Business, 22.01.2020 00:31 carsengilbert
On november 1, 2004, davis co. discounted with recourse at 10%, a one-year, noninterest-bearing, $20,500 note receivable maturing on january 31, 2005.
what amount of contingent liability for this note must davis disclose in its financial statements for the year ended december 31, 2004?
a. $0
b. $20,000
c. $20,333
d. $20,500
Answers: 2
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