User Account

All Pages

How much will wind recognize as estimated liability

Assignment Help Accounting Basics
Reference no: EM133168211

Question - During 2022, one of WIND Company's employees sued the company as a result of a workplace-related accident. The employee claims damages amounting to P800,000, however, WIND's legal counsel estimates that it is more than likely that it is liable for P650,000. On February 15, 2023, WIND made an out-of-court settlement with the employee, paying P700,000 to compensate for the employee's medical bills and lost wages. The financial statements of WIND for the year ended December 31, 2022 were authorized for issue on March 30, 2023.

Required - How much will WIND recognize as estimated liability for damages on its December 31, 2022 statement of financial position?

Reference no: EM133168211

Questions Cloud

What should be the optimal solution for the hello company : HELLO has a capacity of 38,000 hours to manufacture and sell products A and B. What should be the optimal solution for the Hello Company
What is the expected return on the market portfolio : Suppose also that the expected return required by the market for a portfolio is 15%. What is the expected return on the market portfolio
How much of the loan payable will water classify : How much of the loan payable will WATER classify as current on its December 31, 2022 statement of financial position
Compute tpws tax basis in the note at the end of the year : Compute gain recognized in the year of sale if TPW elects not to use the installment sale method of accounting. Compute TPW's tax basis in the note
How much will wind recognize as estimated liability : The employee claims damages amounting to P800,000, How much will WIND recognize as estimated liability for damages on its December 31, 2022
Which is recorded on august : Caddell Corporation borrows $100,000 from a bank on August 1, Year 1, by signing an 8 percent, Which is recorded on August
Determine the ratio of the two relaxation times : Determine the ratio of the two relaxation times where it becomes difficult to separate the two relaxation processes
Calculate josh taxable income and tax payable : Josh also donated $4,200 to Human Appeal Australia, a registered Not-for-Profit organisation. Calculate Josh taxable income and tax payable
Prepare journal entry to record the factoring : The remaining P300,000 will be received once the factor verifies that none of the accounts receivable is in dispute. Prepare journal entry to record the factori

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd