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Determine amount of liability to recognize on the statement

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Question 1: Assume that Picnic Paper Co. has several minor lawsuits outstanding. To determine the amount of liability to recognize on the statement of financial position, Picnic decides to use expected cash flow techniques.

Based on discussions with their lawyers, Picnic has developed the following cash flow estimates, and related probabilities:

Year                               Cash Flow Estimate                              Probability Assessment

2020                             $2,300                                                   30%

                                    $4,500                                                 45%

                                       $8,200                                              25%

2021                                $3,200                                               20%

                                      $5,400                                                50%

                                       $7,100                                               30%

Reference no: EM132465191

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