Intermediate accounting homework help

The above contingencies are related to litigation claims against Verizon Communications. The first two sentences, “Several state and federal regulatory proceedings may require our telephone operations to pay penalties or to refund to customers a portion of the revenues collected in the current and prior periods,” are related to claims the organizations in this industry find throughout their course of business. The second portion of this contingency relates to various legal actions pending. These items are not accrued because these are either litigation claims or the likelihood is not probable and the amount cannot reasonably be estimated. From chapter 13 (Spiceland, David, James Sepe, Mark Nelson, and Lawrence Tomassini. Intermediate Accounting. Fifth Edition. Volume Two. New York, NY: Mc-Graw-Hill/Irwin, 2009. Pages 665-697. Print.), “A loss contingency is accrued only if a loss is probable and the amount can reasonably be estimated.” Later in chapter 13 we learn, “the majority of medium and large corporations annually report loss contingencies due to litigation. In practice, accrual of a loss from pending or ongoing litigation is rare.” With this in mind, we know that the events stated in the contingency notes form Verizon should not be accrued and listed only as a disclosure note.

Intermediate accounting homework help

intermediate accounting homework help

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