(loss contingencies: entries and essay)

Project Description:

p13-10 (loss contingencies: entries and essay) on november 24, 2014, 26 passengers on windsor
airlines flight no. 901 were injured upon landing when the plane skidded off the runway. personal injury
suits for damages totaling $9,000,000 were filed on january 11, 2015, against the airline by 18 injured
passengers. the airline carries no insurance. legal counsel has studied each suit and advised windsor that
it can reasonably expect to pay 60% of the damages claimed. the financial statements for the year ended
december 31, 2014, were issued february 27, 2015.
instructions
(a) prepare any disclosures and journal entries required by the airline in preparation of the december
31, 2014, financial statements.
(b) ignoring the november 24, 2014, accident, what liability due to the risk of loss from lack of insurance
coverage should windsor airlines record or disclose? during the past decade, the company
has experienced at least one accident per year and incurred average damages of $3,200,000. discuss
fully.
Skills Required:
Project Stats:

Price Type: Fixed

Project Budget: $0 to $10
Expired
Total Proposals: 7
1 Current viewersl
53 Total views
Project posted by:

Proposals

Proposals Reputation Price offered
  • 4.9
    95 Jobs 45 Reviews
    $12 in 1 Day
  • 4.8
    546 Jobs 386 Reviews
    $9 in 1 Day
  • 5.0
    215 Jobs 140 Reviews
    $15 in 1 Day
  • 4.7
    39 Jobs 24 Reviews
    $10 in 1 Day
  • 4.9
    308 Jobs 184 Reviews
    $8 in 3 Hours
  • 5.0
    79 Jobs 30 Reviews
    $40 in 2 Days
  • 4.5
    74 Jobs 34 Reviews
    $10 in 1 Day