Written Assignment Page 7

Written Assignment Page 7 - $140,000,000 c. This is a gain...

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P13-06 Page 1 a. This is a loss contingency. The information that determines the disclosure will more than likely come after the end Disclosure note: A lawsuit resulting from a dispute with a supplier ended with a judgment ordering Eastern Manufac b. This is a loss contingency. The outcome has been settled and the loss is probable. A disclosure note of loss contin g Disclosure note: A lawsuit filed by the State of Nevada ended with a judgment ordering Eastern Manufacturing to p a y Loss-litigation. ............................... $140,000,000 Liability-litigation. .............................................
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Unformatted text preview: $140,000,000 c. This is a gain contingency. The gain isn't recognized until it has been realized. A disclosure note of gain contingen Disclosure note: Eastern Manufacturing is the plaintiff in a lawsuit filed against United Steel. No amount has been a c d. No disclosure is necessary. Although an unfavorable outcome is possible, it needs to be probable before disclosur e P13-06 Page 2 think the settlement will had a negative effect on the finances of the company. will had a negative effect on the finances of the company....
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This note was uploaded on 09/12/2011 for the course ACC 202 taught by Professor Lavey during the Spring '11 term at Edison State College.

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Written Assignment Page 7 - $140,000,000 c. This is a gain...

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