Omega company is involved in two unrelated lawsuits one as, Accounting Basics

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Omega company is involved in two unrelated lawsuits one as

Contingent Liabilities

Omega Company is involved in two unrelated lawsuits, one as the plaintiff and one as the defendant. As a result of these two lawsuits, the company has a contingent asset and a contingent liabil- ity. How should Omega record these on its balance sheet?

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Accounting Basics: Omega company is involved in two unrelated lawsuits one as

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