Huskie Company incurred a significant loss of property due to a natural disaster. The event occurred...
Huskie Company incurred a significant loss of property due to a natural disaster. The event occurred three weeks after the year-end reporting period, but prior to the issuance of the financial statements. This is an example of a:
a. Subsequent event that does not need to be disclosed.
b. Subsequent event that could be anticipated and financial statements should be adjusted prior to issuance.
c. Subsequent event that did not exist at the balance sheet reporting date and should be disclosed in the notes to the financial statements.
d. Unfortunate event that should be disclosed in the notes to the financial statements.
Homework Answers
| The given event is an example of a Subsequent event that did not exist at the balance sheet reporting date and should be disclosed in the notes to the financial statements. |
| Option C is correct |
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Huskie Company incurred a significant loss of property due to a
natural disaster. The event occurred...
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