Onopea Inc. considered two contingencies at the end of 2022:

** a probable loss in the range of $100,000 to $500,000

** a reasonably possible loss of $160,000

Under U.S. GAAP, what is the balance for contingent liabilities at the end of 2022?

Answer rating: 100% (QA)

Under US Generally Accepted Accounting Principles GAAP contingent liabilities are classified into th... View the full answer