The Legal Environment of Business: Text and Cases (MindTap Course List)
10th Edition
ISBN: 9781305967304
Author: Frank B. Cross, Roger LeRoy Miller
Publisher: Cengage Learning
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Chapter 11, Problem 8BCP
Summary Introduction
Case summary: Stolichnaya vodka was produced and sold by the Union S for half a century. It was licensed and trademarked in the U.S. by VVO-SPI, an enterprise named S. VVO-SPI that came under the authority of SPI after the insolvency of the Union S. However, Russian court claimed that VVO-SPI was not privatized legally under its law, therefore, the authority and possession were held by the beneficiary of Union S, the Russian Federation. Further, the Federation assigned the mark to FTE, a federal enterprise. To this, FTE alleged against SPI for violation and manipulation of the trademark in U.S. federal district court.
To find: The validity of assigning the trademark to FTE.
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Selected comparative financial statements of Korbin Company follow.
Sales
KORBIN COMPANY
Comparative Income Statements
For Years Ended December 31
2021
2020
$ 512,008 $ 392,240
2019
$ 272,200
Cost of goods sold
308,229
245,542
174,208
Gross profit
203,779
146,698
97,992
Selling expenses
72,705
54,129
35,930
Administrative expenses
46,081
34,517
22,593
Total expenses
118,786
88,646
58,523
Income before taxes
.84,993
58,052
39,469
Income tax expense
15,809
11,901
8,012
Net income
$ 69,184
$ 46,151
$ 31,457
KORBIN COMPANY
Comparative Balance Sheets
Assets
Current assets
Long-term investments
Plant assets, net
Total assets
Liabilities and Equity
Current liabilities
Common stock
Other paid-in capital
Retained earnings
December 31
2021
2020
2019
$ 54,370
0
$ 36,390
600
$ 48,645
3,870
99,436
90,776
53,339
Total liabilities and equity
$ 153,806 $ 127,766 $ 105,854
$ 22,456 $ 19,037
$ 18,524
68,000
68,000
50,000
8,500
8,500
5,556
54,850
32,229
31,774
$ 153,806 $ 127,766 $ 105,854
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Chapter 11 Solutions
The Legal Environment of Business: Text and Cases (MindTap Course List)
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