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const2013 [10]
2 years ago
13

Assume that you live in California and are on vacation, traveling by car from California to Texas. You are injured in a motel ro

om when the bed on which you are sleeping collapses, causing you to fall to the floor. You suffer substantial back and leg injuries, requiring many medical treatments and causing you to miss work for 15 weeks. Your medical bills total $50,000 and your lost wages total $15,000. You intend to sue the owner of the Texas motel.
Required:
a. Can you bring your case in federal court? Why or why not?
b. Can you commence the case in California? What additional information might you need to answer this question?
c. At the end of the trial, the jury awards you $100,000 ($50,000 for medical, $15,000 for lost wages and $35,000 for punitive damages). After the trial, the attorney for the hotel approaches and offers to settle the case for $50,000. Should you consider accepting the settlement? Why or why not?
Business
1 answer:
nevsk [136]2 years ago
7 0

Answer:

a. No.  A state court will do a better job in this case because it exercises unlimited jurisdiction.  Moreover, you can only bring your case to a federal court if the amount of your claim is up to $75,000 or the issue is exclusive to the federal court.  This is not the case here.

b. Yes and No.  We need some additional information about the accident location to help answer this question definitively.

c. No. You should not consider accepting the offered settlement.  The jury award is meant to pay for your medical bills and also to help you recover financially as though the accident did not happen in the first place.  Accepting any lesser amount after the judgment is rendered is in bad taste.  The other party should have negotiated to settle out of court before the final judgment was rendered.  But it did not.  So, go with the jury award.

Explanation:

a) Data and Calculations:

Missed work for 15 weeks

Total medical bills incurred = $50,000

Total lost wages incurred = $15,000

Jury award = $100,000 ($50,000 for medical, $15,000 for lost wages and $35,000 for punitive damages)

Settlement offer = $50,000

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A nursing facility has a gross income of $486,000, fixed expenses of $300,000, and variable expenses of $150,000. what is the ap
Tcecarenko [31]

Based on the information provided:

Gross income is $486,000

Fixed expenses: $300,000

Variable expenses: $150,000

To find the percentage of gross profit first figure out the difference between the gross income and expenses which is: $486,000 - $300,000 - $150,000 = $36,000 then divide the gross income by the profit 486,000/36,000 and the answer is 13.5%.

7 0
2 years ago
Business products that are purchased routinely, do not become part of finished goods, and are expense items rather than capital
bixtya [17]

Answer:

e. accessory equipment

Explanation:

Accessory equipment are the goods and services that are used by firms and organizations to complete their daily operation. They consist of products and services which are used in the production processes. Likewise, they are considered import which makes them expensive compared to other capital goods. These goods can easily be replaced without affecting the whole process.

8 0
1 year ago
The Darwin Company reports the following information that occurred during the current period: Sales commissions expense $15,600
ch4aika [34]

Answer:

The Darwin Company

Calculation of Manufacturing Overhead costs:

= $17,200

Explanation:

a) Data and Calculations:

Depreciation on factory equipment        $4,700

Indirect labor                                              5,900

Factory rent                                                4,200

Factory utilities                                            1,200

Indirect materials used                               1,200

Total Manufacturing overhead costs = $17,200

b) Darwin's manufacturing overhead costs will include only the above listed costs.  Sales commissions, direct materials, direct labor, and office salaries expense do not form part of the manufacturing overhead costs.  The manufacturing overhead costs are neither direct materials or labor costs or selling and administration costs.

8 0
2 years ago
Anya, sales manager for Pacific Lumber, tells Ricardo, the firm's inventory manager, that the firm's failure to have adequate su
zaharov [31]

Answer:

The correct answer is B

Explanation:

Stockout or OOS stands for Out of Stock, which is event that causes the inventory to be exhausted. It occur with the entire supply chain.

In this case, Firm is facing failure for having adequate or enough supplies on hand, which result in the lost sales amounts to $175,000. It is representing the Stockout in the inventory management costs.

3 0
2 years ago
E3.3 (LO 3) (Unknown Rate) HQ Ltd. purchased a used truck from Trans Auto Sales Inc. HQ paid a $4,000 down payment and signed a
ivolga24 [154]

Answer: $35,000

Explanation:

The payments of $1,033.34 at the end of every month is a constant amount which makes it an annuity.

Present value of annuity:

= Annuity * (1 - (1 + rate) ^-no. of periods) / rate

Rate needs to be made a monthly rate:

= 4%/12

= 4/12%

= 1,033.34 * ( 1 - ( 1 + 4/12%) ⁻³⁶/ 4/12%

= $35,000

Purchase price = Down payment + Present value of annuity

= 4,000 + 35,000

= $39,000

7 0
2 years ago
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