Assume Jones Company determines it will not be able to collect
$500 from Customer Joe Smith for sale of merchandise on account.
The journal entry to write off the amount using the direct write off
method would be:
Bad Debts Expense
-The nature of health care delivery will be different in the future due to : both a/c (rising % of elders in total population, longer lives resulting in a higher incidence of
-In the 19th century hospitals had notorious reputations-questi
Base Electronics had sales of $14,000 this month and collected an
additional 7% sales tax.
Assuming all sales are cash, the journal entry to record this
transaction would be:
Sales Tax Payable 980
On January 1 of the current y
United States Court of Appeals, Eighth Circuit.
CONTRACT FREIGHTERS, INC., Appellee, v. J.B. HUNT TRANSPORT, INC., Appellant.
Decided: April 3, 2001
Before McMILLIAN, RICHARD S. ARNOLD, and BYE, Circuit Judges. Leland H. Corley, argued, Kansas
Business Law Final Lecture for Exam 3
Taft Hartly- allows states to pass right to work laws. Prohibit compulsory unionism.
Nonmembers dont have to pay agency fees.
The break down between the states or among the states. Roughly half states have
right to wo
Business Law Review for Exam 3
1. Difference among employer-employee, employer-independent contractor,
Employer-employee where somebody is employed on an on going basis and
typically the way person is paid is salaried, wages. Employer wit
Business Law Review for Exam #2
If a tort is a intentional tort it gives rise to the possibility of recovering that extra
element of damages called punitive damages. Sometimes called exemplatory
damages. Those are damages awarded for punishment and determ
Business Law Chapter 3 Continued Lecture
Before the attorneys every make their opening statements to a jury, and
before the lawyers start presenting evidence in front of the jury. They have to
deal with who is going to sit in the box.
The jury selection p
Business Law Chapter 1 Lecture Notes
Law is a set of rules, in applying these rules a judge has to state the facts to a
rule or if its a case of first impressions, find a new rule.
Always a tension between society and how the law works
What is the law? De
Business Law Lecture 2 for Exam 3
Contemposary damages awarded for breach of contract.
Punitive damages for intentional tort.
Strict liability has been applied to cases involving extra hazardous activities. Liability
Negligence is a fault t
Business Law Lecture 4 for Exam 3
Corporations is a separate entity. It is a separate artificial person which is
distinguishable for legal purposes for the in individual involved in it. The
shareholders the directors, officers.
One of the traditional disa
Business Law Chapter 3/4 Lecture
The lawsuits that end up getting tried is less than 15%.
If there is a jury issue submitted- that could go either way. Yes or no. Guilty or not
guilty. Fact issues.
1987 Texas legislature passed the Texas Alternative Dispu
Suppose an automobile cost $30,000 and has accumulated
depreciation of $8,000. It is sold for $25,000 cash.
What is the journal entry to record the sale of the automobile?
Accumulated Dep 8,000
Gain on Disp 3000
The excess of t
Consider the following sample of observations. 10,15,20,20,40,65,80,100.
1. The median of the observation is?
2. The mean of these observations is?
3. The mode of these observation is?
Sample for 4-6. $.9, $4.1, $8.4, $10.7, $25.5
4. The median of these p
1. What 4 elements does a contract have?
Manifestation of mutual assent, consideration, legality, and capacity
2. What type of contract is it if it is not valid because of legal defense?
3. What type of contract is it i
Chapter 10 Nature and Terminology
Elements of a contract
1. Agreement (11) (manisation of mutual ascent)
Serious intent on part of offeror, determined my reasonable person
2. Consideration (12)
3. Legality (bargain has t
BLAW Test 1 Review
Void contract - no contract exists or there is a contract without legal obligations
- one party has the option of avoiding or enforcing the contractual
Unenforcable contract - a contract exists but it can
Introductory legal concepts
1. Criminal law
b. Burden of proof (to prove guild beyond a reasonable doubt)
2. Civil law
b. Burden of proof (proof with preponderance of the evidence)
3. Statutory and common law
Test 2 Material
III. Employment Law Ch. 34: Employment, Immigration, and Labor Law
A. Employment at will
Most employment is employment at will
It means, if there is a contract, there is a contract between employer and employee. For
the effect of
CH. 42- Securities Law and Corporate Governance
VI. Securities Regulation and Investor Protection
Example: you have an alien that crashed into planet Earth. That crash happens into federal court
house and rests where all the law books are. Alien randomly
Test 3 material
Sole proprietorship and partnership are a like
Corps/LLCs are alike
Limited partnership is like a hybrid of both categories
Chapter 36- Sole proprietorships and Franchises
A. Sole proprietorships
Work problems on elasticity where he gives income, price, and cross elasticity, know and understand all of elasticity understand the characteristics you can do a wiki
*Opportunity cost general and an application of opportunity cost and you should be able
The two graphical techniques we usually use to present nominal data are : bar and pie chart
Which of the following are deceptive practices : showing only absolute changes in value with truncated vert axis
In a positively skewed distribution : the
General K Law: Past consideration is no consideration. If a minor goes buys something that is
necessary, the minor is only liable for the reasonable price of the product which is not to exceed
market value. Seller and buyer contracted for the sale of good