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Fresher Foods, Inc., orally agreed to purchase from Dale Vernon, a farmer, one thousand bushels of corn for $1.25 per bushel. Fresher Foods paid $125 down and agreed to pay the remainder of the purchase price on delivery, which was scheduled for one week later. When Fresher Foods tendered the balance of $1,125 on the scheduled day of delivery and requested the corn, Vernon refused to deliver it. Fresher Foods sued Vernon for damages, claiming that Vernon had breached their oral contract. Can Fresher Foods recover? If so, to what extent?
Partner A performs $5,000 of contract-type Code Sec. 707(a) services for the ABC partnership in December of 2009, but does not get paid until January of 2010. A and ABC are both calendar-year taxpayers, but A is on the cash basis and ABC is on the..
LaFond Company analyzes its accounts receivable at December 31, 2010, and arrives at the aged categories below along With the percentages that are estimated as uncollectible.
What kind of situation would make guaranteed payments a logical way of starting a two-person partnership?
What is an example of a significant accounting estimate? What is the importance of these estimates? How do ethics play into the decision-making process? Which financial statements include significant accounting estimates? Why?
On its December 31, Year 1 financial statements, Novastar Corporation would display the following balances: Unamortized Accrued Interest; Bonds Payable Premium Payable Expense:
When owners invest money in their business, the effect on the accounting equation is that the investment: The journal entry to record the payment of wages in the amount of $52,000 to workers could include a:
The Whitton Company uses a discount rate of 16%. The company has an opportunity to buy a machine now for $18,000 that will yield cash inflows of $10,000 per year for each of the next three years.
Adrian's flower show provides floral arrangements for holidays and events. Adrian's sold Oxford City Hall a holiday arrangement for $10,000 on account in November of the amount due within prescribed period.
What would you expect to be the total cost of providing room service in a month in which room service revenue amounts to $15,000? (Omit the "tiny_mce_markerquot; sign in your response.)
Compute depreciation for 2011 and 2012 and the book value of the drill press at December 31, 2011 and 2012, assuming the straight-line method is used.
The production departments are profit centers. Their goods are transferred to subsequent depart-ments, such as a sales department or sales division, at prices that approximate market prices for similar products.
Ron served as a resident advisor in a dormitory and, therefore, the university waived the $2,500 charge for the room he occupied. What is Ron's adjusted gross income for 2010?
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