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Erma, a merchant, receives a brochure from Ammco regarding some merchandise that is sold in Erma’s business. Erma then sends in a purchase order ordering 25 units of merchandise (which exceeds $500.00 in value). Ammco upon receipt of the order, sends a letter of confirmation containing additional information which states that the price did not include shipping and insurance costs and that the shipping costs and insurance would be added on to the total contract price. Furthermore, Ammo delegates the obligation of shipping the merchandise to Ecco. While the goods were in transit, the truck was hijacked and all the merchandise, including Erma’s order. Under the Uniform Commercial Code are there Party issues? Proof issues? Performance issues? Breach and Discharge issues? What are the available remedies?
Are stewardship and accountability yesterday's heroes? Compare and contrast the objectives of general purpose financial reporting set out in the ‘Amendments'(OB2-OB11) with ‘The Objectives of Financial Statements' (paras 12-14) in the ‘superseded F..
Century Company negotiated a lump-sum purchase of several assets from a contractor who was retiring.PLANT ASSETS AND DEPRECIATION METHODS PROBLEM
Minal Hair Products, a New York-based corporation is preparing financial statements for its financial year ended June 30, 2010. The equity capital on July 1, 2009 consisted of 1 million shares of common stock outstanding and 20,000 shares of $50 par ..
Mueller Company is considering the replacement of equipment used in operations. The following data are available: Old Equipment New Equipment Original cost $93,000 $60,000 Useful life in years 13 6 Current age in years 7 0 Book value $57,000 - Dispos..
In a statement of cash flows, a change in the inventories account would be classified as a. An operating activity b. A financing activity c. An investing activity d. A noncash item that need not appear on the statement of cash flows
What is the break-even point in passengers and revenues per month and what is the break-even point in number of passenger train cars per month?
Spartan, Inc., regularly sells chemicals to Grieder Supply on terms 4/10, n/30 and records sales at gross. During a recent month, the two firms engaged in the following transactions.
Indicate the effect each transaction has on the accounting equation (Assets = Liabilities + Owner's Equity), using plus and minus signs.
Abbey is to receive an annual interest allowance of 10% of their beginning-year capital investment, and any REMAINING income or loss is to be shared equally. Determine balances of the partners CAPITAL accounts as of December 31, 2011
BSU Inc. wants to purchase a new machine for $40,000, excluding $1,400 of installation costs. The old machine was bought five years ago and had an expected economic life of 10 years without salvage value. Determine the approximate internal rate of re..
Develop the plan status as of December 31, 2013 showing the PBO, Plan Assets, over/under funded status, unamortized prior service cost and the (accrued)/prepaid recorded on the books.
question the eldorado corporations controller prepares adjusting entries only at the end of the fiscal year. the
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