Reference no: EM132879345
The financial statements of Troy Company were authorized for issue on March 31,2015 and the end of the reporting period is December 31,2014. On the balance sheet date, the entity had an account receivable of P3,000,000 from a customer. On February 1, 2015, the liquidator of the said customer advised the entity in writing that was insolvent only P1,000,000 would be paid on December 31,2015. The entity had reported a contingent liability on December 31,2014 related to a court case. On March 1,2015, the judge handed down a decision against the entity for damages amounting to P2,500,000.
Question 1. What total amount should be reported as adjusting events on December 31,2014?
a. 4,500,000
b. 2,500,000
c. 5,500,000
d. 2,000,000
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: What total amount should be reported as adjusting events on December 31,2014? The financial statements of Troy Company were authorized for issue on March.
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