Intermediate Accounting (16th Edition)

Published by Wiley
ISBN 10: 1118743202
ISBN 13: 978-1-11874-320-1

Chapter 7 - Cash and Receivables - Review and Practice - Using Your Judgment - Financial Statement Analysis Case: Case 1 - Page 380: f

Answer

Occidental recognizes a loss of 30 million and a liability of 15 million. If Occidental manages to recover the receivables, its liquidity will increase due to the elimination of the recourse liability.

Work Step by Step

Occidental recognizes a loss of 30 million and a liability of 15 million. If Occidental manages to recover the receivables, its liquidity will increase due to the elimination of the recourse liability.
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