Hello,This is an accounting question having to do with contingency and provision liability and journal entry required (no taxation).....Thank youIf data is missing, please include specifics in rejection note. cricket X"Þ © 4. l| 30% 4:30 PM* REJECTEDMonday, Apr 05, 2021BUSINESS • ACCOUNTINGHelloPlease assist with calculations of provision liability &journal entry with regard to this. See pic and below.The $7,199 increase in provision includes followingreconciled to income statement:Increase in provision.$7,199Items not now cvd by escrow acct. 833Non provisioned costs.245Change in discount rate.135Less items to be pd from escrow acct:(756)Profit before int. and taxation. $7,656Thank youQ(? cricket© 40. all 36% 3:49 PM* REJECTEDMonday, Apr 05, 2021BUSINESS • ACCOUNTINGHelloPlease assist with journal entries to record with respectliability (working with provision liabilities).Includes...At 7/01/10.$17,646increase in provision 7,199Unwinding of discount. 2(8,442)utilization.at 9/30/10.$16,405Thank youOh no! Our expert couldn't answer your question.Don't worry! We won't leave you hanging. Plus, we'regiving you back one question for the inconvenience. How'swhat the expert had to say.

Provision liability: Provision liability is defined as the liability that can arise anytime and also…

Answered: Please assist with calculations of…

Business

Accounting

Please assist with calculations of provision liability & journal entry with regard to this. See pic and below.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Contingent Liabilities and Provisions

A contingent liability can be defined as a liability the occurrence of which is dependent upon the happening of an uncertain future event. It is generally recorded in the books only when the amount of liability can be reasonably estimated and the contingency is likely to occur shortly.

Question

Hello, This is an accounting question having to do with contingency and provision liability and journal entry required (no taxation)..... Thank you If data is missing, please include specifics in rejection note.

cricket X
"Þ © 4. l| 30% 4:30 PM
* REJECTED
Monday, Apr 05, 2021
BUSINESS • ACCOUNTING
Hello
Please assist with calculations of provision liability &
journal entry with regard to this. See pic and below.
The $7,199 increase in provision includes following
reconciled to income statement:
Increase in provision.
$7,199
Items not now cvd by escrow acct. 833
Non provisioned costs.
245
Change in discount rate.
135
Less items to be pd from escrow acct:
(756)
Profit before int. and taxation. $7,656
Thank you
Q
(?

cricket
© 40. all 36% 3:49 PM
* REJECTED
Monday, Apr 05, 2021
BUSINESS • ACCOUNTING
Hello
Please assist with journal entries to record with respect
liability (working with provision liabilities).
Includes...
At 7/01/10.
$17,646
increase in provision 7,199
Unwinding of discount. 2
(8,442)
utilization.
at 9/30/10.
$16,405
Thank you
Oh no! Our expert couldn't answer your question.
Don't worry! We won't leave you hanging. Plus, we're
giving you back one question for the inconvenience. How's
what the expert had to say.

Rules by which an authority (usually a government) imposes a financial obligation on individuals or organizations within its domain. Property or transactions can be taxed. While taxes are primarily intended to fund the operation of a government, many tax laws are created to encourage or discourage certain behaviors by citizens or companies.

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