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How to prepare any necessary adjusting entries at december

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Reference no: EM132572592

Fiddler Inc., a public company, prepares annual financial statements on December 31. Analysis indicates the following:

  1. The company has been sued by an employee for discrimination for $ 5,000,000 in damages. Legal counsel believes it is unlikely that the company will have to pay any damages. The amount is material ( substantial ) to the company.
  2. Employees have accrued ( earned ) $4,200 in vacation pay benefits at December 31. 
  3. The company has been sued in a $ 3,000,000 product liability lawsuit. Legal counsel believes the company will probably have to pay the full amount. 
  4. On November 1, Fiddler signed a $ 10,000, 6-month, 8% note payable. No interest has been accrued to date.

Instructions:

Question 1: Prepare any necessary adjusting entries at December 31.

Reference no: EM132572592

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