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Problem 1: A contract was made for 125 bales of cotton to arrive on a ship named "Peerless" from Bombay. Unbeknownst to either party to the contract, there were two ships named "Peerless," both of which were sailing from Bombay. One sailed in October and the other in December. The buyer had in mind the ship sailing in October, but the seller had in mind the ship sailing in December. Each party held his belief in good faith. The goods failed to arrive on time. If the buyer sues for breach of contract:
a. the seller must pay damages because the seller breached.
b. the seller is guilty of fraud in the inducement for failing to disclose to the buyer which ship would contain the goo
c. no contract exists due to mutual mistake of fact as to the existence or identity of the subject matter of the contract.
d. Two of the above, (a) and (b).
Which costing system would be most appropriate for ZZZ Socks Ltd: Job costing or Process costing. Provide a reason for your choice of costing system
Kraft Foods Group reports the following for two of its divisions for a recent year. Compute investment turnover for the year
Simple SA has just purchased a roasting/salting machine to produce roasted walnuts. The finance director asks for your advice on how the company should calculate the depreciation on this machine. Details are as follows:
Compute and Calculate the weighted average number of common shares outstanding for the purpose of 2020 basic earnings per share.
Which of the five differences described are temporary and which are permanent differences? Why?Explain. Expenses each year includes $50 million from a two year
Going-concern basis, additional procedures may be necessary. Which of the following procedures is an example of a valid additional procedure?
Lutz Company produces a product in two departments: Mixing and Finishing. Create the journal entries to record the preceding transactions for Lutz Company.
The new machine will lower the annual variable manufacturing cost from $600,000 to $500,000. Prepare an analysis showing wheaher the old machine should be retained or replaced.
Determine how bill of lading is required in the acquisition,A data flow diagram of the acquisition/payment process has six numbered circles.
Security deposit $1,500 (to be returned at the time the tenant moves out) What amount of advance rent must Carl report as income
Discuss the steps involved in the development process. Include a summary of the advantages and disadvantages of the different types of databases that are used in accounting systems.
What was the sale price for each deduction will the final price be the same if the camcoder was reduced by 30%first and followed by 20%?
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