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Dr. Doe (Doe) is a well-respected scientist who has just won the Nobel Prize in medicine for his work in developing a highly effective drug to prevent the common cold. He has recently been engaged in extensive negotiations with Francis Stein (Stein), the president of the Giant Drug Company (Giant), a pharmaceutical company that is interested in marketing the new drug. On May 1, Doe signed and sent Stein the following letter: I will accept a position as vice-president in charge of research for a period of four years at a salary of $500,000 per year. (s) Doe On May 3, Stein received Doe's letter and called Doe and stated: "Your salary request is too high. Will you reduce it to $300,000?" In the phone conversation, Doe replied: "Your response is insulting! I am far too good a scientist to work for so little! That's as low as I can go." Outraged by Doe's flip answer, Stein immediately sent the following letter to Doe: I resent your statement. I am no longer interested in hiring you. (s) Stein Later in the day, Stein changed his mind, and decided to agree to Doe's demands. Stein then sent a properly addressed, stamped express mail letter to Doe stating: "Accept your terms, although I wish you would reconsider a lower salary." (s) Stein On May 4, Doe's secretary received Stein's express mail letter of acceptance and placed it on his desk. Stein's first letter had not yet arrived. Before reading his mail on May 4, Doe secured a very lucrative contract as research director with MARK Drugs, a competitor of Giant. Doe immediately called Stein and stated: "I just agreed to work for MARK Drugs." Stein replied: "You can't, I already accepted your offer." Stein consults you, asking if he has a valid contract with Doe and if so, whether Stein can force Doe to work for Giant. Required: Answer the following two questions. In each case, give reasons for your answers, and support your reasons with case law. a) Draft a memo fully analysing and discussing why there is or is not a valid contract. b) Then assume that there is a valid contract, and fully analyse and discuss the remedies that might be available under that contract.
Calculate the maintenance cost that would be budgeted for the month of May in which 5,700 machine hours are planned to be used.
ABC Corp distributed land to its sole shareholder, DEF Corp, in a liquidating distribution. At the time of the distribution, the land had a fair market value of $240,000 and ABC Corp's adjusted basis in the land was $200,000.
Use T accounts to record transactions involving assets, liabilites and owners equity for the following:
Carol attends State University and received a $10,000 scholarship for her senior year that began in September, 2011. Up to the time of her graduation in May, 2012, Carol had paid the following expenses for the two semesters from her scholarship fu..
Locate the balance sheet, income statement, and statement of cash flows of Home Depot, Inc., in Appendix A of your text. Review those statements and then respond to the following for the year ended January 31, 2010 (fiscal year 2009).
Evaluate the effectiveness of the PCAOB's oversight related to both corporate management's and a certified public accountant for addressing a material weakness in internal controls
Briggs & Stratton Corporation is the world's largest maker of air-cooled gasoline engines for outdoor power equipment. The company's engines are used by the lawn and garden equipment industry.
Prepare a list of your Top Four Managerial Accounting Concepts. Please explain the concepts. You should write at least three sentences about each concept. Do not just state that you liked the concept or found it interesting. You must EXPLAIN the c..
The effect of these events and transactions on 2010 income from continuing operations net of tax would be:
During the accounting period, Springfield recorded $32,000 of service revenue on account. The company also wrote off a $300 account receivable.
An investment that costs $30,000 will produce annual cash flows of $10,000 for a period of 4 years. Given a desired rate of return of 8%, the investment will generate a (round your answer to the nearest whole dollar).
Which of the following is the least accurate statement regarding concepts as defined by the COSO framework?
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