A secret agreement among companies that may result from this interdependence

Glinda opens a magic shop and, on Jan. 14, 2011 contracted with Fiyero to supply her with potions that can change someone's skin

Tom [10]

Answer:

The likely outcoe could be,

Likely be:

- Glinda will win, because the statute of limitations starts to run on the date, she filed a suit, i.e. Feb.22, 2014.

- Glinda will win, because the statute of limitations starts to run from the time that the she discovered the breach, i.e. Jan. 17, 2014.

Likely not be:

- Glinda will lose, because the statute of limitations ran on Jan. 13, 2013, i.e. two years after the date the contract was entered on Jan. 14, 2011.

-Glinda will lose, because the statute of limitations requires a demonstration of attempt to cure.

7 0

3 years ago

In its December 31 balance sheet, Butler Co. reported trade accounts receivable of $250,000 and related allowance for uncollecti

slava [35]

Answer:

B. Risk of accounting loss: $230,000; Off-balance sheet risk: $0

Explanation:

Accounting loss occurs due to credit provided and the market risk associated with it, already the company has provided for $20,000 un-collectible debts, now the company can have maximum of $250,000 - $20,000 = $230,000 of loss.

Talking about off-balance sheet loss, it will be zero, as off-balance sheet loss occurs only when there is some statutory or non-statutory obligation attached to any of the assets, which is not stated in accounts. Since no obligation is attached for receiving such amount from accounts receivables.

Thus, correct answer is

B. Risk of accounting loss: $230,000; Off-balance sheet risk: $0

4 0

3 years ago

_______ is the only state to have adopted a single-payer health plan.

Leviafan [203]

Hello there!

Vermont was the only state to have adopted a single - prayer health plan.

I hope this helps! As always, it is my pleasure to help students like you.

8 0

4 years ago

Read 2 more answers

AP North Company has completed all of its operating budgets. The sales budget for the year shows 50,000 units and total sales of

kow [346]

Answer:

AP North Company

Income statement for the year ended December 31, 2020

Amount in $'000

Sales 2,250

Cost of goods sold 1,250

Gross profit 1,000

Operating expenses

Selling and administrative expenses (300)

Non- Operating or others

Interest expense (10)

Net Income/(loss) before income taxes 690

Income taxes (200)

Net Income/(loss) after income taxes 490

Explanation:

A multi-step income statement is one in which the elements of incomes and expenses are grouped into operating and non-operating heads.

Operating income and expenses are those that are directly related to the ordinary activities of the entity.

3 0

4 years ago

On January 1, Year 1, Manlier Inc. leased equipment costing $45,000 to one of its customers. The sales-type lease agreement spec

k0ka [10]

Answer:

lease receive = $76441 ( debit entry )

cost of goods sold value = $42178 (debit entry )

equipment cost is = $45,000 ( credit entry )

sales revenue is = $73,619 (credit entry )

Explanation:

Given data

leased equipment costing = $45,000

lease agreement @ six annual payments = $15,000

present value of the annual lease payments = $73,619

residual value = $5,000

present value residual value = $2,822

to find out

journal entry recorded by Manlier at the beginning of the lease

solution

first we calculate lease receive that is debit entry

lease receive = present value of the annual lease payments + present value residual value

lease receive = 73619 + 2822

lease receive = $76441 ( debit entry )

now we calculate cost of goods sold value i.e

cost of goods sold value = leased equipment costing - present value residual value

cost of goods sold value = 4500 - 2822

cost of goods sold value = $42178 (debit entry )

equipment cost is = leased equipment costing = $45,000 ( credit entry )

sales revenue is = present value of the annual lease payments = $73,619 (credit entry )

4 0

3 years ago