11 Aug Contingent liabilities abound in the real world. Life and health insurance companies and their stockholders wonder how big the cost of diabetes
Mohammed LLC is a growing consulting firm. The following transactions take place during the current year.
- On June 10, Mohammed borrows $270,000 from a bank to cover the initial cost of expansion. Terms of the loan are payment due in four months from June 10, and annual interest rate of 5%.
- On July 9, Mohammed borrows an additional $100,000 with payment due in four months from July 9, and an annual interest rate of 12%.
- Mohammed pays their accounts in full on October 10 for the June 10 loan, and on November 9 for the July 9 loan.
Record the journal entries to recognize the initial borrowings, and the two payments for Mohammed.
Show your work.
then，the discussion work
1.need reply 2 classmate‘s discussion
2. need use the reference from textbook .Textbook, Accounting Principles 12th Edition, Weygandt, Jerry J,/ Kimmel, Paul D. / Kieso, Donald E., John Wiley & Sons, Inc. 2015
Contingent liabilities abound in the real world. Life and health insurance companies and their stockholders wonder how big the cost of diabetes, Alzheimer’s, and AIDS really are and what damage they might do in the future.
Why do you think most companies disclose, but do not record, contingent liabilities? What do you think disclosing of these liabilities entails? What do you think are the benefits / drawbacks from disclosure? Why?
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