Buzz Coffee Shops is famous for its large servings of hot coffee. Last year a customer spilled
Question:
Buzz Coffee Shops is famous for its large servings of hot coffee. Last year a customer spilled a cup of hot coffee on himself and decided to file a lawsuit against Buzz for $1,000,000. Buzz’s management thinks the chances of the company having to pay anything to the customer are remote. The case went to trial this year, and Buzz was found guilty of serving hot coffee in the wrong type of cup. The judge ordered Buzz to pay the customer $200,000. What is the proper reporting of the lawsuit in each year?
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Last year Buzz does not have to record or disclose the liability because managemen...View the full answer
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Related Book For 
Financial Accounting
ISBN: 978-1259964947
10th edition
Authors: Robert Libby, Patricia Libby, Frank Hodge
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