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fenix001 [56]
3 years ago
12

Portraits. Belinda, a famous portrait painter, agreed to paint Harry's portrait for $5,000. She also agreed to paint the portrai

ts of Michelle's two Welsh Corgi dogs, Baby and Bree. Michelle agreed to pay Belinda $12,000 for the portraits. Belinda charged Michelle more because dogs annoyed her. Belinda met the spoiled dogs, and they really got on her nerves. Plus, she was behind on finishing Harry's portrait. Belinda, therefore, proceeded to assign the right to receive the money for the dog portraits and the duty to paint the dog portraits to her assistant, Fred. He eagerly accepted and painted the portraits. As payment for amounts she owed him for various duties, Belinda also assigned to Fred the right to receive payment from Harry. Neither the contract Belinda had with Harry nor the contract she had with Michelle expressly prohibited assignment or delegation of contractual rights and duties. Belinda finished the portrait of Harry and called him to come and pick it up. Meanwhile, a disgruntled secretary who disliked Belinda told both Michelle and Harry about the agreements with Fred. Michelle was furious and refused to pick up the portrait or pay anyone. Harry likewise refused to pay for his portrait claiming that the right to payment could not be assigned. What would be the most likely result if Fred sues Michelle for the $12,000 payment?
Business
1 answer:
Otrada [13]3 years ago
6 0

Answer:

Fred will win because the right to receive payment could be validly assigned.

Explanation:

all contract gives room for some certain rights and duties. By an obligation, the individual whose right it is to receive payment will transfer the right to collect that same payment from the same person (obligor) to any other person (third person).

Going by the question above Belinda, the well-known portrait painter is the obligee who transfers the right to receive payments from the obligors to a third party named Fred who is stands as an assistant. It was clearly stated in the question that “Belinda also assigned to Fred the right to receive payment from Harry. Neither the contract Belinda had with Harry nor the contract she had with Michelle expressly prohibited assignment or delegation of contractual rights and duties.”

Going by this above statement then one can confirm it very clear that the payment could be assigned and receiving the payment is within Fred’s right.

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Corporate executives often object to the use of open-source software because it lacks formal technical support, even though info
victus00 [196]

Answer:

A. True

Explanation:

When the open source software used by the corporate executives so it would be lead to the lacking of technical support i.e. formal also the information and its solutions would be available online

So the given statement is true as the open source software deals with the source code that should be released in a license where the copyright holder would granted the users to have the right to use the same

4 0
3 years ago
Oregon Forest Products will acquire new equipment that falls under the five-year MACRS category. The cost is $500,000. If the eq
zhuklara [117]

Explanation:

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7 0
3 years ago
Read 2 more answers
Prepare a statement of revenues, expenses, and changes in fund net position. The net position balance at the beginning of the pe
Len [333]

Complete Question:

The Town of Elizabeth operates the old train station as an enterprise fund. The train station is on the national register of historic buildings.  Since the town has held the building for such a long time, the Central Station Fund has no long-term debt.  The only capital assets recorded by the Central Station Fund are machinery and equipment.  Businesses rent space in the building and the town provides all services related to the operation and maintenance of the building.  Following is information related to the fund's 2017 operating activities:

1. Rental income of $94,444 was accrued.  Subsequently, cash in the amount of $90,210 was received on accounts.

2. Cash expenses for the period included: administrative services, $25,205; maintenance and repairs, $72,882; supplies and materials, $7,792 and utilities $30,124.

3. The Central Station Fund received a $60,000 transfer of funds from the General Fund.

4. Adjustments were made for depreciation ($3,519) and for uncollectible accounts ($667).

5. At the end of the period, nominal accounts were closed.

Required: (b only)

Prepare a statement of revenues, expenses, and changes in fund net position. The net position balance at the beginning of the period was $60,129.

Answer:

The Central Station Enterprise Fund

Statement of Revenues, Expenses, and Changes in Fund Net Position for the year ended December 31, 20XX:

Rental Income                   $90,210

Expenses:

Administrative services    25,205

Maintenance & Repairs    72,882

Supplies & Material             7,792

Utilities                               30,134

Total Expenses              $136,193

Excess Expenses            (45,983)

Transfer from

 General Funds              60,000

Beginning balance           60,129

Ending Balance              $74,146

Explanation:

The Central Station Enterprise Fund's statement of revenues, expenses, and changes in fund balances is the governmental funds' income statement.  It tracks the inflow and outflow of resources.  The statement does not only report revenues and expenses, it also reports inflows and outflows of resources like the transfer of funds received from the General Fund, including the beginning fund balance.  Together, these will result to an ending fund balance.

8 0
4 years ago
Clint's salary increased from ​$22 comma 000 to ​$35 comma 200 over a​ three-year period.​ Helen's salary increased from ​$28 co
Romashka [77]

Answer:

a

Explanation:

Helen salary increased more, because her salary increased by 16,800 dollars this is more than 13,200 dollars ,the amount Clint's salary increased.

3 0
3 years ago
Branson paid $566,700 cash for all of the outstanding common stock of Wolfpack, Inc., on January 1, 2017. On that date, the subs
ra1l [238]

Answer:

a.

Dr Investment in Wolfpack, Inc. 618,500

Cr Contingent performance obligation 51,800

Cr Cash 566,700

b.

12/31/17

Dr Loss from increase in contingent performance obligation 7,400

Cr Contingent performance obligation 7,400

12/31/17

Dr Loss from increase in contingent performance obligation 200

Cr Contingent performance obligation 200

12/31/18

Dr Contingent performance obligation 59,000

Cr Cash 59,000

c.

Equity Method

Dr Common stock- Wolfpack 200,000

Dr Retained earnings-Wolfpack 274,000

Cr Investment in Wolfpack 474,000

Dr Royalty agreements 122,400

Dr Goodwill 71,500

Cr Investment in Wolfpack 193,900

Dr Equity earnings of Wolfpack 74,400

Cr Investment in Wolfpack 74,400

Dr Investment in Wolfpack 25,000

Cr Dividends paid 25,000

Dr Amortization expense 13,600

Cr Royalty agreements 13,600

d.

Initial Value Method

Dr Investment in Wolfpack 59,400

Cr Retained earnings-Branson 59,400

Dr Common stock- Wolfpack 200,000

Dr Retained earnings-Wolfpack 284,000

Cr Investment in Wolfpack 484,000

Dr Royalty agreements 122,400

Dr Goodwill 71,500

Cr Investment in Wolfpack 193,900

Dr Dividend income 25,000

Cr Dividends paid 25,000

Dr Amortization expense 13,600

Cr Royalty agreements 13,600

Explanation:

a. Preparation of the Journal entry to record the acquisition of the shares of its Wolfpack subsidiary

Dr Investment in Wolfpack, Inc. 618,500

Cr Contingent performance obligation 51,800

Cr Cash 566,700

(566,700+51,800)

b. Preparation of the Journal entries at the end of 2017 and 2018 and the December 31, 2018, payment.

12/31/17

Dr Loss from increase in contingent performance obligation 7,400

(59,200 - 51,800)

Cr Contingent performance obligation 7,400

12/31/17

Dr Loss from increase in contingent performance obligation 200

(59,000 - 59,200)

Cr Contingent performance obligation 200

12/31/18

Dr Contingent performance obligation 59,000

Cr Cash 59,000

c. Preparation of consolidation worksheet journal entries as of December 31, 2018

Equity Method

Dr Common stock- Wolfpack 200,000

Dr Retained earnings-Wolfpack 274,000

(211,000+ (78,000 - 15,000)

Cr Investment in Wolfpack 474,000 (274,000+200,000)

Dr Royalty agreements 122,400

(136,000 - 13,600)

(136,000/10 years=13,600)

Dr Goodwill 71,500

( 618,500- 411,000 - 136,000)

Cr Investment in Wolfpack 193,900

(122,400+71,500)

Dr Equity earnings of Wolfpack 74,400

(88,000 - 13,600)

Cr Investment in Wolfpack 74,400

Dr Investment in Wolfpack 25,000

Cr Dividends paid 25,000

Dr Amortization expense 13,600

(136,000/10 years)

Cr Royalty agreements 13,600

d. Preparation of consolidation worksheet journal entries as of December 31, 2018,

Initial Value Method

Dr Investment in Wolfpack 59,400

(88,000-15,000-13,600)

Cr Retained earnings-Branson 59,400

Dr Common stock- Wolfpack 200,000

Dr Retained earnings-Wolfpack 284,000

(211,000+ (88,000 - 15,000)

Cr Investment in Wolfpack 484,000

(284,000+200,000)

Dr Royalty agreements 122,400

(136,000 - 13,600)

Dr Goodwill 71,500

( 618,500 - 411,000 - 136,000)

Cr Investment in Wolfpack 193,900

Dr Dividend income 25,000

Cr Dividends paid 25,000

Dr Amortization expense 13,600

Cr Royalty agreements 13,600

6 0
3 years ago
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