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VMariaS [17]
3 years ago
7

Lyn files a suit against Karl. Karl denies Lyn’s charges and sets forth his ownclaim that Lyn breached their contract and owes K

arl money for the breach.Karl’s claim is
a.counterclaim.
b.motion for judgment on the pleadings.
c.motion for summary judgment.
d.motion to dismiss
Business
1 answer:
dexar [7]3 years ago
5 0

Answer:

a. Counterclaim

Explanation:

Counterclaim is a claim by a defendant (the person be sued) against the plaintiff (the person who sues first).

Lyn is the plaintiff, who first sued Karl (the defendant). Karl's claim against the original plaintiff (Lyn) is an example of a counterclaim.

Another example is counterclaim by the city of Sandy Springs against Holder Construction Group, the company that built the city of Sandy Springs’ new City Springs complex.

Holder Construction Group earlier sued Sandy Springs city over disagreements on payments for the work.

The city filed a counterclaim to a superior Court, claiming that Holder Group should be denied payments until all work is done and for breach of contract, negligent construction and fraud.

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Alpha Sounds Corp., an electric guitar retailer, was organized by Michele Kirby, Paul Glenn, and Gretchen Northway. The charter
Galina-37 [17]

Answer:

A) Journal record for issuing 100,000 shares at par value to Paul Glenn

Dr Cash account 100,000

Cr Common Stock account 100,000

B) Journal record for issuing 3,000 shares at par value to Michele Kirby in exchange for promotional services

Dr Promotional Expenses account 3,000

Cr Common Stock account 3,000

Journal record for issuing 45,000 shares at par value to Michele Kirby

Dr Cash account 45,000

Cr Common Stock account 45,000

C) Journal record for land purchase in exchange for stock and mortgage loan + interests accrued

Dr Land account 60,000

Dr Building account 225,000

Cr Mortgage Loan account 180,000

Cr Interest Payable account 5,00

Cr Common Stock account 99,800

8 0
3 years ago
Dern Company recently sold a large order of tables to Knoll Furniture Store. Terms of the sale require Knoll to sign a nonintere
denis-greek [22]

Answer:

the journal entry made by Dern to record the sales should be:

Date, merchandise sold to Knoll Furniture Store

Dr Notes receivable 21,000

    Cr Sales revenue 16,215.85

    Cr Discount on notes receivable 4,784.15

the journal entry made by Knoll to record the purchase should be:

Date, merchandise purchased from Dern Company

Dr Merchandise inventory 16,215.85

Dr Discount on notes payable 4,784.15

    Cr Notes payable 21,000

Explanation:

Non-interest-bearing notes must be recorded at present value, therefore, we must first determine the present value of the note = $21,000 / (1 + 9%)³ = $16,215.85

the present value of the notes receivable is equivalent to sales revenue, while the difference between the face value of the note and its present value is equal to the discount on notes receivable.

6 0
3 years ago
If there is no comparative advantage in the production of either of the two goods produced by countries 1 and 2, then: ________
Sav [38]

Answer:

b. there are no gains from specialization and trade between the two countries.

Explanation:

If the two countries are producing goods with the same opportunity cost, then there is no need or advantage gained from the trade of goods between these two countries.

Usually, countries trade with each other if one has a comparative advantage of producing one good over the other trading country. Then in this case is can specialize in making that good and trade the excess to the other country.

However, in the case when two countries are producing apples and oranges. And opportunity cost producing orange for country 1 is one apple and same for country 2

Opportunity cost for Country 1 : 1 Apple = 1 Orange

Opportunity cost for Country 2 : 1 Apple = 1 Orange

Then countries will gain no additional benefit from specializing in one good.

7 0
3 years ago
marguerite is an active participant in an employer-sponsored retirement plan, but her husband, frank, is not. their combined adj
kompoz [17]

The correct statement regarding the deductibility of the IRA contributions by Marguerite and Frank is D) Both Frank and Marguerite may deduct their IRA contributions.

<h3>What are IRA deductible contributions?</h3>

If you are an active participant in an employer-sponsored retirement (and your spouse is not covered by an employer retirement plan), the traditional IRA contributions are tax-deductible up to a maximum of <u>$6,000</u>.

If both joint filers are not covered by the employer retirement plan, their traditional IRA contributions are fully tax-deductible.

<h3>Data:</h3>

Adjusted Gross Income for 2022 = $230,000

IRA contribution = $6,000 each

Total IRA contributions = $12,000

Thus, the correct statement regarding the deductibility of the IRA contributions by Marguerite and Frank is <u>Option D</u>. Both may deduct their IRA contributions.

Learn more about IRA deductible contributions at brainly.com/question/9969005

#SPJ1

<h3>Question Completion with Answer Options:</h3>

A) Marguerite and Frank should open a Roth IRA instead.

B) Frank may deduct his IRA contribution, but Marguerite may not deduct hers.

C) Neither Marguerite nor Frank may deduct an IRA contribution.

D) Both Frank and Marguerite may deduct their IRA contributions.

5 0
2 years ago
Which of the following individuals are required to pay taxes to fund Social Security and Medicare?
Xelga [282]

Answer:

Correct option is (D)

Explanation:

Employees, employers and self employed are supposed to contribute to fund social security and medicare.

Contribution made by each party comes under different categories. Employees contribute to social security and medicare in the the form of FICA taxes which could be withheld by the employers. Employees pay 50 percent and the remaining 50 percent is paid by the employer.

Self employed contribute in the form of self employed taxes.

4 0
3 years ago
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