The Questions and Answers Technical Hotline in the Journal of Accountancy included the following question: Several years
Question:
Several years ago, Company B instituted legal action against Company A. Under a memorandum of settlement and agreement, Company A agreed to pay Company B a total of $17,500 in three installments-$5,000 on March 1, $7,500 on July 1, and the remaining $5,000 on December 31. Company A paid the first two installments during its fiscal year ended September 30. Should the unpaid amount of $5,000 be presented as a current liability at September 30?
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Yes the unpaid amount of 5000 should be presented ...View the full answer
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Related Book For 
Accounting
ISBN: 978-0324188004
21st Edition
Authors: Carl s. warren, James m. reeve, Philip e. fess
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