Scenario

Imagine that you own or work for a business as you discuss the following information:

• Identify and describe the type of business or organization you will be discussing.
• Discuss two examples of current liabilities that your business or organization might have. Please be specific.
• List one example of an estimatedliability and one example of acontingent liability that your business or organization has or might have. Explain why it is estimated or contingent.
• How will these liabilities affect the financial statements?