Answered step by step
Verified Expert Solution
Question
1 Approved Answer
could someone explain this plz Question 20 (1 point) Rich Networks Inc. is being sued by a competitor for infringing on one of its competitor's
could someone explain this plz
Question 20 (1 point) Rich Networks Inc. is being sued by a competitor for infringing on one of its competitor's patents. The company's fiscal year end date is December 31. The suit for $95,000 was filed in court on January 30, 2020 before the company expects to submit its 2019 annual report to its regulatory body on February 25, 2020. The company's legal counsel estimates that the likelihood of damages being awarded to the competitor is 80%. How much contingent liabilities, if any, should be reported on the balance sheet in the company's 2019 annual report? If you think that the amount is zero, put 0. Otherwise, if you think that the amount is above zero, put that number in your answer. For your answer, make sure to put the number without dollar signs ($), commas (,), periods (.), and decimal points. Again, please state the number only without dollar signs, commas, periods, and decimal points for your answer. For example, if the answer happens to be 12345, then you must simply put 12345Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started