Contingent Liabilities Omega Company is involved in two unrelated lawsuits, one as the plaintiff and one as
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Contingent Liabilities Omega Company is involved in two unrelated lawsuits, one as the plaintiff and one as the defendant. As a result of these two lawsuits, the company has a contingent asset and a contingent liability. How should Omega record these on its balance sheet?
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Related Book For 
Using Financial Accounting Information The Alternative To Debits And Credits
ISBN: 9780538452748
7th Edition
Authors: Curtis L. Norton, Gary A. Porter
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