On March 15, 2022, MOSCOW received a court decision on a lawsu filed against the company in January 2021. As of December 31, 2021, MOSCOW did not recognize a liability as a result of this case because according to its legal counsel, it was not probable that the company will be found liable. On March 15, the court ordered MOSCOW to pay the amount of P2 million to the plaintiff. Although MOSCOW intended to make an appeal, it is still considered probable that it will pay an amount between P1.5 million to P2 million, with P2 million considered to be the most probable amount. MOSCOW's financial statements for the year ended December 31, 2021 were

On March 15, 2022, MOSCOW received a court decision on a lawsu filed against the company in January 2021. As of December 31, 2021, MOSCOW did not recognize a liability as a result of this case because according to its legal counsel, it was not probable that the company will be found liable. On March 15, the court ordered MOSCOW to pay the amount of P2 million to the plaintiff. Although MOSCOW intended to make an appeal, it is still considered probable that it will pay an amount between P1.5 million to P2 million, with P2 million considered to be the most probable amount. MOSCOW's financial statements for the year ended December 31, 2021 were

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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