Discover a wealth of knowledge at Westonci.ca, where experts provide answers to your most pressing questions. Join our Q&A platform and connect with professionals ready to provide precise answers to your questions in various areas. Get precise and detailed answers to your questions from a knowledgeable community of experts on our Q&A platform.
Sagot :
The amount that the government entity report should report as a liability for the judgment in its year 2 governmental fund financial statements is $25000.
What is liability?
"At the beginning of year 2, a government entity had a $500,000 judgment outstanding. The government entity paid $400,000 of the judgment during year 2. The remaining balance of the judgment includes $25,000 payable early in year 3 and $75,000 payable at the end of year 4. What amount should the government entity report as a liability for the judgment in its year2 governmental fund financial statements?
A) $500,000 B) $100,000 C) $75,000 D) $25,000
It should be noted that liability simply means the future sacrifices of economic benefit that an entity is obliged to make.
Here, the amount that the government entity report should report as a liability for the judgment in its year 2 governmental fund financial statements is $25000.
Learn more about liability on:
brainly.com/question/25012970
#SPJ4
Thank you for visiting our platform. We hope you found the answers you were looking for. Come back anytime you need more information. Your visit means a lot to us. Don't hesitate to return for more reliable answers to any questions you may have. Westonci.ca is committed to providing accurate answers. Come back soon for more trustworthy information.
