Sea green has just lost a product liability suit with, Financial Accounting

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Sea green has just lost a product liability suit with

Sea Green has just lost a product liability suit with damages of $7 million being awarded to the plaintiff. Although Sea Green will appeal the judgment, legal counsel indicates the judgment is highly unlikely to be over turned by the appellate court. The product liability insurance carried by Sea Green has a policy ceiling of $3million. What is the amount of liability of Sea Green Enterprises and its owners if the form of the business entity

a. A sole proprietorship?

b. A partnership?

c. A C corporation?

d. An S corporation?

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Financial Accounting: Sea green has just lost a product liability suit with

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