tHE image is little blurred but data is visible please help me thanku Which one of the following would be considered a contingent liability and recorded as a liability on the balance sheet?Select onea. A company estimates that it will probably have to pay $1,200,000 to the Department of Environment Protection for a chemical spillb. The company has access to a line of credit with a bank in the amount of $1.500,000A company has $845,000 worth of bonds outstanding.d. The company believes that it is reasonably possible it will lose a lawsuit but is unable to determine the possible damagesO A company owes $100,000 on inventories purchased on credit

Contingent means depending on the occurrence of an event. In accounting contingent liabilities are…

Which one of the following would be considered a contingent liability and recorded as a lability on the balance sheet? Select one & A company estimates that it will probably have to pay $1,200,000 to the Department of Environment Protection for a chemical spi Ob. The company has access to a line of credit with a bank in the amount of $1,500,000 OCA company has $845,000 worth of bonds outstanding Od The company believes that it is reasonably possible it will lose a lawsuit but is unable to determine the possible damages mpany owes $100,000 on inventories purchased on credit

Which one of the following would be considered a contingent liability and recorded as a lability on the balance sheet? Select one & A company estimates that it will probably have to pay $1,200,000 to the Department of Environment Protection for a chemical spi Ob. The company has access to a line of credit with a bank in the amount of $1,500,000 OCA company has $845,000 worth of bonds outstanding Od The company believes that it is reasonably possible it will lose a lawsuit but is unable to determine the possible damages mpany owes $100,000 on inventories purchased on credit

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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