User Account

All Pages

What amount should be booked as adjustment to the loss

Assignment Help Financial Accounting
Reference no: EM132750779

Problem 1: On December 25, 2019, ABC Oil and Tech, Inc. thorough its monitoring team reported an oil spill happened in the Gulf of Buyacaoan. The news spread fast to all reporting agencies causing the stock price to decline from P100 to P70. The estimated cost of the damage to biodiversity is P5,000,000 and the legal counsel of the firm expected that they will likely win at 40% rate. They booked the estimated cost at full. The reporting period ends December 31, 2019 and the financial statements were approved for issue on March 31, 2020. On February 20, 2020, lawyers expected not to win at 40% rate with new information acquired by a team of experts hired by the company. What amount should be booked as adjustment to the loss of the company?

Reference no: EM132750779

Questions Cloud

Prepare all necessary equity-related journal entries : Calculate Basic and Diluted EPS and identify any antidilutive shares. Prepare all necessary equity-related journal entries for the year 2020.
Define how davis and hodgetts evaluated kennison work : What appraisal method best describes how Davis and Hodgetts evaluated Kennison's work? Given your answers in question one, why do you believe that this method.
What is nopat for the company for last year : What is NOPAT for the company for last year? You are valuing a potential target of an LBO. As the target has not been approached yet
Determine the cost of the land : Brady Furniture purchased land, paying $90,000 cash and signing a $350,000 note payable, Determine the cost of the land, land improvements, and building
What amount should be booked as adjustment to the loss : On December 25, 2019, ABC Oil and Tech, Inc. thorough its monitoring, What amount should be booked as adjustment to the loss of the company?
What economic forces have made employee training important : What economic, social, and political forces have made employee training even more important today than it was in the past? Use examples to support your argument
Calculate the 2018-2019 monthly percentage returns : Calculate the 2018-2019 monthly percentage returns for Qantas Airways limited and Calculate the risk measured by the standard deviation for Qantas Airways limit
Why a stocktake is necessary as part of the reconciliation : Why a stocktake is necessary (at least at the Balance Sheet date) as part of the reconciliation process even though a perpetual inventory system
What are each of the given risks : What are each of these risks? For each of the types of risk, what is an organization that has done an exemplary job in mitigating it and how did the.

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

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