Answer:
Quasi Contract:
In the case of Lindquist Ford, Inc. v. Middleton Motors, Inc., 557 F.3d 469 (7th Cir. 2009) the trial court settled money damages to Lindquist. The Court of Appeals reversed the result that the trial court had mismanaged the mutual law theories of quantum meruit and unjust augmentation and imprisoned for a new trial. The trial court settled damages to Lindquist and Miller for Miller's salary.
Explanation:
The necessities to improve on the quasi-contract theory are as follows:
- The party looking for damages discussed a benefit on the other party.
- That party also discussed the benefit with the sensible expectation of being paid.
- The party was not performing as a volunteer in providing this benefit.
- The party getting the benefit would be irrationally enriched if permitted to retain the benefit without disbursing for it.
All of these necessities must be encountered in order for a quasi-contract judgment to be awarded.
The necessities under unjust improvement are as follows:
- A benefit discussed upon the perpetrator by the plaintiff.
- Appreciation by the respondent of the fact of such benefit.
- Acceptance and retention by the respondent of the benefit, under conditions such that it would be discriminatory to retain the advantage without payment of the worth thereof.
Lindquist met the essentials required for unjust enhancement and the court fund in their favor.
The necessities under quantum merit are as follows:
- The complainant must prove that the respondent requested the plaintiff's services.
- It was reasonable for the applicant to expect reimbursement for the services. Lindquist met the elements compulsory for quantum meruit and the court found in their favor.
The condition most likely to be doubtful in this case is whether or not the party seeking compensations actually discussed a benefit upon the other party, or whether Lindquist essentially conferred a benefit upon Middleton through the management of Miller. The court resolute through indication presented that Lindquist and Miller had a reasonable anticipation to payment for services rendered and that Middleton received a benefit from Miller's services
Solution :
The following journal entry will be prepared to record the transactions
Date General Journal Debt($) Credit($)
Jan 1 Investment in Cheyenne Co. 2,418,000
(465,000 x 40% x $13)
Cash 2,418,000
Oct. 25 Cash (465,000 x 40% x $0.4) 74,400
Investment in Cheyenne Co. 74,400
Dec 31 Investment in Cheyenne Co. 373,600
($934,000 x 40%)
Equity income in Cheyenne Co. 373,600
Answer:
I used an excel spreadsheet sine there is not enough room here.
Explanation:
Agriculture is the art or science of cultivating the ground, including the harvesting of crops, and the rearing and management of livestock; tillage; husbandry; farming while engineering is (label) the application of mathematics and the physical sciences to the needs of humanity and the development of technology.
(Change the words around a little bit Incase they mark u for plagiarism)
Answer:
The accounts receivable turnover is computed by dividing <u>net sales by average net receivables.</u>
Explanation:
The accounts receivable turnover is used to quantify a company's effectiveness in collecting its receivables from its clients.
Accounts Receivable Turnover = Net Credit Sales / Average Accounts Receivable
A high receivables turnover ratio can indicate that a company’s collection of accounts receivable is efficient and a low receivables turnover ratio might be due to a company having a poor collection process.
