Business, 05.02.2021 21:10 jamesnaquan132
The occurrence which most likely would have no effect on 2020 net income (assuming that all amounts involved are material) is the
a. collection in 2020 of a receivable from a customer whose account was written off in 2019 by a charge to the allowance account.
b. settlement based on litigation in 2020 of previously unrecognized damages from a serious accident that occurred in 2018.
c. sale in 2020 of an office building contributed by a stockholder in 1989.
d. worthlessness determined in 2020 of stock purchased on a speculative basis in 2016.
Answers: 3
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The occurrence which most likely would have no effect on 2020 net income (assuming that all amounts...
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