What amount of loss should DEF accrue at December 31, 2021?
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- On November 5, 2021, MILES TRUCK RENTAL Co. was in an accident with an automatic driven by MORALES. MILES received notice on January 12, 2022 of a lawsuit for P700,000 damages for personal injuries suffered by Jayson. MILES's counsel believes it is probable that MORALES will be awarded an estimated amount in the range of P250,000 and P450,000 and that P300,000 is the best estimate of potential liability. MILES's accounting year ends on December 31 and 2021 financial statement were issued on March 2, 2022. How much loss should Miles accrue on December 31, 2021? a. NIL b. 250,000 c. 300,000 d. 350,000On November 5, 2019, a Muntinlupa Company truck was in an accident with an auto driven by Murcia. Muntinlupa received notice on January 15, 2020 of a lawsuit for P900,000 damages for personal injuries suffered by Murcia. Muntinlupa's counsel believed it is probable that Murcia will be awarded an estimated amount in the range between P500,000 and P800,000, and each amount in the range is as likely as any other. The 2019 fınancial statements were issued on March 31, 2020. WWhat amount of provision should Muntinlupa accrue on December 31, 2019? O 500,000 O 650,000 O 900,000On November 5, 2020, a ABC Corporation truck was in an accident with an auto driven by nel. ABC received notice on January 12, 2021 of a lawsuit for P700,000 damages for personal injuries suffered by nel. ABC’s counsel believes it is probable that Nel will be awarded an estimated amount in the range between P200,000 and P450,000, and that P300,000 is a best estimate of potential liability than any other amount. ABC’s accounting year ends on December 31, and the 2020 financial statements were issued on March 2, 2021. What amount of loss should ABC accrue at December 31, 2020? Group of answer choices A. 450,000 B. 0 C. 300,000 D. 200,000
- Ön November 5, 2019, a Dunn Company truck was in an accident with an auto driven by Bell. Dunn received notice on January 15, 2020 of a lawsuit for P700,000 damages for personal injuries suffered by Bell. The entity's counsel believed it is probable that Bell will be awarded an estimated amount in the range between P200,000 and P450,000, and no amount is a better estimate of potential liability than any other amount because cach point in the range is as likely as any other. The 2019 financial statements were issued on March 1, 2020. What amount of loss should be accrued on December 31, 2019? CS ed wth Camd YGallardo Co. is involved in a lawsuit as a result of an accident that took place September 5, 2022. The lawsuit was filed on November 1, 2022, and claims damages of $1,000,000. At December 31, 2022, Gallardo’s attorneys feel it is remote that Gallardo will lose the lawsuit. How should the company account for the effects of the lawsuit? Assume instead that at December 31, 2022, Gallardo’s attorneys feel it is probable that Gallardo will lose the lawsuit and be required to pay $1,000,000. How should the company account for this lawsuit? Assume instead that at December 31, 2022, Gallardo’s attorneys feel it is reasonably possible that Gallardo could lose the lawsuit and be required to pay $1,000,000. How should the company account for this lawsuit? Prepare the current liabilities section of the balance sheet.A truck owned and operated by Rasin Company was involved in an accident with an auto driven by Lakasei on December 10, 2020. Rasin Company received notice on December 25, 2020 of a lawsuit for P350,000 damages for a personal injury suffered by Lakasei. The legal counsel of the company believes that it is probable that Rasin will pay the damages ranging between P500,000 to P1,000,000. Each point within that range of amounts is considered as likely as any other point. The financial statements were authorized to be issued on March 1, 2021. How much provision should Rasin recognize on December 31, 2020?
- On November 5, 2020, a Dunn Company truck was in an accident with an auto driven by Bell. The entity received notice on January 12, 2021 of a lawsuit for P700,000 damages for personal injuries suffered by Bell. The entity's counsel believed it is probable that Bell will be awarded an estimated amount in the range between P200,000 and P500,000. The possible outcomes are equally likely. The accounting year ends on December 31 and the 2020 financial statements were issued on March 31, 2021. What amount of provision should be accrued on December 31, 2020?On December 13, 2019, TJH Company was in an accident with an automobile driven by DEF. TJH received notice on December 31,2019 of a lawsuit for P600,000 damages for personal injuries suffered by DEF. TJH's counsel believes it is probable that DEF will be awarded an estimated amount in the range between P300,000 and P600,000 and that P 450,000 is a best estimate of potential liability. TJH’s accounting year ends on December 31 and the 2019 financial statements were issued on March 2, 2020. On April 30,2020,before the financial statements were issued, TJH settled DEF for the amount of P 500,000.What amount of liability should TJH Company recognize at December 31, 2019?A truck owned and operated by Ward Company was involved in an accident with an auto driven by Stillman on January 12, 2020. Ward Company received notice on April 24, 2020 of a lawsuit for P800, 000 damages for a personal injury suffered by Stillman. Ward’s counsel believes it is reasonably possible that Stillman will be successful against the company for an estimated amount in the range between P100, 000 and P400, 000. No amount within this range is a better estimate of better potential damages than any other amount. It is expected that the lawsuit will be adjudicated in the latter part of 2021. What amount of loss should Ward accrue at December 31, 2020?
- On November 5,2019, ABC Corporation’s truck was in an accident with an auto driven by Mikey. ABC received notice on January 12, 2020 of a lawsuit for 700,000 damages for personal injuries suffered by Mikey, ABC Corporation’s counsel believes it is probable that Mikey will be awarded an estimated amount in the range between 200,000 and 450,000 and that 300,000 is a better estimate of potential liability than any other amount.ABC’s accounting period ends on December 31 and the 2019 financial statements were issued on March 2, 2020. What amount of loss should ABC accrue on December 31, 2019?On January 1, 2021, a Dune Corporation truck was in an accident with an auto driven by R. Bell. Dune received notice on January 12, 2021, of a lawsuit for $700,000 in damages for personal injuries suffered by Bell. Dune Corporation’s legal counsel believes it is probable that Bell will be awarded an estimated amount in the range between $200,000 and $500,000, Dune’s accounting year ends on December 31, and the 2020 financial statements were issued on March 31, 2021. What amount of provision should Dune accrue on December 31, 2020?A truck owned and operated by Abbott Company was involved in an accident with an auto driven by L. Costello on January 12, 2018. Abbott received notice on April 24, 2018, of a lawsuit for P800,000 damages for a personal injury suffered by L. Costello. Abbott’s counsel believes it is reasonably probable that L. Costello will be successful against the company for an estimated amount in the range between P200,000 and P500,000. No amount within this range is a better estimate of potential damages than any other amount. It is expected that the lawsuit will be adjudicated in the latter part of 2019. What amount of loss should Abbott accrue at December 31, 2018?