Solved: What is the balance for contingent liabilities at the end, Accounting Basics

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What is the balance for contingent liabilities at the end

Ravens Inc. considered two contingencies at the end of 2016:

a probable loss in the range of $300,000 to $500,000

a reasonably possible loss of $150,000

Under U.S. GAAP, what is the balance for contingent liabilities at the end of 2016?

A) $550,000

B) $400,000

C) $450,000

D) $300,000

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Accounting Basics: What is the balance for contingent liabilities at the end

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