Set forth the differences between the current British common law system and the U.S. common law systems. Describe the difference between a solicitor and a barrister in the British system
Unlike the U.S. system, the British common law system does not use juries in civil cases, and it allows for only limited discovery. The British system has no procedures for class-action lawsuits, but it does permit representative suits in which a claim is made on behalf of a potentially affected group. Britain prohibits the payment of lawyers on a contingency fee basis and it requires the losing party in a lawsuit to pay both its own attorneys'' fees and those of the prevailing party. The British system has two types of lawyers: solicitors and barristers. A solicitor is allowed to perform legal services outside the court, but only barristers may argue in court.
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On January 1, Year 1, the Dole Company purchased an asset that cost $154,000. The asset had an expected useful life of seven years and no estimated residual value. The company initially decided to use sum-of-the-years'-digits (SYD) depreciation for both financial accounting and income tax purposes. Depreciation expense for the straight-line method and the sum-of-the-years'-digits method is as follows:
? ? Straight-line SYD over ? Year over 7 Years 7 Years Difference 1 $ 22,000 $ 38,500 $ 16,500 2 22,000 33,000 11,000 3 22,000 27,500 5,500 4 22,000 22,000 0 5 22,000 16,500 (5,500) 6 22,000 11,000 (11,000) 7 22,000 5,500 (16,500) ? $154,000 $154,000 $ 0 ? At the beginning of Year 4, Dole changed from the sum-of-the-years'-digits method to the straight-line method of depreciation for financial reporting purposes. The company's income tax rate is 30%. In Year 3 and Year 4, Dole had $90,000 pretax income before depreciation and income taxes. ? Required: ? a. Complete the following section of the income statement: ? ? ? ? ? ? Year 3 Year 4 ? ? ? ? ? Pretax income before depreciation $90,000 $90,000 ? ? ? ? ? Depreciation expense _______ _______ ? ? ? ? ? Income before income taxes _______ _______ ? ? ? ? ? Income tax expense _______ _______ ? ? ? ? ? Net income _______ _______ ? ? b. Prepare the journal entries to record the depreciation expense, tax expense, and the effect of the accounting change (if any) in Year 4. What will be an ideal response?
Japanese companies are less inclined to use this approach for selecting advertising agencies:
A) designate global agencies. B) designate local agencies. C) use of ads in-house. D) use of outside agencies. E) use of in-house marketing.
Jenning Co adjusts its books each month but closes its books at the end of the year. The trial balance at July 31 before adjustments is as follows: Debit Credit Cash $12,920 Accounts Receivable 9,620 Supplies 1,400 Prepaid Insurance 3,120 Equipment 26,000 Accumulated Depreciation—Equipment $10,400 Unearned Service Revenue 6,500 Capital Stock 7,190 Retained Earnings 23,500 Dividends 1,560
Service Revenue 16,510 Wages and Salaries Expense 7,800 Utilities Expense 380 Rent Expense 1,300 $64,100 $64,100 Refer to the trial balance of Jenning Co On July 1, Tracy paid four months in advance for insurance. Which of the following is included in the adjusting entry at July 31? a. A debit to Prepaid Insurance for $780 b. A credit to Prepaid Insurance for $2,340 c. A debit to Prepaid Insurance for $2,340 d. A credit to Prepaid Insurance for $780
A simple request should be treated as an opportunity to conduct extensive sales and promotion activities
Indicate whether the statement is true or false