In January 2018, a customer filed a lawsuit against Fireen's Boutique. The customer fell on an icy
Question:
In January 2018, a customer filed a lawsuit against Fireen's Boutique. The customer fell on an icy patch in the store's parking lot and broke an ankle in December. Fireen's fiscal year-end is January 31. The company's attorneys believe that it is reasonably possible that Fireen's will lose this case, with a 60% probability. The attorneys estimate that the loss will range between $400,000 and $500,000, which is material to Fireen's.
Required
a. Explain how the lawsuit should be reported.
b. Prepare any journal entries required.
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a The lawsuit is a contingency as it meets the three key elements 1 It is ...View the full answer
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