Homework Clinic

Social Science Clinic => Accounting => Topic started by: AEWBW on Feb 18, 2020

Title: Austin Inc. is facing a lawsuit from a former employee for Title IX discrimination. Based on initial ...
Post by: AEWBW on Feb 18, 2020: Austin Inc. is facing a lawsuit from a former employee for Title IX discrimination. Based on initial evidence, Austin's lawyers believe the case is valid and estimate damages of $500,000 are possible. What accounting treatment should Austin use for the lawsuit?
◦ A note should be made in the financial statements describing the potential lawsuit, but nothing else needs to be recorded at this point.
◦ The liability should be recorded by crediting a loss account.
◦ The estimated damages should be recorded on the balance sheet.
◦ No action is necessary yet because the lawsuit is pending.
Title: Austin Inc. is facing a lawsuit from a former employee for Title IX discrimination. Based on initial ...
Post by: cegalasso on Feb 18, 2020: The estimated damages should be recorded on the balance sheet.
Title: Re: Austin Inc. is facing a lawsuit from a former employee for Title IX discrimination. Based on ini
Post by: Thanh Truc Phan on Nov 15, 2020: Thank You
Title: Re: Austin Inc. is facing a lawsuit from a former employee for Title IX discrimination. Based on ini
Post by: Kaydrena Mcarn on Nov 18, 2020: Thank you
Title: Re: Austin Inc. is facing a lawsuit from a former employee for Title IX discrimination. Based on ini
Post by: Heather Watson on Nov 18, 2020: Thank you
Title: Re: Austin Inc. is facing a lawsuit from a former employee for Title IX discrimination. Based on ini
Post by: Igna Ganis on Mar 27, 2021: Thank You
Title: Re: Austin Inc. is facing a lawsuit from a former employee for Title IX discrimination. Based on ini
Post by: Tammi Lou on Jul 30, 2021: thank you
Title: Re: Austin Inc. is facing a lawsuit from a former employee for Title IX discrimination. Based on ini
Post by: George Lee on Apr 11, 2022: Thank you