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pav-90 [236]
3 years ago
7

Applewood, Inc. has a contract with Marco's Electronics to sell Marco's 500 car audio systems at a price of $100 each. Applewood

is located in New York. Marco's is located in Indiana. While the goods are in transit, Applewood learns that Marco's has become insolvent. Applewood has the right to:
Business
1 answer:
Gekata [30.6K]3 years ago
5 0

Answer:

Applewood can stop the shipment and have the goods returned (the right of stoppage of goods).

Explanation:

When the buyer becomes insolvent while the goods are in transit, and the goods have not been paid yet, then the seller has the right to stop the delivery and resume possession of the goods.

Applewood could also try to sue Marco for specific performance but considering their current position it might be useless and actually result in more money invested and larger losses.

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A Shareholder is the partial owner of the company who purchases and owns share of stocks in a company.

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Record journal entries for the following transactions. (a) On December 1, $18,000 was received for a service contract to be perf
Aliun [14]

Answer:

See explanation section

Explanation:

(a) December 1     Cash             Debit    $18,000

                        Unearned revenue      Credit    $18,000

<em>Note: The company received the money in advance for a contract to do during December to April. Therefore, they received cash while a liability increased due to receiving advance money.</em>

(b) December 31   Unearned revenue     Debit    $3,600

                            Service revenue           Credit    $3,600

<em>Note: As the company started performing, after the completion of 1st month, i.e., December 1 to December 31, the advance money started expiring because of providing services. Moreover, as the service is performed evenly for 5 months, the 1st month's revenue = $(18,000/5) = $3,600.</em>

5 0
3 years ago
Suppose three engineers come to you with a plan for a disruptive, yet-to-be developed software program that seems compelling. Th
Vitek1552 [10]

Answer:

Explanation:

The Proposed bargain or deal is supportive of the business visionaries instead of the financial backer(investor) since all the capital is coming from the financial backer and the investor will be receiving just only 25% for the bargain or deal while he faces all the challenges posed or loss of capital. The business visionaries are not placing in any of their own personal capital but only their idea. They likewise have a bigger say in the administration of the business and the financial backer has no power over the choice since he conveys just 25% votes. Consequently, it's not a good bargain or deal for the financial backer considering the risk-reward ratio.

The counter-offer will include raising a proposed equity percent rate to half  (i.e 50%). In addition to that, the financial backer needs to demand another seat on the board with the goal that they have equivalent authority over the administration and its choices. The most reduced the financial backer can go down is equity of 40% stake.

8 0
3 years ago
If bond interest expense is $800,000, bond interest payable increased by $8,000 and bond discount decreased by $2,000, how much
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3 years ago
Below are the account balances for Cowboy Law Firm at the end of December.
drek231 [11]

Answer:

<u>Cowboy Law Firm</u>

<u>Income statement for the year ended December.</u>

                                            $

Service revenue              8,900

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Explanation:

Income statements shows Revenues earned and Expenses incurred at the end of the trading period.

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