The Legal Environment of Business: Text and Cases
The Legal Environment of Business: Text and Cases
10th Edition
ISBN: 9781337535878
Author: Frank B. Cross; Roger LeRoy Miller
Publisher: Cengage Learning US
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Chapter 3, Problem 5CT
Summary Introduction

Case summary:In a limited partnership, PB, the persons HS and RW owned KBF (a Limited liability company), a catfish farm in Mississippi. RW operated a hatchery for a period of eight years where the hatchery had only two profitable years following which RW was fired. A suit was filed against KBF and its owners for a freeze-out. A counterclaim for theft was filed by the defendant. The request to obtain the documents of RW, especially the finance-related documents, to support the claim. The request was rejected and an amunt of $1.7 million was awarded to RW by the jury. The decision was appealed.

To Find:The legitimacy of the defendants’ request to obtain the details with regard to RW’s outside income.

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During the year, Kiner Company made an entry to write off a $9,000 uncollectible account. Before this entry was made, the balance in accounts receivable was $315,000 and the balance in the allowance account was $27,000. The net realizable value of accounts receivable after the write-off entry was: A. $200,000. B. $184,000. C. $176,000. D. $288,000. answer
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