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Unformatted text preview: P.340 Sales taxes multiply by the sales tax to determine the total price Divide by sales tax + 1 to determine original price P.345 accounting for contingent liabilities Probable future event is likely to occur accounting estimate the amount of the contingency and make the appropriate journal entry, provide detailed disclosure in the notes Reasonably possible the chance of the future event occurring is more than remote but less than likely accounting provide detailed disclosure of the possible liability in the notes Remote the chance of the future event occurring is slight accounting no disclosure required Capitalize doing major renovation Property taxes payable most of the time it based on fiscal year...
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- Summer '11