Reference no: EM132774933
Questions -
Q1. A company has been sued by a group of shareholders who claim they were deceived by the company's financial statement practices. The likelihood that the company will lose this lawsuit is remote.
How should the company report this lawsuit in its financial statements?
A. No liability in the balance sheet, some disclosure in the financial statement notes
B. An expense in the balance sheet, some disclosure in the financial statement notes
C. No liability in the balance sheet, no disclosure in the financial statement notes
D. A liability in the balance sheet, some disclosure in the financial statement notes
Q2. A company has signed a $10,000, three-year notes payable with a 10% annual interest rate. The 10% interest rate is the current market interest rate.
On the date that the note payable is signed, which amount should the company report for this note payable in its balance sheet?
A. $10,000
B. $11,000
C. $13,000
D. $7,000
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Which amount should the company report for this note payable
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