RELI 2732 Chapter Notes -Nanny
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Question 1
You are president of ACME Enterprises. Every year you have to pay a federally imposed fee for your business. This statute arises from a statute that was previously passed by the United States Congress. Being very "anti-tax" you decide one year that you are tired of paying the fee and that you want to get the fee eliminated. However, you do believe that the fee is constitutional. Which branch of government could pass a law which could eliminate this fee for you?
Judicial B. Legislative C. Executive D. Municipal
Question 2
Which of the following statements is not true?
Bob, a resident of New Jersey, sues Ed, a resident of Florida, for $100,000 over a real estate deal. Bob must bring his suit in a Florida court. B. The conflict of laws may guide a federal court in deciding which state's laws to apply in a case. C. Federal courts have exclusive jurisdiction over bankruptcy cases. D. You are not required to be represented by an attorney in small claims court
Question 3
You were convicted of the federal crime of possession of cocaine with intent to distribute across interstate lines. Your case was tried in the United States District Court for the Southern District of West Virginia. Now, you wish to appeal your case to get your conviction overturned. To which body should you first appeal your case?
United States Supreme Court B. 4th Circuit Court of Appeals. C. United States Magistrate Court D WV Supreme Court
Question 4
Venue concerns:
Whether a federal court has jurisdiction B. The most appropriate court for the action to be brought within a particular state or federal jurisdiction C. Whether a state court has jurisdiction. Whether a defendant has properly served with process
Question 5 |
The decision of a state court can never be appealed to the U.S. Supreme Court.
True or False
Question Six
A rule of law enabling the defendant to win even if all of plaintiffâs allegations are true is a
A. | Counterclaim B. Deposition C. Judgement N.O.V. D. Affirmative Defense |
Question 7
Johnson is a creditor of Barnes. Johnson wants to file a petition to have Barnes declared bankrupt. Which of the following statements is true?
Johnson can file his petition in either state or federal court B. Johnson should file his petition in US. District court C. Only a federal bankruptcy can hear a bankruptcy case D. bankruptcy cases can be heard in federal tax court
Question 8
Which of the following is a type of alternative dispute resolution that is binding on the parties?
Mediation B. Non-binding arbitration C. Binding arbitration D. Summary jury trial
Question 9
A writ of certiorari is the most common way to appeal a case to the Supreme Court.
True Or False
Question 10
A written record of the entire trial proceedings including the testimony of all the witnesses and any discussions between the judge and the attorneys is called a:
Treatise B. Citation C. Brief D. Transcript
Question 11
Which of the following Alternative Dispute Resolution processes can result in a decision that, under most circumstances, can't be appealed to another organization?
Binding Arbitration B. Non-binding Arbitration C. Mediation D. Mini-trial E. A & C F. None of the above
Question 12
The decision of a mediator is binding upon the parties.
True or False
Question 13 A new claim stating that plaintiff owes defendant damages because of harm resulting from the incident alleged in the complaint is a(n):
Affirmative defense B. Cross-claim C. Counterclaim D. Dissenting opinion
Question 14 Federal question jurisdiction: A type of jurisdiction possessed by state trial courts B. Is the most common form of U.S. supreme court jurisdiction C. requires that the amount in controversy be at least $10,000 D. is jurisdiction over questions arising under federal laws, treaties, and in the U.S. constitution Question 15 The primary way a case can be appealed to the West Virginia Supreme Court is through filing a document referred to as a: Writ of certiorari B. writ of habeas corpus C. writ of quo warranto D. writ of mamdamus Question 16 Which of the following is NOT true of the appellate procedure? The appellate court hears witnesses and fathers new evidence B. A transcript of the trial must be sent to the appeals court C. The appealing party must show that material errors occurred in the trial D. The appeals court may reverse and remand the decision Question 17 If P sues D, and D wants to allege that P's own negligence caused her injury, D should allege this in: The complaint B. The answer C. The reply D. The counterclaim Question 18 Uncle Jesse wants to sue Cletus Hogg (Uncle Jesse's neighbor) for trespassing on Uncle Jesse's land and for causing $50,000 worth of damage to Uncle Jesse's land. Both Uncle Jesse and Cletus live in Jackson County, West Virginia. Uncle Jesse comes to the law office you work for and your supervising attorney concludes that Uncle Jesse's case can take place in state court in West Virginia. What court should your law firm file the complaint in? Jackson county superior court B. Jackson county circuit court of appeals C. United states district court in the southern district of WV D. Jackson county circuit court E. 4th court of appeals Question 19 Cases heard in the federal courts must involve either a federal question or situations in which there is diversity of citizenship between the parties. True or False Question 20 In the American legal system, a judge cannot overturn a jury verdict. True or False Question 21 A U.S. Court of Appeals is empowered to: Hear witnesses and determine facts B. Hear only patent, copyright, and trademark appeals C. Review legal conclusions reached by lower federal courts and administrative agencies D. Make findings of fact Question 22 A mini-trial is conducted under the supervision of the court. True or False Question 23 Eve attempts suicide by locking herself inside the trunk of her car. Someone discovers Eve after several days. She is still alive. Eve sues the manufacturer of her car for a large amount of money because it did not provide for a latch inside the trunk. Which of the following may be the first step that the car manufacturer would want to make in this case? Make a motion to dismiss the case B. Make a motion for a directed verdict C. Make a motion of judgement n.o.v D. Take the case to small claims court Question 24 Which of the following is NOT true of trials? Preponderance of evidence is the standard used in civil trials B. proof beyond a reasonable doubt is the standard used in criminal trials C. The state can make a motion for judgement notwithstanding the verdict when the defendant is acquitted in a criminal trial D. a directed verdict may be granted in a civil case if the plaintiffâs evidence is not sufficient to support her allegations Question 25 You sued your brother in Kanawha County Circuit Court because he hit you with his car in Charleston, West Virginia and caused you to become partially paralyzed on the left side of your body. This civil law case does not involve any federal issues or law; the case is purely a state law case and it involves about $500,000 in damages. The case was tried in a state court in Charleston and your brother lost. Your brother now wants to appeal his case to try to get the jury verdict overturned. To what organization should your brother first try to appeal his case? United States Supreme Court B. West Virginia Supreme Court C. Kanawha County Circuit Court D. Kanawha County Family Court E. West Virginia Legislature |
You have been hired as an accountantfor B&G Co., a corporation performing diverse consultingservices in Detroit, Michigan. B&G Co. prepares financialstatements on monthly bases.
ProjectScope: You are to record the transactions forDecember, prepare the monthly adjustments, and prepare thefinancial statements using the Excel workbook provided. Then youwill close the fiscal year and prepare the books for next year.
Directions: The assignment encompasses twofiles: Directions and Transactions (this Word document)and Forms (a separate Excel workbook). Your solutionshould be worked in Excel and the completed Excel workbooksubmitted for grading.
You should use Excel formula whereappropriate and cell references to carry forward values and numbersbetween worksheets within the workbook. Simply typing values inExcel will result in a reduced score, even if the correctsolution is provided. You should use formula whereverpossible.
Analyze the narrative to prepare and record the transactions forDecember to the General Journal.
Post the journal entries to ledger accounts using T-accounts(Donât forget the opening balances from the information given onthe post-closing trial balance on Nov. 30th.)
Prepare Income Statement and the Retained Earnings Statement forthe month ended December 31, 2016 and Balance Sheet as of December31, 2016 in good forms. Use the multi-step format for the IncomeStatement.
Close the temporary accounts, posting any net income or loss toretained earnings.
Due Date: Dec.8th.
Transactionsin December 2016:
Dec. | 1 | The equipment was completely destroyed by the regional earthquake. âLoss by earthquakeâ was recognized. |
1 | Lent cash to another company and received a 2 year, $20,000zero-interest-bearing note. The market rate of interest for a noteof similar risk is 9 percent. | |
1 | Purchased new equipment that costs $12,000 and issued 1,000shares of common stock (no-par stock) to the equipment seller. | |
3 | Cash payment on accounts payable amounted to $6,000. | |
4 | Sold land for $13,000 cash. | |
10 | Collected $15,000 as payment for amounts previously billed(suppose the payment was made within the discount period). | |
13 | One of the customers went bankrupt. B&G wrote off $2,000account receivable. | |
15 | Paid monthly salaries of $20,000 to employees | |
16 | Issued 1,000 shares of preferred stock at $10 per share | |
17 | Purchased 500 shares of ABC corporationâs common stock at $15(per share) and classify the securities as available-for-salessecurities | |
20 | Found that the company incorrectly overstated its Novemberaccount receivable and sales revenue by $1,000 and made a journalentry to correct the error. | |
29 | Performed services for a customer for $30,000 cash | |
30 | Performed $30,000 services on account with the following terms:2/15, n/30. B&G records credit sales using the net method | |
31 | Dividends of $5,000 were declared and paid. $ 1,025 is paid topreferred stockholders and the rest is paid to the common stockholders. | |
31 | ABC corporation declared $ 5 dividend per share (to common stockholders). It will be paid in 2017. |
* Additional information
1. Ignoretax effect.
2. Salariesexpenses incurred but not paid prior to Dec. 31sttotaled $10,500.
3. Thecompany received the bill for utility services (electricity) thatthe firm used during December in the amount of $6,000. The companywill pay the bill in Jan. 2016.
4. $3,000 ofsupplies remained at the end of December.
5. Thecompany use the âAllowanceâ method for possible accounts receivablewrite-offs in the future and estimated that 5% of the outstandingaccount receivable will not be collected.
6. The equipmentpurchased on Dec. 1st depreciates $200 per month.
7. Thecommon stock price of ABC Corporation on December 31st is still $15 per share.