Last week there was significant water damage to some finished desks at a company owned warehouse. Unfortunately,
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Last week there was significant water damage to some finished desks at a company owned warehouse. Unfortunately, due to the level of insurance deductibles, the company’s insurance policy will only pick up a portion of the 6 cent after tax loss. Losses similar to this one have happened on three separate occasions over the last 6 years.
1). What would US GAAP require you to report or disclose in your quarterly 10Q?
2). How would the event be reflected in the quarterly income statement?
Related Book For
Principles of Taxation for Business and Investment Planning 2016 Edition
ISBN: 9781259549250
19th edition
Authors: Sally Jones, Shelley Rhoades Catanach
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