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-   -   Include recommendations on how to account for this (https://www.askmehelpdesk.com/showthread.php?t=804198)

  • Nov 7, 2014, 08:56 AM
    leeme
    Include recommendations on how to account for this
    Lawsuit for $2,000,000 for an injury caused to a customer allegedly as a result of product use. The suit was filed in March of 2012. The Marshall corporate lawyer feels that it is probable Marshall will not win the suit and currently estimates a judgment against Marshall Corporation between $300,000 and $800,000 with a most likely judgment of $500,000 based on historical similar cases
  • Nov 7, 2014, 09:04 AM
    odinn7
    What about insurance?
  • Nov 7, 2014, 09:09 AM
    pready
    You should create a liability account and put notes in the financial statements.

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