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Home Q & A Board Other Fields Homework Help Business Accounting
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goji.go goji.go
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Posts: 5977
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9 years ago
A town's garbage trucks accidentally sideswiped two parked automobiles in the year ended December 31, 2013. One case was settled for $3,000, and the town expects to pay it in January 2014. In the other case, the claimant originally demanded $15,000. The town attorney thinks they can settle the claim for $10,000, but it probably will take two years to settle the case.  What amount should the town report as a claims liability on the General Fund's December 31, 2013 balance sheet?
      a.   $0
      b.   $3,000
      c.   $13,000
      d.   $18,000
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Diesel
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Answer accepted by topic starter
f_zah1f_zah1
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#1
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9 years ago
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goji.go Author
wrote...
#2
9 years ago
Thanks so much f_zah1.

You were correct Smiling Face with Open Mouth
Diesel
wrote...
#3
9 years ago
You're very welcome!
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