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Accounting for corporations : Preparation of adjusting entries

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Preparation of adjusting entries necessary at the end of the year. : Sutton Coat Company, which prepares annual financial statements, is preparing adjusting entries on December 31

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									              Sub: Accounts                                            Topic: Accounting for corporations



              Question:
              Preparation of adjusting entries necessary at the end of the year.

         ClassOf1 provides expert guidance to College, Graduate, and High school students on homework and assignment problems in
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              Sutton Coat Company, which prepares annual financial statements, is preparing adjusting
              entries on December 31. Analysis indicates the following:

              1. The company is the defendant in an employee discrimination lawsuit involving $50,000 of
                 damages. Legal counsel believes it is unlikely that the company will have to pay any
                 damages.

              2. December 31st is a Friday. The employee
								
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