What amount of accrued liability should be reported on dec

Assignment Help History
Reference no: EM132850039

Problem 1: During 2020, Fernando Company became involved in a tax dispute with the BIR. On December 31, 2020, the tax advisor believed that an unfavorable outcome was probable. A reasonable estimate of additional tax was P500,000 but could be as much as P750,000. After the 2020 financial statements were issues, the entity received and accepted a BIR settlement offer of P650,000. What amount of accrued liability should be reported on December 31, 2020?

Reference no: EM132850039

Questions Cloud

Analyze the five steps of model of revenue recognition : Analyze the five steps of model of revenue recognition. On January 1, 2021 machinery corp. enters into a contract with a customer for the sale of a machine
How many performance obligations are in this contract : The stand-alone selling price for the Comfort Office Keyboard is $19.00 per unit. How many performance obligations are in this contract
What amount of accrued liability be reported for aljur co : Aljur Company is involved in litigation regarding a faulty product sold in a prior year. What amount of accrued liability should be reported?
Describe internet of things and current technologies : I want you to describe Internet Of Things and current technologies in use. Review how the technology works.
What amount of accrued liability should be reported on dec : The entity received and accepted a BIR settlement offer of P650,000. What amount of accrued liability should be reported on December 31, 2020?
What is the expected price of their share : What is the expected price of their share in 5 years, if dividends are paid annually and are expected to grow at a rate of 10% per year
What yankee should accrue a provision amounting to : Expenditure required to settle the obligation is P1,200,000. As a result of the foregoing facts, Yankee should accrue a provision amounting to
What is the loss on retirement for nyman company : On June 30, 2022, several years before their maturity, Nyman retired the bonds at 104 plus accrued interest. What The loss on retirement is
Electronic Records Management In Various Areas : Check newspapers, Web sites, trade journals, and other sources of news or recent information for one or more topical mentions of electronic document management

Reviews

Write a Review

History Questions & Answers

  Evaluate concepts of the melting pot and the american mosaic

Evaluate the concepts of the melting pot and the American mosaic. Which concept more accurately reflects the experiences of the ethnic group you chose? Support your assertion.

  What role did britain and the united nations play

What role did Britain and the United Nations play in the establishment of the modern state of Israel? What was the response of the Arab states?

  What was the goal of the rebellion led by yoshida shoin

What was the goal of the rebellion led by Yoshida Shoin?

  How did ways political and religious organization interacted

How did the ways political and religious organizations interacted change between 700 and 1550? Discuss the nature of the interaction in three of the given eras.

  How the might anylize religion in terms of womens issues

how the might anylize it in terms of: definition of religion, historical development of religion, psycology, myth, ritual and symbols sociology, beliefs, ethics, and women's issues.

  What was her relationship with thomas jefferson

One of the most controversial figures in American History is Sally Hemings. Who is Sally Hemings? Discuss her ancestry and family lineage. What was her relationship with Thomas Jefferson

  Why did western imperialism emerge

How and why did Western imperialism emerge and what were its social, cultural, political, and economic impacts on Africa, Middle East, and Asia?

  Naturalist movements tend to be fractured

Why do naturalist movements tend to be fractured (why don't they work out...) How does this affect the post-colonial administration of successor states?

  Discuss major battles and campaigns of the civil war

Discuss the major battles and campaigns of the Civil War from 1861 to the end of 1862.

  What was the greater motivation for war

What was the greater motivation for war between 1650 and 1850? Religion or trade? Discuss including examples, catalysts, and outcomes

  Describe the astronomy facilities at the alma array in chile

Describe the astronomy facilities at the ALMA Array in Chile. Assess the range of applications of this Array and the special considerations that were made in choosing its location.

  What was the emperors purpose for such an elaborate

What was the emperor's purpose for such an elaborate, secret burial place?Identify one (1) of the theories as the most plausible.

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!

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