Subsequent knowledge of which of the following would cause the entity to adjust its December 31 financial
Question:
a. Sale of an issue of new stock for $ 500,000 on January 30.
b. Settlement of a damage lawsuit for a customer’s injury sustained February 15 for $ 10,000.
c. Settlement of litigation in February for $ 100,000 that had been estimated at $ 12,000 in the December 31 financial statements.
d. Storm damage of $ 1 million to the entity’s buildings on March 1.
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a Incorrect The issuance of stock occurred after December 31 b Incorrect An inju...View the full answer
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Related Book For
Auditing and Assurance Services
ISBN: 978-0077862343
6th edition
Authors: Timothy Louwers, Robert Ramsay, David Sinason, Jerry Straws
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