MiddleSchool2005
21.03.2021 •
Business
Please help! I've attached the questions and the requirements below. Any help would be greatly appreciated
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Answers on questions: Business
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Ответ:
Record the loss contingency in the December 31, Year 1, balance sheet and also disclose the lawsuit in the footnotes.
Explanation:
Since the loss is both probable and material, then it must be recorded as a liability in the balance sheet. This is a loss contingency, and depending on whether the probability of occurrence is probable, possible or not possible, and the amount can be determined, then it will be recorded in the balance sheet, included in the footnotes or not considered.
Since the loss is probable and it can be quantified, plus the incident occurred during last year, then the loss contingency must be included as a liability. The company should also disclose the lawsuit in the footnotes.