Onopea Inc

question 37

Multiple Choice

Onopea Inc. considered two contingencies at the end of 2016: ** a probable loss in the range of $200,000 to $800,000
** a reasonably possible loss of $150,000
Under U.S. GAAP, what is the balance for contingent liabilities at the end of 2016?

• A) $200,000
• B) $500,000
• C) $350,000
• D) $650,000

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