a. You have worked with legal counsel on a matter. By year end you have not yet received an invoice but have a rough ide
Posted: Sun Jul 03, 2022 3:52 pm
a. You have worked with legal counsel on a matter. By year endyou have not yet received an invoicebut have a rough idea of how much cost was incurred ($10,000).Please describe the followingconceptually as well as how you would record it:i. What would you record at year end?ii. What would you record in the next year in case1. Costs come in as expected ($10,000)2. Costs are lower than expected ($8,000)3. Costs are higher than expected ($12,000)iii. How is this reflected in the income statement versus cash flow/ balance sheet?