15) Huprey Co. is the defendant in the following legal claims. For each of following claims,...
15) Huprey Co. is the defendant in the following legal claims. For each of following claims, does Huprey (a) record a liability, (b) disclose in notes, or (c) have no disclosure.
1. Huprey can resonably estimate that a pending lawsuit will result in damages of $1,390,000it is probable that Huprey will lose the case.
Have no disclosure.
Disclose in notes.
Record a liability.
2. It is reasonably possible that Huprey will lose a pending lawsuit. The loss cannot be estimable.
Record a liability.
Disclose in notes.
Have no disclosure.
3. Huprey is being sued for damages of $2,260,000. It is very unlikely (remote) that Huprey will lose the case.
Disclose in notes.
Record a liability.
Have no disclosure.
Homework Answers
1. Huprey can resonably estimate that a pending lawsuit will result in damages of $1,390,000 it is probable that Huprey will lose the case. - record a liability
2. It is reasonably possible that Huprey will lose a pending lawsuit. The loss cannot be estimable. - Disclose in notes
3. Huprey is being sued for damages of $2,260,000. It is very unlikely (remote) that Huprey will lose the case. - Have no disclosure
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15) Huprey Co. is the defendant in the following legal claims.
For each of following claims,...
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I need help with the solution and explanation in the whole question Please and Thank you....
I need help with the solution and explanation in the whole
question Please and Thank you.
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I need help with the solution and explanation in the whole
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