Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. one of sebastians employees unfortunately left a p

One of Sebastians employees unfortunately left a piece of equipment on the sidewalk at the...

60.1K

Verified Solution

Question

Accounting

One of Sebastians employees unfortunately left a piece of equipment on the sidewalk at the job site, and a local citizen tripped over the equipment and fell, breaking his ankle. Since Sebastians employee was negligent, the injured local citizen sued the business and received a legal judgment from the district judge in the amount of $10,000 on December 30,2023. Given the New Years holiday, Sebastian did not pay the judgment until January 5,2024. Sebastian does not use the recurring item exception. When can Sebastian deduct the litigation settlement, and why?

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Chemistry
1.2K views

1. Using the standard reduction potentials listed in Appendix E in the textbook, calculate the equilibrium...

Economics
1.2K views

Describe why people become entrepreneurs and what it takes, personally? What does it take to succeed?

Basic Math
1.2K views

Drive-through Service Time at McDonald’s When you are on the go and looking for a quick...

Advance Math
1.2K views

Find A, B, C, D, E such that the rule Af(a ? 2h) + Bf(a...

Accounting
1.2K views

As an employee, write an internal memo to your manager addressing the following: Suggest several ways...

Biology
1.2K views

What is the meaning of the term tenements developed in the mid 1800s Group of...

Calculus
1.2K views

451 pointWrite an algebraic equation to represent the given information. Let x be the first...

Algebra
1.2K views

X 8 A television camera is on a reviewing platform a meters from the street...

Accounting
1.2K views

HQ Ltd. purchased a used truck from Trans Auto Sales Inc. HQ paid a $3,900...

Accounting
1.2K views

ENV0002 Assignment 1 - Interconnectedness (20%) This assignment relates to the following Course Learning Requirements:...

Accounting
1.2K views

1. A company may raise capital from the primary market through A. O Public issue...

Accounting
1.2K views

Manufacturing overhead costs include direct materials and direct labor. O True False