Mielta Corp. has the following account balances at 12/31/X1: (Note: amounts are shown in absolute value) Account Cash- . Accounts Receivable Allowance for Uncollectible Accounts Inventory Prepaid Insurance Machinery Accumulated Depreciation Amount $ 15,000 200,000 10,000 100,000 2,000 400,000 55,000 Question: What should Mielta report as its total asset's balance on its balance sheet at 12/31/X1? Do no Answer: $ 662000

A contingent liability can be defined as a liability the occurrence of which is dependent upon the happening of an uncertain future event. It is generally recorded in the books only when the amount of liability can be reasonably estimated and the conting…