Lucia, Benedict, and Sam were all best friends. One day, Lucia, Benedict, and Smith went out very late to a karaoke bar. While walking home they needed to cross the street. Lucia, being a law-abiding citizen, stopped and clicked the button to cross the street, even though it was so late there were no cars on the street. Benedict, on the other hand, realizes there is no camera on the light and no cars are coming, so he went ahead and crossed the street regardless of the legality. Sam believes he has a duty to stop for the light not because it is the law but because he has respect for law enforcement and believes he is disrespecting police by crossing the street illegally. Which theories of law does each individual likely believe in?   

Raymond is a judge in a galaxy far away, where she decides which witnesses to call and interrogates them to develop facts about her assigned cases. Once she has gathered enough information about a case, she must decide based on precedent. What kind of legal system is Raymond part of?

BitWizard Systems provides software development services. The business has multiple operator-owners, each with significant investments in the company. They are concerned about protecting their personal assets in case of business debts or legal issues. Considering BitWizard’s needs, which type of business ownership would be most suitable?

Which of the following is one measure of liquidity?

Andreia, a successful model and actress, hires Igor, an experienced Hollywood agent, to negotiate her movie deals. Igor is on a golf course with Edith, an executive at a Hollywood Studio, and the two get into a physical fight regarding Andreia’s demands. Edith sues Igor for damages related to the fight. Who is responsible for Edith’s damages?    

Lorenzo Walker and Silas Sanders, famous soccer players and newly naturalized American citizens, are discussing the intricacies of the American legal system. Walker believes that America should reform its legal system to resemble that of his home country, Argentina. Sander thinks that whatever legal system is present, it should aid in the nation’s stock markets and bond trades. Which of the following statements best reflects these two players’ beliefs? 

During its first and second years of operations, Luna Company, a corporation using a periodic inventory system, made undiscovered errors in taking its year‑end inventories that overstated year 1 ending inventory by $240,000 and overstated year 2 ending inventory by $180,000. The combined effect of these errors on reported income is:

Van Hise Company’s stock sells for 14.6 times earnings per share. Its earnings per share are $21.00. What is the approximate market price per share?

Woodley Company reported net income of $1,077,000. The weighted‑average number of common shares outstanding during the year was 65,000. What is Woodley’s basic earnings per share?

Kapka Company has the following inventory information for the month of April: April 1  Beginning inventory  100 units @ $16 April 3  Purchases            300 units @ $24 April 10  Sales                250 units April 21  Purchases            400 units @ $32 April 28  Sales                200 units   Assuming a periodic weighted‑average inventory system is used, what is the ending inventory?