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Pong Golf Ball Co. is one of the largest manufacturers of quality golf balls in U.S. Recently, Pong introduced its new “Rocket” model golf ball. Pong has always been synonymous with excellence in golf balls. After learning about the new model and its limited first year production through Pong’s promotional literature, Fuzzy, the resident golf professional at Shady Acres Country Club contracted to purchase 200 dozen “Rocket” model golf balls from Pong. A contract for sale was executed which contained the following paragraph: All warranties, expressed or implied, other than those Hereinbefore contained are hereby disclaimed. Fuzzy sent a check to Pong for $5,000. for the new golf balls. After sending payment Fuzzy learned that the U.S. District Court issued a ruling in favor of Balding Sports Company in which the Court ruled that the “Rocket” model ball violated the patent rights of balding Company and their model ball, “The Cannon”. The Court’s order required Pong to discontinue manufacturing the “Rocket” model (referred to as a “cease and desist” order). Upon learning of this Fuzzy demanded that Pong return his check and Fuzzy informed Pong of his intent to refuse acceptance of the delivery of the 200 dozen “Rocket” model golf balls. Pong has threatened to bring an action in court for breach of contract by Fuzzy. If Pong’s warranty disclaimer effective to defeat Fuzzy’s revocation of the contract? What claim or claims, if any, might Fuzzy maintain against Pong? Explain in detail.
Intermedia, LLC, has three members: WYXT Partners, Lindsey Wilson, and Daily Sun Newspaper, LLC. On January 1, 2014, the three members had equity of $135,000, $35,000, and $80,000, respectively. Determine the divison of income among the three members..
In 2000, in Country A, the average family net worth was $410,000, and there was about 6.1 x 10^7 families. Calculate the total family net worth Country A in 2000. Country A's total family net worth is what in dollars?
hich of the following statements about markup pricing is true?
On July 9, Mifflin Company receives a $8,700, 120-day, 6% note from customer Payton Summers as payment on account. Compute the amount due at maturity for the note. (Use 360 days a year.)
On July 1, 2014, Bryant Ind issued $100,000,000 of 20 year, 9% bonds at a market interest rate of 10%, receiving cash of 91,420,905. Interest on bonds is payable semiannually on Dec 31 and June 30. The fiscal year is the calendar year. Determine the ..
Explain how the annual report differs from the 10-K. What is contained in the yearly report that is not in the 10-K? What is contained in the 10-K that is not in the annual report
Russell Corporation sold a parcel of land valued at $477,500. Its basis in the land was $360,512. What is Russell's realized gain on the transaction? What is Russell's recognized gain in year 0, year 1, and year 2?
If the partner with the capital deficiency declares bankruptcy and is unable to pay the deficiency, explain how the deficiency would be divided between the partners.
Solen Corporation's break-even-point in sales is $960,000, and its variable expenses are 75% of sales. If the company lost $46,000 last year, sales must have amounted to:
Anderson Company uses the indirect method of preparing the Statement of Cash Flows and reports the following comparative balance sheet information
Working capital values for accounts payable and inventory at the beginning of each year are to be calculated by applying the target working capital days to the appropriate forecast revenue and/or cost figures for the coming year.
calculate the projected manufacturing costs for job `no. 110 using three separate rates: one rate for pLattwiLleoyerlae.ad and two separate department overhead rates, all.based on machine-hours.
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