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 7, Problem 8BCP
Summary Introduction
Case summary: The person D purchased a new F-250 pickup truck from the company D and asked for a lift kit to be installed before the delivery of the truck. Further, the person D also replaced the tires and modified the suspension system to increase the towing capacity. Later, the person D sold the truck to a person S, through a person B who altered the truck by repairing the steering stabilizer and replacing the tires. Post two months, while driving the truck, the steering and suspension failed suddenly, causing the person S to be severely injured.
To find: The basis on which the person S can file a case against persons D and B.
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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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The Legal Environment of Business: Text and Cases
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