4 of 6 (0 complete) HW Score: 0 Score: 0 of 1 pt E11-23 (book/static)...
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4 of 6 (0 complete) HW Score: 0 Score: 0 of 1 pt E11-23 (book/static) Question Analyze the following independent situations. Determine how each contingency should be treated. a. Weaver, Inc. is being sued by a former employee. Weaver believes that there is a remote chance that the employee will win. The employee is suing Weaver for damages of $40,000. Gulf Oil Refinery had a gas explosion on one of its oil rigs. Gulf believes it is likely that it will have to pay environmental clean-up costs and damages in the future due to the gas explosion. Gulf cannot estimate the amount of the damages. c. Lawson Enterprises estimates that it will have to pay $75,000 in warranty repairs next year. Describe the situation in a note to the financial statements. Do not disclose. Record an expense and a liability based on estimated amounts
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