Respond to one from each of the three categories below using Microsoft Sec 10k website below
1. What were the company’s liabilities as displayed on the balance sheet for the most recent fiscal year? Comment on the trend in total liabilities, both current and long term.
2. Notes to the financial statements: What more do you learn about liabilities from these details?
1. Identify and describe any contingencies. How are they disclosed?
2. Considering materiality as one component, what do you learn about contingencies from your review of the notes to the financial statements?
Category: Defining Contingencies
1. What goals might management have regarding the disclosure of contingencies?
2. Identify and explain gain contingencies as they apply to your company.
3. Identify and explain loss contingencies as they apply to your company.