This is a Business Law class. I need to IRAC the following scenario, but I need help determining what my second issue is. I know the first issue is if there is a contract between Jack and Home Depot. Is the second issue negligence? I need some help. Thanks! IRAC Scenario: Jeff is looking to buy a lawnmower. He sees a Home Department Store (HDS) […]
The capital accounts of Harrison and Marti have balances of $160,000 and $110,000, respectively, on January 1, the beginning of the current fiscal year. On April 10, Harrison invested an additional $20,000. During the year, Harrison and Marti withdrew $96,000 and $78,000, respectively, and net income for the year was $264,000. The articles of partnership make no reference to the division of net income. Based […]
“1) Alaskan salmon that fill the hold of Bill and Carla’s fishing boat are fungible if the salmon area. alike naturally or by agreement or trade usage.b. fundamentally different.c. fun, good, and edible.d. liable to deteriorate over time.2)With a bill of lading, Cartage Common Carrier Company acknowledges possession of certain goods and contracts to deliver them. Cartage isa. a bailee.b. a buyer in the ordinary […]
Assignment #2 Retirement & Strategic Investment Plan PART I A. What is the life expectancy of men & women, according to Statistics Canada? B. What do you predict life expectancy will be in 50 years for men and women? C. Do you plan on building in a “buffer” in your personal financial plan? i. How many extra months ’til you die’ will you include in […]
1. JohnnyCake wrote off $5,000 of acccounts receivable against the reserve in 2018 2. Prepaid insurance at the beginning of the year represented the unrecovered portion of a three year premium for $6,000 covering the period January 2017 through December 2019. 3. JohnnyCake sold $100,000 of excess land to an unrelated third party for $400,000 in 2017. The sale called for $100,000 cash paid at […]
Please answer question 7 and 8 since they work together for me to find correct solution. Use the following information to answer the next two questionsOn December 31, 2012, Bernadino Corporation made an adjusting entry to recognize unearned revenue now earned. Originally, the revenue was recorded in a realaccount when cash was received.7.The journal entry on December 31, 2012 would include a debit to which […]
The Florida Boosters Association has decided to build new bleachers for the football field.Total costs are estimated to be $1 million,and financing will be trough a bond issue of the same amount.The bond will have a maturity of 20 years,a coupon rate of 8 percent,and has annual payments.In addition,the Assciation must set up a reserve to pay off the loan by making 20 equal annual […]
The CFO of The Tapco Plastics Industries Corporation has requested your help in preparing several journal entries. She has sent you the following information. October 1, 2013: issued $6,000,000 of “20” year convertible bonds. The bonds pay an annual rate of interest of 5%, payable semi-annually on April 1st and October 1st each year. The bonds were issued with a premium of $180,000. The premium is being amortized […]
11. Transaction Cycle RelationshipRefer to Figure 2-1, which provides a genericlook at relationships between transactioncycles. Modify this figure to reflect the transactioncycles you might find at a dentist’soffice. 12. System Documentation—ExpenditureCycleThe following describes the expenditure cycleprocedures for a hypothetical company.The inventory control clerk examines theinventory records for items that must be replenishedand prepares a two-part purchase requisition.Copy 1 of the requisition is sent to thepurchasing […]
E 5-7Installment sales; default and repossessionThis problem is found in Intermediate Accounting, 5th Edition, Spiceland, Sepe, Nelson, Tomassini, copyright 2009Sanchez Development Company uses the installment sales method to account for some of its installment sales. On October 1, 2009, Sanchez sold a parcel of land to the Kreuze Corporation for $4 million. This amount was not considered significant relative to Sanchez’s other sales during 2009. […]
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