Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Your firm has been hired to examine the financial statements of Bonanza Development Corp. for possible irregularities. As part of this task, you reviewed certain land transactions involving John Walters, who worked as an agent for Bonanza. Bonanza feared the price of land would skyrocket if it became known that it was trying to purchase a large number of tracts of land to develop a shopping center near Flats, Nebraska. It, therefore, instructed Walters not to disclose to prospective sellers that he was acting as an agent on its behalf. None of the sellers asked Walters if he was an agent for anyone. The agreement between Walters and Bonanza was in writing and signed by both parties.
Based on the above facts, answer the following questions as (1-6) True or False.
1. Bonanza is an unidentified principal.
2. Walters is personally liable on the contracts he enters into on behalf of Bonanza.
3. Bonanza cannot enforce the contracts made by Walters secretly on its behalf.
4. The sellers who entered into contracts with Walters can enforce the contracts against Walters, but not Bonanza.
5. Walters had actual authority to enter into the contracts with the sellers.
6. Walters is not an agent of Bonanza since the prospective sellers did not know he was working for Bonanza.
Indicate by check mark ("9") or "X" which accounts are found on the income statement and which accounts are found on the balance sheet. Account Name In
Problem: (a) Many businesses find it useful to maintain a control account in respect of both their trade receivables and trade payables. Describe why such control accounts ar
d. Prepare the summary journal entry required to transfer finished component kits from the Cutting Department to the Finishing Department in January. e. Compute the total cost assi
Construct the Market Value Balance Sheet XYZ, Inc., another company founded by Larry Davidson in 2005, is currently entirely equity financed. That means the company carries no
how to treat salary compensation given to an employee how to show this in company account
Monetary Policy Unlike fiscal policy, monetary policy is set by unelected officials. A group of economists is appointed by the executive branch and confirmed by the Senate to
1. A stock sells for $10 a share. you purchase 100 shares for $1000 and after a year, the prices rises to $17.50. What will be the percentage of return on your investment if you bo
journal entries
A 4 year project has an initial asset investment of 306600, and initial net working capital investment of 29200, and an annual operating cash flow of -46720. The fixed asset is ful
Question: State of the Economy Probability of state occurring IBM Return (%) ATT Return (%)
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd