Social Studies, 16.09.2019 17:30 natb7828
Fred sanchez owns and operates his own small automobile repair shop. however, the prices he can charge are fixed, and he rents his land and building from the government. most of his friends work for industries owned by the government. fred's country is most likely a(n) economy.
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The following legal claims exist for m. finger co. identify the accounting treatment for each claim as either (a) a liability that is recorded or (b) an item described in notes to its financial statements. 1. m. finger (defendant) estimates that a pending lawsuit could result in damages of $1,250,000; it is reasonably possible that the plaintiff will win the case. an item described in notes to its financial statements. a liability that is recorded. 2. m. finger faces a probable loss on a pending lawsuit; the amount is not reasonably estimable. a liability that is recorded. an item described in notes to its financial statements. 3. m. finger estimates damages in a case at $3,500,000 with a high probability of losing the case. an item described in notes to its financial statements. a liability that is recorded. the amount that m. finger co. should record in its accounting records related to these suits is:
Answers: 3
Fred sanchez owns and operates his own small automobile repair shop. however, the prices he can char...
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