Question
Ravens Inc. considered two contingencies at the end of 2016: ** a probable loss in the range of $300,000 to $500,000 ** a reasonably possible
Ravens Inc. considered two contingencies at the end of 2016:
** a probable loss in the range of $300,000 to $500,000
** a reasonably possible loss of $150,000
Under U.S. GAAP, what is the balance for contingent liabilities at the end of 2016?
A)$550,000
B)$400,000
C)$450,000
D)$300,000
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Entrepreneurship
Authors: Andrew Zacharakis, William D Bygrave
5th Edition
1119563097, 9781119563099
