Reference no: EM132837164
Question - After a wedding in 2020, ten people died, possibly as a result of food poisoning from products sold by the enterprise. Legal proceedings have commenced, seeking damages from enterprise but it disputes liability. Up to the date of the authorization of the financial statements for the year ended December 31, 2020, the enterprise's lawyers advised that it is probable that it will not be found liable.
However, when the enterprise prepares the financial statements for the year ended December 31, 2021, its lawyers advice that, owing to developments in the case, it is probable that it will be found liable.
What is the proper disposition for the foregoing facts for the years 2020 and 2021?
a. 2020- No provision, may disclose as a contingent liability; 2021- provision
b. 2020- No provision; 2021- no provision, may disclose as contingent liability
c. 2020- Provision, best estimate; 2016- Provision, adjusted for the best estimate
d. 2020- Provision; 2016- no provision
|
Identify competitors offering similar learning programs
: Chick-Fil-A is planning to introduce a new chicken sandwich to their menu. Drizzled with honey and loaded with savory pimento cheese and mild pickled jalapenos.
|
|
What would its cost of equity be
: The average? debt-to-value ratio for the credit services industry is 12.8%. What would its cost of equity be
|
|
How to constuct appropriate charts for the data
: Specifically, how to constuct appropriate charts for the data in the following worksheets and summarize the conclusion from analysis of the charts.
|
|
What amount of cash flow from operating activities would be
: Invested $200 in a certificate of deposit. Based on this information alone, the amount of cash flow from operating activities would be
|
|
What is the proper disposition for the foregoing facts
: After a wedding in 2020, ten people died, What is the proper disposition for the foregoing facts for the years 2020 and 2021
|
|
How does the entity form influence the reporting of assets
: Financial statements are typically prepared for a specific entity, How does the entity form influence the reporting of assets, liabilities, and equity?
|
|
What activities will the children do in the center
: How do the materials support the topic and the activities from whole group? (the materials were listed on your changes to the environment form)
|
|
Hiv predominantly infects t-helper cells
: HIV predominantly infects T-helper cells, cells that are responsible for coordinating B- and T-cell activity.
|
|
What level of annual sales volume in units of speed-ies
: What level of annual sales volume in units of "Speed-ies" would Arden Inc. achieve an annual aftertax profit (aka net income) of $4,000,000?
|