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Steven had a joint checking account with his mother at City National Bank of Florida. Between January and May 1990, a number of checks were allegedly forged on the account. Steven asked City National to re-credit the account for the amount of the checks, but the bank refused. In March 1992, Steven filed a lawsuit against the bank. City National filed a motion to dismiss, claiming that the suit was barred because Steven did not file it within a year of City National’s making available to Steven the bank statements that reflected the forged checks. Steven argued that the only requirement was that he notify the bank of any unauthorized signatures within a year, which he did, and that UCC 4-406 does not require that a lawsuit against the bank be brought within a year. Did Steven comply with UCC 4-406?
A business purchased merchandise for $12,000 on account; terms are 2/10, n/30. If $2,000 of the merchandise was returned and the remaining amount due was paid within the discount period, the purchase discount would be:
Prepare vertical common-size balance sheets and income statements for both companies.
CircuitTown considers gift cards to be “broken” (not redeemable) 10 months after sale. (For purposes of this question, assume that gift-card sales occur halfway through each month on average.). Explain how much revenue will CircuitTown recognize wi..
Lounow Distributors is a growing company whose ability to raise capital has not been growing as quickly as its expanding assets and sales.Lounow's local banker has indicated that the company cannot increase its borrowing for the foreseeable future.
calculation of net profit and gross profit.for the month of february 2009 randys spa supplies had total sales revenue
during the current period department a finished and transferred 50000 units to department b. of the 50000 units 20000
Community bank traded office fixtures. Here are the facts: Old fixtures cost $96,000 and have an accumulated depreciation of $65,000. The new fixtures were paid in cash for $103,000 plus the old fixtures. Need to figure out how to record the trade..
Calculate the gain recorded on the sale-Enter your answer as a number-Do not use a minus sign, decimals, or type the word gain after your answer.
What is the product's contribution margin? What is the product's CM ratio? What is the margin of safety in dollars and units for Crestline Pipe?
Under what conditions may revenue be recognized on a "bill-and-hold" sale? Illustrate what is the accounting treatment for debt extinguishment cost? Debt modification cost?
Prepare a balance sheet-income statement and cash budget for the month of July - fifth of the purchases are by Savings Addon" paid for in the month of purchase, and the remaining balance is purchased on credit and paid
On July 31, 2014, Redeker Company had a cash balance per books of $6,304. The statement from Nashotah State Bank on that date showed a balance of $7,854.80. A comparison of the bank statement with the Cash account revealed
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