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On November 7, 2010, Edward Nicholson issued a check in the amount of $21,000 payable to the order of Michael Kittinger based upon Kittinger's fraudulent representations concerning a real-estate transaction. That same day Kittinger delivered the check without endorsing it to Chase Bank, which paid him $ 5,000 in cash and deposited the balance to his account. Chase Bank stamped the back of the check "Pay any bank, banker, or trust company, prior endorsements guaranteed" and sent it to the drawee, Metropolitan Bank, for payment. Metropolitan paid Chase Bank and deducted $21,000 from Nicholson's account. Four months later, Nicholson discovered he had been defrauded; he immediately notified the Chase and Metropolitan banks of the situation. Kittinger has since departed for parts unknown.Does Nicholson have any chance of recovering his money from either bank? Why or why not? What facts might we change in order to improve his chances of recovery?
Suppose that the terms of trade between a buyer and a seller are free on board (FOB) destination. What document provides evidence that a liability exists and might be unrecorded?
for several years orbon inc. has followed a policy of paying a cash dividend of 0.58 per share and having a 8 stock
examine the benefits and weaknesses of traditional abc in determining accurate overhead costs over a time-driven abc
Determine the predetermined overhead rate for the year 2011. Set up a T-account for Factory Overhead and enter the overhead costs incurred and the amounts applied to jobs during the year using the predetermined overhead rate.
Income tax is estimated at 40% of income. Determine the earnings per share of common stock, assuming income before bondinterest and income tax is $400,000.
hallas company manufactures a fast-bonding glue in its northwest plant. the company normally produces and sells 44000
A Corporation is considering issuing a convertible bond. What is a convertible bond and the advantages of a convertible bond from the standpoint of 1) the bondholder and 2) the issuing corporation.
mario who is single is a u.s. citizen and resident. he provides almost all of the support of his parents and two aunts
1) Prepare a schedule showing the intangibles section of Harris's statement of financial position at December 31, 2010. (List multiple entries from the largest to the smallest amount, e.g. 10, 5, 2.)
nuvox corporation manufactures car stereos. it is a division of lambda motors which manufactures vehicles. nuvox sells
What are the eight steps in the accounting cycle and how do they affect the financial statements? What happens if one is missing?
What are some of the most common costs incurred associated with an audit engagement? Which costs could be better controlled? Why?
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