On November 5, 2021, MILES TRUCK RENTAL Co. was in an accident with an autom by MORALES. MILES received notice on January 12, 2022 of a lawsuit for P700,00 for personal injuries suffered by Jayson. MILES's counsel believes it is probable that will be awarded an estimated amount in the range of P250,000 and P450,000 and tha is the best estimate of potential liability. MILES's accounting year ends on Deceml 2021 financial statement were issued on March 2, 2022. How much loss should Miles accrue on December 31, 2021?
On November 5, 2021, MILES TRUCK RENTAL Co. was in an accident with an autom by MORALES. MILES received notice on January 12, 2022 of a lawsuit for P700,00 for personal injuries suffered by Jayson. MILES's counsel believes it is probable that will be awarded an estimated amount in the range of P250,000 and P450,000 and tha is the best estimate of potential liability. MILES's accounting year ends on Deceml 2021 financial statement were issued on March 2, 2022. How much loss should Miles accrue on December 31, 2021?
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter9: Current Liabilities And Contingent Obligations
Section: Chapter Questions
Problem 4C: Pending Damage Suit Disclosure On December 15, 2019, a truck driver for Cork Transfer Company...
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