Answer:
It is an act of theft and conversion of property that is not her own. However it is not intentional
She should not be convicted
Explanation:
Embezzlement is defined as the intentional managemnet of.funda that are put in the care of a person. This is done in order to have a personal gain from the management.
It is when an individual engages in theft of entrusted funds.
In the given scenario although the cash fell into her bag, she did not intentionally take the money for personal gain.
As this is the main concept of embezzlement, she can't be held guilty of embezzlement
Answer:
The land should be recorded in Clairemont Repair Service’s records at $380,000
Explanation:
According to the historical cost principle, the recording of the fixed assets should be recorded at the purchase price or cost price which is to be shown in the assets side under the balance sheet.
So, according to the question, on February 28, the repair service accepted the seller's counteroffer which means that the land was purchased on February 28 for $380,0000. So, by $380,000 amount, the land would be recorded.
Other costs which are mentioned in the question is ignored.
Answer:
Seller Janet delivers a disclosure statement to Buyer Amanda. Amanda reads it over and decides everything looks good enough to continue with the purchase. A few weeks later, a major hail storm damages the roof and now it leaks. The original disclosure is no longer accurate and the statement which is false:
- Amanda can require Janet to replace the roof.
Explanation:
- Amanda can not require Janet to replace the roof as it was not mentioned in the disclosure statement. The things she can ask the Janet to do are:
- Janet should amend the disclosure statement and deliver it to Amanda.
- Janet can correct the damage to the roof and tell Amanda nothing.
- Amanda can rescind the purchase agreement within three business days after she receives an amended disclosure.
Answer:
Salaries expense A/c Dr $34,000
To Cash A/c $34,000
(Being the salary is paid for cash is recorded)
Explanation:
The journal entry is shown below:
On January 3
Salaries expense A/c Dr $34,000
To Cash A/c $34,000
(Being the salary is paid for cash is recorded)
Since salary is paid so we debited the salary expense account and the cash is reduced so cash account should be credited.
The options which are given are not correct. So, ignored it
