Business, 16.04.2020 18:07, nevejames07

Analyze the following independent situations. Determine how each contingency should be treated. a. Weaver, Inc. is being sued by a former employee. Weaver believes that there is a remote chance that the employee will win. The employee is suing Weaver for damages of $40,000. Describe the situation in a note to the financial statements. b. Gulf Oil Refinery had a gas explosion on one of its oil rigs. Gulf believes it is likely that it will have to pay environmental clean-up costs and damages in the future due to the gas explosion. Gulf cannot estimate the amount of the damages. Record an expense and a liability based on estimated amounts. c. Lawson Enterprises estimates that it will have to pay $75,000 in warranty repairs next year.

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Analyze the following independent situations. Determine how each contingency should be treated. a. W...