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Author Question: Austin Inc. is facing a lawsuit from a former employee for Title IX discrimination. Based on initial ... (Read 123 times)


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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.

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Marked as best answer by AEWBW on Feb 18, 2020


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