Night talking time. Everyone allowed!

1. Describe an example of a task that it might make sense for a company to outsource. (1-2 sentences. 2.0 points) 2. Describe th

Aleksandr-060686 [28]

I am not Sure What the question is explain a little better

3 0

3 years ago

Read 2 more answers

Westbank Real Estate, Inc. owns 10 acres of forested land. Westbank wants the land cleared in order to build houses. Westbank em

DiKsa [7]

Answer:

Westbank Real Estate, Inc. and Hardell Lumber Co.

2. Does the electronic agreement for the sale of trees and soil fall under the statute of frauds? (YES / NO)

3. Under which category? (CONTRACTS INVOLVING LAND/ CONTRACTS THAT BY THEIR TERMS CANNOT BE PERFORMED IN LESS THAN A YEAR AFTER THE DATE OF AGREEMENT/ A PROMISE TO ANSWER FOR A DEBT OF ANOTHER/ A PROMISE MADE IN CONSIDERATION OF MARRIAGE/ CONTRACTS FOR THE SALE OF GOODS OVER $500)

4. An electronic memorandum (DOES/ DOES NOT) satisfy the writing requirements for the Statute of Frauds.

5. Land is considered to be (REAL PROPERTY/ PERSONAL PROPERTY)

6. The definition of land includes (NO/ SOME/ ALL) physical objects that are permanently attached to the property.

7. Examples of physical objects that constitute land for purposes of the statute of frauds include (BUILDINGS/ FENCES/ TREES/ SOIL/ ALL OF THESE)

8. A written or electronic memorandum evidencing a contract will suffice provided that the writing is signed by (THE PERSON WHO IS ENFORCING THE CONTRACT/ THE PERSON AGAINST WHOM THE CONTRACT IS BEING ENFORCED)

9. Who signed the emails? (WESTBANK REAL ESTATE/ HARDELL LUMBER/ BOTH PARTIES)

10. What type of signature must be on an email in order to enforce an electronic record? (A TYPED NAME/ AN OFFICIAL SIGNATURE/ A NOTARIZED SIGNATURE/ AN ENCRYPTED SIGNATURE)

11. Does the electronic memorandum have the parties' typed names? (YES/ NO)

12. Does the electronic memorandum describe the property involved?(YES/ NO)

13. Is it likely a court would find that the electronic memorandum satisfied the statute of frauds? (YES/ NO)

14. As a result, Hardell (WILL/ WILL NOT) likely be able to enforce the contract against Westbank.

Explanation:

The memoranda exchanged between Westbank Real Estate and Hardell Lumber Co provides the evidence of their oral contract. The statute of fraud covers most oral contracts, especially those involving real property or sale of land. It is important to note that land includes all its permanent attachments.

5 0

3 years ago

Fortune Company's direct materials budget shows the following cost of materials to be purchased for the coming three months: Jan

zysi [14]

Answer:

The expected balance of Accounts Payable on 31 January is $6020

Explanation:

The expected closing balance of Accounts payable will include the amount of payable for purchases made in January which are still outstanding at the end of the month. According to the policy of the company, 50% of a month's purchases will be paid in the following month. Thus, the ending balance of accounts payable will be 50% of January's purchases.

Closing balance of Accounts payable = 12040 * 0.5 = $6020

6 0

3 years ago

Bonita Corporation owns machinery that cost $28,400 when purchased on July 1, 2017. Depreciation has been recorded at a rate of

lana66690 [7]

Answer:

(a) Journal entries relating to depreciation for 2020 will be:

Debit Depreciation expense $3,408

Credit Accumulated depreciation $3,408

<em>(To record the depreciation expense for 2020)</em>

(b) Journal entries to record the sale transaction will be:

Debit Accumulated depreciation (machinery) $14,200

Debit Cash (proceed) $14,910

Credit Property, plant and machinery (machinery) $28,400

Credit Gain on disposal $710

<em>(To record the disposal of machinery - September 1, 2021)</em>

Explanation:

(a) Update of depreciation for 2020 by way of journals means to record the depreciation charge for that year. The yearly depreciation expense was calculated as $3,408, so simply record it with the above journals.

(b) The date of disposal is September 1, 2021. Despite the fact that depreciation had already been charged for 3.5 years at December 31, 2020, we still have to charge the depreciation for the year of disposal, i.e., 8 months as $3,408/12 x 8 months = $2,272. Accumulated depreciation for 4.3 years (July 1, 2017 - September 1, 2021) as at September 1, 2021 will be $11,928 + $2,272 = $14,200, resulting in net book value (NBV) of the machinery as $28,400 - $14,200 = $14,200 (Cost - Accumulated depreciation).

Gain or loss on disposal = Sales proceeds - NBV; positive result is a gain, while negative result is a loss.

Gain or loss on disposal = $14,910 - $14,200 = $710

4 0

3 years ago

Luker Corporation uses a process costing system. The company had $162,500 of beginning Finished Goods Inventory on October 1. It

elena55 [62]

Answer and Explanation:

The journal entry for cost of goods sold is as follows:

Cost of goods sold Dr $841,300

To Finished goods inventory $841,300

(Being the cost of goods sold is recorded)

The value of cost of goods sold is

= $162,500 + $839,000 - $160,200

= $841,300

Here the cost of goods sold is debited as it increased the expense while the finished goods inventory is credited as it decreased the assets

4 0

3 years ago