Van Rushing Hunting Goods fiscal year ends on December At the end of the fiscal year, the company had notes payable of $ million due on February Rushing sold million shares of its $ par, common stock on February for $ million. The proceeds from that sale along with $ million from the maturation of some month CDs were used to pay the notes payable on February
Through his attorney, one of Rushings construction workers notified management on January that he planned to sue the company for $ million related to a worksite injury on December As of December management had been unaware of the injury, but reached an agreement on February to settle the matter by paying the employees medical bills of $
Rushings financial statements were finalized on March
Required:
What amounts if any, related to the situations described should Rushing report among current liabilities in its balance sheet at December
What amounts if any, related to the situations described should Rushing report among longterm liabilities in its balance sheet at December
Assume that, as of March management does not think it is probable that it will suffer a material loss because of the injury. What amounts if any, related to the situations described should Rushing report among current liabilities and longterm liabilities in its balance sheet at December if the settlement agreement had occurred on March instead?
What amounts if any, related to the situations described should Rushing report among current liabilities and longterm liabilities in its balance sheet at December if the worksite injury had occurred on January instead?
Note: For all requirements, enter your answers in whole dollars
