Mr. S obliged himself to deliver to Mr. B 50 sacks of sugar for P20,000. Mr. S was not able to comply with his undertaking. Mr. B was now forced to find a new seller of sugar. Mr. B was able to buy 50 sacks of sugar from Mr. T for P20,000 also. Is Mr. S still liable?
Q: Equivalent Units of Production The Converting Department of Comfy Touch Towel and Tissue Company ha...
A: Equivalent units can be described as total units produced if no work in process is available.
Q: Actual Demand 2 Monthly Moving Average Year 1. 250 280 ?? 4 ?? ?? ?? ?? 8. ??
A: Moving average is the method used to forecast the trends. This is used to forecast the demand by usi...
Q: Cycle Time, Conversion Cost per Unit, MCE Lander Parts, Inc., produces various automobile parts. In...
A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question...
Q: Ahlia Products Company uses an automated process to clean and polish its souvenir items. For March, ...
A:
Q: Given the following data: Selling price per unit Variable production cost per unit Fixed production ...
A: Break-even point is the situation where the firm neither earns any profits nor suffers any losses.
Q: The current assets and liabilities sections of the comparative balance sheet of Wildhorse Inc., a pr...
A: Working:
Q: Asset A has an expected return of 20% and a standard deviation of 25%. The risk free rate is 10%. Wh...
A: Expected Return 20% Standard Deviation 25% Risk Free Rate of Return 10% Find - Reward ...
Q: Rasheed works for Company A, earning $350,000 in salary during 2021. Assuming he is single and has n...
A: The Federal Insurance Contributions Act (FICA) is a United States law that requires employers to con...
Q: The general ledger of AXM, Inc., provides the following information relating to purchases of merchan...
A: Cash payment to suppliers is the amount paid to the supplier of merchandise purchased on account. Gi...
Q: Super Pharma Company had the following transactions: 1. Issued capital stock for $935,000. 2. Purcha...
A: The T-accounts are prepared as posting of journal entries to the specific accounts.
Q: What are your thoughts on the misappropriation of funds? Government budgets prevent public official...
A: Government budget shows the expenditure and total income that government has.it can be either capita...
Q: The current assets and liabilities sections of the comparative balance sheet of Wildhorse Inc., a pr...
A: Cash flow from Operating Activities - Cash flow from Operating Activities includes all the operation...
Q: Miles purchased a used piece of equipment (7-year property) in 2017 for $82.000. He did not elect tn...
A: Half year convention means depreciation will be calculated for half year in the year of purchase and...
Q: Return on assets d. Current ratio e. Receivables turnover
A: Financial ratios: Financial ratios are performance measurement methods used by the company to Measur...
Q: t the end of the current year, Accounts Receivable has a bala 102,480,000. Bad debt expense is estim...
A: These are the accounting transactions that are having a monetary impact on the financial statement o...
Q: Decaprio Inc. produces and sells a single product. The company has provided its contribution format ...
A: Contribution Format - This income statement begins with Sales. Then all the variable expense needs t...
Q: . If the interest rate is 10%, the factor for the future value of an annuity due of 1 for n = 5, i =...
A: Solution: ordinary annuity means payments are at the end of period while annuity due means payments ...
Q: B. Why is it important for businesses to apply the GST principles of "Networking"; "Attractors" and ...
A: The word classification means classified according to classes or types. The indirect tax system requ...
Q: How much are the deductible expenses for temporary business travel away from home?
A: If you travel away from home overnight on business, you can deduct these travel expenses: Airline, ...
Q: O’Connor Company ordered a machine on January 1 at a purchase price of $100,000. On the date of deli...
A: Stockholders' Equity: Stockholders' equity is the total assets of a business that shows how much the...
Q: Schultz Electronics manufactures two ultra high-definition television models: the Royale which sells...
A: Royale Majestic Purchasing 1417500 x 17700/40500 =619500 1417500 x 22800/40500 =798000 Mac...
Q: ABC Company's salaried employees are paid biweekly (1.e., once every two weeks). Advances made to em...
A: As per the matching concept, all the expenses that are related to the concerned period should be cha...
Q: The table below contains the price indexes for the macroeconomy for several years. 2010 - Base Year ...
A: inflation rate= (Current year price index- last year price index)/last year price index*100
Q: The estimated total factory overhead cost and total machine hours for Department 40 for the current ...
A:
Q: Empl Hrs OT Rate Gross FIT FICA Health Dental Net 0010 40 5 $12 $570 $57 $43.61 $15 $5 0011 40 0 $16...
A: Federal Insurance Contributions Act: The Federal Insurance Contributions Act is a United States gove...
Q: During May, 6,000 units were produced and the fixed overhead budget variance was P 2,000 favorable. ...
A: Solution:- Calculation of Fixed overhead if During May, 6,000 units were produced and the fixed over...
Q: Comparative Balance Sheets December 31, 2019 2019 2018 Assets Cash Accounts receivable, net Inventor...
A: Cash flow statement includes: Cash flows from Operating activities Cash flows from Investing activi...
Q: The ledger of Mai Company includes the following accounts with normal balances as of December 31: Co...
A:
Q: This refers to the process of taxation to determine the amount of tax based on existing tax laws.
A: Answer: b. Imposition
Q: 1) How does management measure and report the results of discontinued operations?
A: Discontinued operations in financial accounting refer to sections of a company's primary business or...
Q: A company has established 6 pounds of Materlal J at $3 per pound as the standard for the material in...
A: Solution: Direct materials price variance is the variance in standard cost of materials and actual c...
Q: 2021 2020 S Change % Change Gross operating revenue 1,870,188,069.00 1,706,358,991.00 163,829,078.00...
A: Horizontal analysis is comparing financial data from two periods of the same organization taking one...
Q: L819.200 LE19.200 The following additional information is given: i. Stock at 31/12/2014 GH¢84,000 Ca...
A: Income Statement The purpose of preparing the income statement is to know the net income which are d...
Q: Calculate weighted avg common stock outstanding and basic eps for year ended December 31, 2016.
A: Basic Earnings per share is calculated by dividing the profit available for common shareholders afte...
Q: d. Jane wants to set aside funds to take an around the world cruise in four years. Jane expects that...
A: Solution d: Desired future amount = $30,000 Interest rate = 8% Period = 4 years
Q: Tammy is single and owns and operates ABC, LLC. Her LLC (a sole proprietorship) has QBI of $850,000 ...
A: According to the rule, the QBI is limited to below options whichever is lower: (A) 20% of QBI OR (B)...
Q: CONGRATULATIONS Compnay recently acquired two items of equipment: >Acquired a press at an invoice p...
A: Fixed asset: It implies to a non-current tangible asset that is used by the business for a period of...
Q: Selected sales and operating data for three divisions of different structural engineering firms are ...
A: Return on investment (ROI) is a performance statistic used to evaluate the efficiency or profitabili...
Q: Equivalent Units of Production The following information concerns production in the Baking Departme...
A:
Q: Tony Corporation has a construction contract in progress as follows : Total contract price: $550 mil...
A: The question is related to the IFRS 15 "Revenue from Contracts with customers" or "Construction Con...
Q: FUNDAMENTALS OF ACCOUNTANCY, BUSINESS AND MANAGEMENT 1 GOMEZ HAPPY TOUR AND TRAVEL The following tra...
A: The journal entries are prepared to keep the record of day to day transactions of the business.
Q: 2) How do disclosure and analysis help users of financial statements assess performance?
A: Financial analysis and reporting can help you answer lots of new important questions about your comp...
Q: Fundamentals in Accounting, Business and Management1 Journalizing Transaction Practice INSTRUCTION: ...
A: Recording journal entries in the books of account is a process in which each identified transaction ...
Q: Problem 11-12 (Algo) Effect of transactions on liquidity measures LO 1 Selected balance sheet acc...
A: Current Ratio - Current Ratio shows the company's liquidity. This ratio indicates how much short ter...
Q: Required: 1. Compute the margin. (Round your answer to 2 decimal places.) 2. Compute the turnover. (...
A: Alyeska Services Company 1. Margin for Alyeska Services Company: Margin = (Net Ope...
Q: a. Consider the balance sheet for Inspired to Thrive (IT) Bank belöW: Inspired to Thrive Bank Balanc...
A: The balance sheet of any company is divided into two parts: Assets Liabilities and capital
Q: Which of the following is an example of tacit knowledge? [OBJ. 6.2] O An introductory textbook for l...
A: Knowing how to drive
Q: Question Content Area Production, Direct Labor, Direct Materials, Sales Budgets, Budgeted Contributi...
A: "Since you have posted a question with multiple sub parts, we will solve first three sub parts for y...
Q: Richard Cook Directions Using the tax software, complete the tax return, including Form 1040 and all...
A: Given, The information related to Richard, which is given to us : • Richard is age 39 and his wife...
Q: You are a trainee accountant working for a small firm of accountants. You have been asked to work on...
A: Solution Ledger is a book or collection of accounts in which accounts transaction are recorded.
Mr. S obliged himself to deliver to Mr. B 50 sacks of sugar for P20,000. Mr. S was not able to comply with his undertaking. Mr. B was now forced to find a new seller of sugar. Mr. B was able to buy 50 sacks of sugar from Mr. T for P20,000 also. Is Mr. S still liable?
Step by step
Solved in 2 steps
- D is indebted to C for P10,000. For the purpose of defrauding C, D sold his only parcel of land to X valued P10,000. X has no knowledge of the intention of D. a. The contract D and X is binding. b. The contract is voidable because S is in bad faith. c. The right of C is to rescind the contract because the transaction is fraudulent. d. The contract between D and X is rescissible.-G, guardian of M, sold the latter’s parcel of land worth P100,000 for only P90,000. Is the contract rescissible? Explain. -X orally sold his lot to Y for P500,000 and the latter gave an earnest money in the amount of P50,000 which the former acknowledged in a receipt. Later on, X refused to comply with the contract. Can Y enforce the contract against X? Explain.A firm in which A, B and C were partners, placed an order with D for supplying certain goods on credit. Before D could supply the goods C died. D supplied the goods after C’s death, being totally ignorant about the fact. A and B subsequently became insolvent. Can D make C’s estate liable for his debt.
- Dennis owes Cart P1M. Xanabelle, without the knowledge or against the will of Dennis paid Cart P2M. Can Xanabelle get reimbursement from Dennis? P2M by way of reimbursement from Dennis to prevent unjust enrichment on the part of Dennis at the expense of Xanabelle. P1M only for that is the extent of benefit of Dennis. No reimbursement because the payment was not proper being without the knowledge or against the will of Dennis. P1M plus interest from the time of payment until reimbursement.If BrainTrain and Natasha had executed a written contract which contained a liquidated damages clause for $200 in the event that BrainTrain breached, and assuming BrainTrain admits to a breach, would that clause be upheld in court? Select Correct Answer a) Yes, it is reasonable and fair. b) No, in this case, actual damages can be easily determined. c) No, the amount is too low for the type of harm she suffered.A binds himself to give P10,000 to B upon the death of the father of A. Is the obligation of A conditional or one with a period? L (seller) sold his TV set to M (buyer), who gave L the option to deliver instead his refrigerator. Is L liable to M in case the TV is lost through L’s fault?
- Scott agrees in writing to sell 10 new iPhones to Bradford for $750 each, payable upon delivery. This is a good deal because the price everywhere else is $1,250 each. Scott breaches the contract and never delivers the iPhones. Bradford is forced to buy the iPhones elsewhere for $1,250 each. If Bradford sues Scott in a court of law for compensatory damages for breach of contract, Bradford is not entitled to anything since he never paid for the iPhones. Bradford is not entitled to anything because he took advantage of the situation. O Bradford is entitled to $12,500 in damages. O Bradford is entitled to $5,000 in damages.Quince owns a used-car lot where Ray works as a salesperson. Quince tells Ray not to make any warranties for the cars. To make a sale to Sylvia, however, Ray adds a 50,000-mile warranty. Later, Sylvia sues Quince for breach of warranty. Quince may hold Ray liable for any damages he must pay to Sylvia under which remedy: a. indemnification b. avoidance c. constructive trust d. accountingIn a certain civil case, plaintiff was awarded damages by the court in the sum of P20,000 representing profit he failed to realize on account of defendant’s failure to comply with his obligation to said plaintiff. Are those damages taxable against the plaintiff? a. No, because damages awarded are considered return of capital. b. No, because there is no sale transaction or exercise of profession in the awarding of damages. c. Yes, because the damages are not on account of injuries or sickness but for lost profit. d. Answer not given
- Mary had a contract with Brick, whereby Brick will paint her Home for $2,000 TT. Brick regrettably got another job for a larger amount of money and told Mary that he cannot paint her house anymore. Mary is furious and has contacted her lawyer to sue Brick for breach of contract. Jeb contacted Mary soon thereafter and agreed to paint her house for $2,500 TT. Mary is however concerned that if she sues Brick, she may not be able to get any recourse via damages because she has not lost anything. Based on the rules of governing the payment of damages in the event of a breach of contract. Using IRAC please advise Mary on what she has to establish to be paid damages, clearly identifying each rule.Sining stole a watch of Benita, then sold it to Goreng for the amount of 5,000. Goreng is in good faith. Can Sining recover the watch from Goreng?a. No, Goreng is good faithb. Yes, with reimbursement of 5,000 to Gorengc. Yes, without reimbursement of 5,000d. No, Sining need to file a court proceeding1. Define compensation as a mode of extinguishing an obligation, and distinguish it from payment. 2. Ayen, Tristan and joey are solidary debtors under a loan obligation of P900,000.00 which has fallen due. However, Adolf, the creditor, condoned Ayen’s entire share in the debt. Since Tristan has become insolvent, Adolf makes a demand on Joey to pay the debt. 4.a) How much, if any, may Joey be compelled to pay? 4.b) To what extent, if at all, can Ayen be compelled by Joey to contribute to such payment?