Question

Monsanto’s 2012 annual report stated that the company’s liabilities for environmental remediation and litigation contingencies are $213 million as of 8/31/12 ($176 million as of 8/31/11).
a. Describe how the liabilities affected the basic accounting equation.
b. What accounting principle is being followed by Monsanto? Explain.
c. Assume $25 million was actually spent in 2012 to remediate environmental problems. Draw a T-account and reconstruct 2012 changes for contingencies.



$1.99
Sales0
Views58
Comments0
  • CreatedAugust 19, 2014
  • Files Included
Post your question
5000