Unformatted text preview: issuing replacement shields. The new shields will not be distributed until the next fiscal year. The company has been notified by a competitor that one of Camo Max's camouflage designs violates a copyright held by the competitor. The competitor is asking for a $250,000 paid up license to the use the design. Camo Max disagrees, but believes that it is reasonably possible the competitor will fill a copyright infringement action. Subsequent to year end (but before preparing financial statements), an employee was seriously injured by a fabric cutting machine. The company has agreed to a large financial settlement with the employee. This payment will eliminate any hope of profitability during the next several years....
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This note was uploaded on 02/29/2012 for the course ACCOUNTING 101 taught by Professor Hudack during the Spring '11 term at FIU.
- Spring '11