During 2018, leucothea co. became involved in a legal dispute with a supplier. at december 31, 2018, leucothea’s legal advisor believed that an unfavorable outcome was probable. a reasonable estimate of resulting monetary damages is $100,000 but could be as much as $200,000. leucothea has legal liability insurance coverage that limits their loss to $80,000. after the 2018 financial statements were issued, leucothea agreed to settle the case for $125,000. what amount of accrued liability should leucothea have reported in its december 31, 2018 balance sheet?

Jewelry manufacturers produce a range of products such as rings, necklaces, bracelets, and brooches. what fundamental economic question are they addressing by offering this range of items?

Blue spruce corp. has the following transactions during august of the current year. aug. 1 issues shares of common stock to investors in exchange for $10,170. 4 pays insurance in advance for 3 months, $1,720. 16 receives $710 from clients for services rendered. 27 pays the secretary $740 salary. indicate the basic analysis and the debit-credit analysis.

On june 1, 2017, blossom company was started with an initial investment in the company of $22,360 cash. here are the assets, liabilities, and common stock of the company at june 30, 2017, and the revenues and expenses for the month of june, its first month of operations: cash $4,960 notes payable $12,720 accounts receivable 4,340 accounts payable 840 service revenue 7,860 supplies expense 1,100 supplies 2,300 maintenance and repairs expense 700 advertising expense 400 utilities expense 200 equipment 26,360 salaries and wages expense 1,760 common stock 22,360 in june, the company issued no additional stock but paid dividends of $1,660. prepare an income statement for the month of june.