Accounting for loss contingency Essay

Custom Student Mr. Teacher ENG 1001-04 4 March 2016

Accounting for loss contingency

Accounting for a Loss Contingency for a Verdict Overturncd on Appcal M International (“M”) and W hrc. (“W,” a competitor of M) have been engaged in longstanding litigation over a specific patent infringernent matter.

For the year ended December 31,2007 , manageilent of M detelnined that a loss for this matter was probable and represented that the estimate ofloss was in the range of $15 million to $20 million, with $17 million being the most likely amount of loss within the range.

A jury trial took place in September 2009.

Thejury reached a veldict on September 24,2009, and ajudgment was ordeled in favor of W. The judgment required M to pay W $18.5 rnillion. In November 2009. Notice of Appeal with the Court of Appeals. In December 2010, the Court of Appeals issued a ruling in favol of M’s appeal.

Free Accounting for loss contingency Essay Sample

A

  • Subject:

  • University/College: University of Chicago

  • Type of paper: Thesis/Dissertation Chapter

  • Date: 4 March 2016

  • Words:

  • Pages:

We will write a custom essay sample on Accounting for loss contingency

for only $16.38 $12.9/page

your testimonials