Just 1 accounting question | Accounting homework help

Just 1 accounting question

 

Loss Contingency   

On December 4,2016, Dan Johnson delivery truck driver for Farmers products Inc, ran a stop sign and collided with another vehicle. On January 8,2017, the driver of the other vehicle filed suit aganist Farmers Products for damages to the vehicle. Estimated damages to the vehicle were between $6,000 and $10,000 with no amount with in the range more likely than any other amount. Farmers Products issued its 2016 financial statements on March 3, 2017.

Required:

1)Prepare the disclosures and or journal entries Farmers Products should make in preparing its December 31,2016, financial statements.

2. If Farmers Products used IFRS, how would the disclosures and /or journal entries differ from those under U.S. GAAP? Which of the following criteria is used to determine how Farmers Products discloses the law suit?

Place your order
(550 words)

Approximate price: $22

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
$26
The price is based on these factors:
Academic level
Number of pages
Urgency
Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Read more

Zero-plagiarism guarantee

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

Read more

Free-revision policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.

Read more

Privacy policy

Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.

Read more

Fair-cooperation guarantee

By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.

Read more

New Look, Same Us. Enjoy 10% OFF this October using the coupon code: autumn10