In November 2020. Manila City Government brought action against Hitana for P2,800,000 for polluting Manila Bay....
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
In November 2020. Manila City Government brought action against Hitana for P2,800,000 for polluting Manila Bay. It is reasonably possible that Manila City Government will be successful, but the amount of damages Hitana will have to pay is not reasonably determinable at December 31, 2020. What is the amount to be recognized as a liability at December 31, 2020? In November 2020. Manila City Government brought action against Hitana for P2,800,000 for polluting Manila Bay. It is reasonably possible that Manila City Government will be successful, but the amount of damages Hitana will have to pay is not reasonably determinable at December 31, 2020. What is the amount to be recognized as a liability at December 31, 2020?
Expert Answer:
Answer rating: 100% (QA)
Based on the information provided the amount to be recognized as a liability at Decem... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-0132162302
1st edition
Authors: Elizabeth A. Gordon, Jana S. Raedy, Alexander J. Sannella
Posted Date:
Students also viewed these accounting questions
-
Is it possible that a positive alpha will be associated with inferior performance? Explain.
-
The probability that a new product will be successful if a competitor does not come up with a similar product is 0.67. The probability that the new product will be successful in the presence of a...
-
If people believe that the central bank will be successful in keeping inflation on target, does it matter which of the above two rules is used? Explain.
-
You have been asked, as a consultant, by the chief compliance officer of a multi-facility health system to assist in evaluating the organizations current enterprise-wide coding compliance plan for...
-
Choose one of the following combinations and explain why each is perceived differently by consumers: a. Seven jeans and Levi's b. Saks Fifth Avenue and Sears c. Hyundai Sonata and Jaguar XK d. Motel...
-
Highlight the possible financial gains from an effective and well-coordinated response system as well as the need of tackle intimate partner violence during 911 emergency calls in Hawaii. Please...
-
Mr. Jones was considering a new grapefruit venture that would generate a random sequence of yearly cash flows. He asked his son. Gavin, "People tell me I should use a cost of capital figure to...
-
Assume that the risk-free rate is 6 percent and the expected return on the market is 13 percent. What is the required rate of return on a stock that has a beta of 0.7?
-
Soccer Co . Soccer Co . has a group of companies operating within NSW . Payrolls for the month of August for each company are as follows: Soccer Importer $ 1 7 5 , 0 0 0 Soccer Holdings $ 1 1 8 , 0 0...
-
C# and UML There is a computational system COMP. The names of its computational modules are stored in file modules.txt. New ones can be appended to the end of the file. The system displays the module...
-
The computer spends 80% of the time computing and 20% waiting for the disk. The instruction mixes and the average cycles per instruction (CPI) for each type is: of CPI Instructions Integer Floating...
-
Describe three Money Market securities - 1. include descriptions of issuers, 2.buyers, 3.quality of secondary market and why these securities would typically be used by market participants.
-
In Vroom's formula, nonchalance instrumentality 0000 valence expectancy refers to a person's perception of his or her ability (probability) to accomplish an objective.
-
Risk-free rate is 3% market risk premium is 4%, corp tax rate is 24%, the company stock beta 1.28, share price is $239, shares outstanding is 100,000,000. What is the total market value of Airbnb's...
-
The integrated disclosure rules for lenders rules lender ( TRID ) request ? a ) Truth in lending form and a loan estimate form b ) loan estimate form and closing disclosure form c ) Good faith...
-
Suppose one-year LIBOR is forecasted to fluctuate as follows: Year 1: 5.0% Year 2: 5.5% Year 3: 6.0% Year 4: 7.0% Year 5: 7.5% Determine the fixed swap rate for 5-year $100-million interest rate...
-
1. A production Enterprise is considering introduction of a new product into the market. Detailed calculations of expected revenues are presented in the table below: Thousands euro Revenues Year 1...
-
On average there are four traffic accidents in a city during one hour of rush-hour traffic. Use the Poisson distribution to calculate the probability that in one such hour there arc (a) No accidents...
-
Using the information in BE21- 7, prepare the footnote to disclose the change in accounting estimate for Enko Incorporated In BE21-7 The assets original cost was $ 750,000. There is a $ 50,000...
-
On January 1, Newman acquired a 30% interest in the common shares of MultiGram Entertainment at a cost of $ 4,295,000. During the year, MultiGram reported a net loss of $ 630,000 and paid no...
-
Sallie Corporation borrowed $ 700,000 on November 1, 2014. The note agreement specifies that it will pay interest quarterly at 6% and the principal will be due on October 31, 2015. The companys...
-
Reconsider the data of Problem 31. Data from Problem 31 The following three investment opportunities are available. The returns for each investment for each year vary, but the first cost of each is...
-
The following three investment opportunities are available. The returns for each investment for each year vary, but the first cost of each is $20,000. Based on a future worth analysis, which...
-
Explain the concept of a control variable and the assumption necessary for a control variable to be effective.
Study smarter with the SolutionInn App