Punitive damages are awarded ________
A) to allow the victim to seek compensatory damages
B) to put the victim in the position he or she would have been in had the tort never taken place
C) to recognize that the plaintiff has been wronged
D) when the act of the defendant is flagrant, unconscionable, or egregious
D
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___________________________________ include trade and brand names, trademarks, patents, copyrights, franchise rights, customer lists and goodwill
Fill in the blank(s) with correct word
Answer the following statements true (T) or false (F)
1. A sale of treasury stock at its cost increases assets and increases equity. 2. If treasury shares are sold for less than their cost, the difference is recorded as a loss. 3. The account Paid-In Capital from Treasury Stock Transactions has a credit balance of $2,000. The corporation resells 450 shares of its treasury stock. These shares were acquired for $10 per share and sold for $3 per share. The entry to record the sale of treasury stock includes a debit to Retained Earnings of $3,150. 4. When a corporation retires its shares of treasury stock, the stock certificates are canceled. 5. Retired shares of treasury stock may later be reissued.
Lassen Corporation issued ten-year term bonds on January 1, 2010, with a face value of $800,000 . The face interest rate is 6 percent and interest is payable semi-annually on June 30 and December 31 . The bonds were issued for $690,960 to yield an effective annual rate of 8 percent. The effective interest method of amortization is to be used. The entry to be recorded on December 31, 2010, for the
payment of interest (rounded to the nearest dollar) and the amortization of discount is: a. Bond Interest Expense 3,638 Unamortized Bond Discount 3,638 b. Bond Interest Expense 27,784 Unamortized Bond Discount 3,784 Cash 24,000 c. Bond Interest Expense 27,784 Cash 27,784 d. Bond Interest Expense 24,000 Unamortized Bond Discount 24,000
A revolving credit agreement is:
A. created because of recurring short-term liabilities such as wages and taxes that change spontaneously with operations. B. the credit created when one firm buys on credit from another firm. C. an outright sale of receivables. D. an unsecured, short-term promissory note issued by large, financially sound firms to raise funds. E. a formal, committed arrangement in which a bank agrees to lend up to a specified maximum amount of funds during a designated period.