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    leeme's Avatar
    leeme Posts: 2, Reputation: 1
    New Member
     
    #1

    Nov 7, 2014, 08:56 AM
    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
    odinn7's Avatar
    odinn7 Posts: 7,691, Reputation: 1547
    Entomology Expert
     
    #2

    Nov 7, 2014, 09:04 AM
    What about insurance?
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
    Ultra Member
     
    #3

    Nov 7, 2014, 09:09 AM
    You should create a liability account and put notes in the financial statements.

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