Question: You are the plaintiff in a lawsuit Your legal counsel
You are the plaintiff in a lawsuit. Your legal counsel advises that your eventual victory is inevitable. “You will be awarded $12 million,” your attorney confidently asserts. Describe the appropriate accounting treatment.
Relevant QuestionsOn October 1, Eder Fabrication borrowed $60 million and issued a nine-month, 12% promissory note. Interest was payable at maturity. Prepare the journal entry for the issuance of the note and the appropriate adjusting entry ...On December 12, 2011, Pace Electronics received $24,000 from a customer toward a cash sale of $240,000 of diodes to be completed on January 16, 2012. What journal entries should Pace record on December 12 and January 16?Quandary Corporation has a major customer who is alleging a significant product defect. Quandary engineers and attorneys have analyzed the claim and have concluded that there is a 51% chance that the customer would be ...Diversified Semiconductors sells perishable electronic components. Some must be shipped and stored in reusable protective containers. Customers pay a deposit for each container received. The deposit is equal to the ...The Manda Panda Company uses the allowance method to account for bad debts. At the beginning of 2011, the allowance account had a credit balance of $75,000. Credit sales for 2011 totaled $2,400,000 and the yearend accounts ...
Post your question