Business, 25.01.2021 23:10 zanedog2018

Below are three independent situations. 1. In August, 2018 a worker was injured in the factory in an accident partially the result of his own negligence. The worker has sued Barkley Co. for $800,000. Counsel believes it is reasonably possible that the outcome of the suit will be unfavorable and that the settlement would cost the company from $250,000 to $500,000.
2. A suit for breach of contract seeking damages of $3,000,000 was filed by an author against Henderson Co. on October 4, 2018. Henderson's legal counsel believes that an unfavorable outcome is probable. A reasonable estimate of the award to the plaintiff is between $1,000,000 and $2,250,000. No amount within this range is a better estimate of potential damages than any other amount.
3. Kroft is involved in a pending court case. Kroft's lawyers believe it is probable that Kroft will be awarded damages of $1,000,000.
Instructions Discuss the proper accounting treatment, including any required disclosures, for each situation. Give the rationale for your answers.

Answers: 1

Show answers

Another question on Business

Business, 21.06.2019 16:50

The bonds issued by the south foot bear a coupon rate of 7.5 percent, payable semiannually. the bonds mature in 6.5 years, sell at par, and have a $1,000 face value. what is the yield to maturity

Answers: 3

Answer

Business, 21.06.2019 20:00

Which financial component is a mandatory deduction from your gross pay? a. sales tax b. social security tax c. health insurance d. disaster relief fund (drf) e. voluntary deduction

Answers: 1

Answer

Business, 21.06.2019 20:50

Tyler has coffee with one of his direct reports almost daily. he does this to inquire in an informal way about progress on the job, and to provide coaching and support, as well as appropriate congratulations for special efforts. tyler is exhibiting which type of managerial skill?

Answers: 1

Answer

Business, 21.06.2019 22:20

Outstanding stock consists of 8,300 shares of cumulative 7% preferred stock with a $10 par value and 4,300 shares of common stock with a $1 par value. during the first three years of operation, the corporation declared and paid the following total cash dividends. year dividend declared 2016 $ 0 2017 $ 7,300 2018 $ 45,000 the amount of dividends paid to preferred and common shareholders in 2018 is:

Answers: 2

Answer

You know the right answer?

Below are three independent situations. 1. In August, 2018 a worker was injured in the factory in a...

Questions