Contingent Liabilities Those liabilities which depends on the occurrence of any event in the future due to happening of any event in past is known as contingent liabilities. These liabilities may occur or may not be. An example of contingent liability is the pending lawsuit against company which if goes against can damage the company very much. The reason for note on contingent liabilities for A Group.

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Please answer all of the entries in the following photos, thank you! (do not mind my answers, they might be incorrect).

Answer 1

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Definition Definition Costs that a business is responsible for paying, should a particular event potentially occur in the future. Also called a potential liability, a contingent liability is generally recorded only when the amount of liability can be reasonably estimated and the contingency is likely to occur shortly. The Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Principles (IFRS) make it mandatory for the companies to record any contingent liability taking the principles of full disclosure, materiality, and prudence into consideration.

Chapter 8, Problem 8.2.2C

To determine

Concept introduction:

Contingent LiabilitiesThose liabilities which depends on the occurrence of any event in the future due to happening of any event in past is known as contingent liabilities. These liabilities may occur or may not be. An example of contingent liability is the pending lawsuit against company which if goes against can damage the company very much.

The reason for note on contingent liabilities for A Group.

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Please answer all of the entries in the following photos, thank you! (do not mind my answers, they might be incorrect).

Requirements- Journalize the following transactions for Zillow. Include an explanation for each entry. A. Issuance of the bonds payable at par on July 1, 2018 B. Accrual of interest expense on December 31,2018 C. Payments of cash interest on January 1, 2019 D. Payments of the bonds payable at maturity (give the date) Record debuts first then credits. Select explanation on last line of journal entry table. See picture below.

Requirements1. Journalize the following transactions of Laporte Communications, Inc.: 2. At December 31, 2018, after all year-end adjustments have been made, determine thecarrying amount of Laporte’s bonds payable, net. 3. For the six months ended July 1, 2018, determine the following for Laporte:a. Interest expenseb. Cash interest paidWhat causes interest expense on the bonds to exceed cash interest paid?

Answer 2

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Definition Definition Costs that a business is responsible for paying, should a particular event potentially occur in the future. Also called a potential liability, a contingent liability is generally recorded only when the amount of liability can be reasonably estimated and the contingency is likely to occur shortly. The Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Principles (IFRS) make it mandatory for the companies to record any contingent liability taking the principles of full disclosure, materiality, and prudence into consideration.

Chapter 8, Problem 8.2.2C

To determine

Concept introduction:

Contingent LiabilitiesThose liabilities which depends on the occurrence of any event in the future due to happening of any event in past is known as contingent liabilities. These liabilities may occur or may not be. An example of contingent liability is the pending lawsuit against company which if goes against can damage the company very much.

The reason for note on contingent liabilities for A Group.

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Answer 3

Question

Definition Definition Costs that a business is responsible for paying, should a particular event potentially occur in the future. Also called a potential liability, a contingent liability is generally recorded only when the amount of liability can be reasonably estimated and the contingency is likely to occur shortly. The Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Principles (IFRS) make it mandatory for the companies to record any contingent liability taking the principles of full disclosure, materiality, and prudence into consideration.

Chapter 8, Problem 8.2.2C

To determine

Concept introduction:

Contingent LiabilitiesThose liabilities which depends on the occurrence of any event in the future due to happening of any event in past is known as contingent liabilities. These liabilities may occur or may not be. An example of contingent liability is the pending lawsuit against company which if goes against can damage the company very much.

The reason for note on contingent liabilities for A Group.

Expert Solution & Answer

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See solution

Check out sample textbook solution

Answer 4

Question

Definition Definition Costs that a business is responsible for paying, should a particular event potentially occur in the future. Also called a potential liability, a contingent liability is generally recorded only when the amount of liability can be reasonably estimated and the contingency is likely to occur shortly. The Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Principles (IFRS) make it mandatory for the companies to record any contingent liability taking the principles of full disclosure, materiality, and prudence into consideration.

Chapter 8, Problem 8.2.2C

To determine