Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Orele company begelenuen 2019. Imploye 13 olvide who work our doyen er pourly. Rech paya ora 1 peld 12:02 an deye na 704 lekaye Anne.

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Orele company begelenuen 2019. Imploye 13 olvide who work our doyen er pourly. Rech paya ora 1 peld 12:02 an deye na 704 lekaye Anne. Vecotlan deye mey bekendhar January 15 of the yer sawl yar kaya may backence cathwyrorna AVI Hak de esculen Aswan farmethana taon. Acasi Haurly Wage Rata Vacation Daya Veed by Gach Employaa Stick Daya Veed by Esch Gmployee 2019 2020 10:19 2020 2019 2020 $ le company recents et comp4 ring wh321 ER Pragere jumelles warrana radom dan tone 2013 and we Date Account Triend Explanation Crede 2010 delande Bondhu Poyce (Te accrue theme and for Roland Wagne ! Wing Role 2778 To see the many forsica Scarlo (To moord payment for comme when wud by amployer) >020 Moorwanatha garu II UTILIT (o scrae the pandity for na Vega SER Compute the amounts of any liability for compensated absences that should be reported on the balance sheet at December 31 2019 and 2020 2019 2020 Vacation Wages Payable $ $ Sick Pay Wages Payable $ $ List of Accounts Show Attempt History Current Attempt In Progress Your answer is partially correct. Larkspur Corporation, in preparation of its December 31, 2020, financial statements, Is attempting to determine the proper accounting treatment for each of the following situations. 1 As a result of uninsured accidents during the year, personal injury suits for $365,100 and $64,800 have been filed against the company. It is the judgment of Larkspur's legal counsel that an unfavorable outcome is unlikely in the 564,800 case but that an unfavorable verdict approssimating $229.300 will probably result in the $365,100 case 2 Larkspur owns a subsidiary in a foreign country that has a book value of $5.978.000 and an estimated Fair value of $9.094,800. The foreign government has communicated to Larkspur its intention to expropriate the assets and business of a foreign investors. On the basis of settlements other firms have received from this same country. Larkspur expects to receive 30% of the fair value of its properties as final settlement Larkspur's chemical product division consisting of five plant is uninsurable because of the special risk of injury to employees and losses due to fire and explosion. The year 2020 is considered one of the safest (luckiest in the divisions history because no loss due to injury or casualty was suffered Having suffered an average of three casualties a year during the rest of the past becade franging from 554.800 to 56710001 management is certain that next yeer the company wil probably not be so fortunate 3 tal Prepare the journal entries that should be recorded as of December 31, 2020. to recognize each of the situations above. If no enby seduired, select No Entry for the account titles and enter for the amounts. Credit account bites are automatically indented when amounts stered. Do not indent manuale Ne. Date Account Titles and Explanation Debit Credit

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Sound Investing, Chapter 25 - Change In Auditors

Authors: Kate Mooney

3rd Edition

0071719474, 9780071719476

More Books

Students also viewed these Accounting questions