Oduvanchick [21]

Answer:

Over/under allocation= $30,000 overapplied

Explanation:

Giving the following information:

Manufacturing overhead applied $150,000

The actual amount of manufacturing overhead costs 120,000

To calculate the ending balance, we need to determine whether the overhead was under or over applied:

Over/under allocation= real MOH - allocated MOH

Over/under allocation= 120,000 - 150,000= 30,000 overapplied

7 0
2 years ago
Other questions:
  • Your company rents computers to local businesses and schools. You have 4,000 computers with a book value of $185,000. As a resul
    7·1 answer
  • Operating a summer band camp - what would be the input - the conversion, and the output?
    6·2 answers
  • The Flores Family loves to go sailing on the weekends. Mr. Flores has decided to purchase a more spacious sailboat. The sailboat
    11·1 answer
  • Mark Johnson invests a fixed percentage of his salary at the end of each year. This year he invested $1500 For the next 5 years,
    10·1 answer
  • The transactions completed by Franklin Company during January, its first month of operations, are listed below. Assume that Fran
    10·1 answer
  • Bill is the owner of a house with two identical apartments. He resides in one apartment and rents the other apartment to a tenan
    7·1 answer
  • SnowParadise operates a Rocky Mountain ski resort. The company is planning its lift ticket pricing for the coming ski season. In
    11·1 answer
  • At December 31, 2019, Obermeyer Imports reported the following information on its balance sheet.
    8·1 answer
  • While in the restroom, you overhear your boss telling a colleague that Bob is going to be laid off at the end of the quarter in
    10·1 answer
  • kenny is considering creating a testamentary trust. which of the following is not a feature of a testamentary trust? a.creation
    15·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!