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L. taxes in connection with their payrolls? C. Employee deductions above benefits D. the probably create employer liabilities. 16. The following selected transactions relate to contingencies of Jones Inc. Jones' fiscal year ends on December 31, 2014, and financial statements are published in March 2015 a. nes is involved in a lawsuit resulting from dispute with a Robert, over 2014 transaction. At December 31,2014, attorneys advised that it was probable that Jones would lose a Jones, and in an unfavorable outcome. February 12, judgment was rendered against judgment. in favor of Robert, for a whopping sl4 million. Jones does not plan appeal the Should a liability be recorded on the December 31, 2014 balance sheet? If so how much should be reported when the 2014 financial statements are published in March 2015? b. Jones is the defendant in another lawsuit filed in April 2014 in which Smith Company seeks million earlier in as an adjustment to the purchase price related to the sale of Jones' hardwood division Legal 2014. The lawsuit that Jones misrepresented assets and liabilities counsel advises that it is the lose $5 million, but reasonably possible Jones could extremely unlikely it could lose the s10 million asked for. Should a liability be recorded, and if so, how much? Whether or not any liability is recorded, is any disclosure note required? 19. If your company is short of cash, is it an acceptable practice to manage your cash flow by delaying the submittal of payroll taxes, previously withheld from employees for federal taxes, until beyond the tax due date? Yes or no