For measuring a journal for out-of-round, measurements should be taken every _______

7. Eva and Maria entered into a written contract pursuant to which Eva was to render decorating services for Maria for a total p

xxMikexx [17]

Answer:

(a) Eva endorsed the check, without making any further notations on it, deposited it and sued Maria for the remaining $15,000 she claims is due. Judgment for whom?

Maria's debt is settled (cancelled) because Eva accepted the check and did not write "under protest" or "without prejudice" when she endorsed it. This debt was an unliquidated debt since maria and Eva did not agree on the total amount due, but since Eva cashed the check without writing down any type of notation with respect to their disagreement, the debt will be considered settles.

(b) Instead of the facts in (a) assume that Eva wrote "under protest" on the check when she endorsed it and, after depositing it, sues Maria for $15,000. What result?

If Eva wrote under protest, then she is not accepting Maria's payment. She is entitled to cash the check because she might need the money, but she is making it clear that she doesn't agree with the settlement. Eva could win the suit (that also depends on other factors not specified in the question).

(c) Instead of the facts in (a) and (b), assume that Eva and Maria had a telephone conversation in which Eva agreed to take $60,000 in full satisfaction of Maria’s obligation under the contract. Maria then sent the check, with a letter referencing the telephone conversation. Eva wrote "under protest" on the check, endorsed and deposited it, and then sued Maria for $15,000. What result? Explain.

Unless Maria can prove that Eva agreed with the $60,000 payment, then a court would not even consider the telephone call and the outcome would be similar to question (b). The problem with oral agreements is that one party will say this and the other party will say something else. You need some type of proof in order for an oral agreement concerning a $75,000 (or even $60,000) dispute to be valid.

3 0

3 years ago

A firm has issued cumulative preferred stock with a $100 par value and a 10 percent annual dividend. For the past three years, t

natka813 [3]

Answer:

$30/share

Explanation:

Calculation to determine the amount the preferred stockholders must be paid

First step is to calculate per year dividend using this formula

Per year dividend = Stock value × Dividend payment rate

Let plug in the formula

Per year dividend = $100 × 10%

Per year dividend = $10

Second step is to calculate the Total unpaid dividend using this formula

Total unpaid dividend for 2 years = Per year dividend × 2 year

Let plug in the formula

Total unpaid dividend for 2 years = $10× 2years

Total unpaid dividend for 2 years = $20

Now let calculate the Cumulative Preferred Dividend

Using this formula

Cumulative Preferred Dividend = Current Year Dividend + Total unpaid dividend for 2 years

Let plug in the formula

Cumulative Preferred Dividend = $10 + $20

Cumulative Preferred Dividend = $30

Therefore At the end of the current year, the preferred stockholders must be paid $30/share prior to paying the common stockholders.

3 0

3 years ago

Since the 1960s, which of the following has been a notable trend in the demographics of the multinational enterprise?

Irina-Kira [14]

Answer:

D. The growth of Mini - Multinationals

Explanation:

Mini-multinationals are companies or organisations that carry out their business in two or more countries but are still within the definition of small and medium sized organisations.

Initially before the advent of the computer and the accelerated advancement of globalisation only standardized multinationals based on large firms and corporations were able to carry out business across several countries. However, globalisation as well as the rapid advancement of information technology has made tools of business available such that even small or medium sized firms can become multinationals.

For instance, the availability of an e-market and fast delivery methods makes it possible for a local shoe seller to transact businesses across two or more countries. This is defined as a mini-multinational

8 0

3 years ago

In what accounts should the following items be classified? (a) Coins and currency. (b) U.S. Treasury (government) bonds. (c) Cer

Dimas [21]

Answer:

Explanation:

Cash: generally classify cash as a cuffent asset Cash conststs of coins, currency, and available on deposit at the bank Cash the most liquid of as*ts, is standard medium of exchange and fre basis for meas_wtng and accountmg for all other items

Cash quivalents: cash equivalents are short-term, highly liquid investments that are both readily convertible to known amount of cash.

Accounts Receivable: Receivables are clams held against customers and others for money, goods, or services

Short term investments: Investments for one year or less called as short-tem investments

Long-term assets: Long-term means more than one accounting cycle period

Items Accounts

a) Coins and currency Cash

b) U S treasury (government) bonds Cash equivalent

c) Certificate of deposit (matures in 5 months) Short term investment

d) Cash in a bank that is in receivership Account receivable.

e1) NSF check ( Returned with bank statement)(if uncollectible) A loss if uncollectible

e2) NSF check ( Returned with bank statement)(if collectible) Accounts receivables

f1) Deposited in foreign bank (exchangeability limited )(if not expendable) Other assets, if not expendable.

f2) Deposited in foreign bank (exchangeability limited )(if expendable) Cash if expendable for goods and services in a foreign country

g1) Postdated checks (if collection expected within one year) Short term investments

g2) Postdated checks (if collection expected within beyond year) long term investments

8 0

3 years ago

Clopack Company manufactures one product that goes through one processing department called Mixing. All raw materials are introd

cestrela7 [59]

Answer:

Clopack Company

1-a) Journal entries to record raw materials used in production

Debit Work in Process $151,215

Credit Raw materials $151,215

To record the cost of raw materials used in production.

1-b) the direct labor cost incurred

Debit Work in Process $96,500

Credit Factory Labor $96,500

To record the cost of direct labor costs.

2. Journal entry to record applied overhead cost

Debit Work in Process $114,000

Credit Manufacturing Overhead $114,000

To apply overhead to production.

3. Units completed and transferred to Finished Goods:

= 32,100 pounds

4. Equivalent units of production for materials:

= 41,100

5. Equivalent units of production for conversion:

= 37,500

6. Total cost of materials (beginning WIP and cost added):

= $166,455

7. Total cost of conversion (beginning WIP and cost added):

= $223,250

8. The cost per equivalent unit for materials:

= $4.05

9. The cost per equivalent unit for conversion:

= $5.95

10. The cost of ending WIP for materials:

= $36,450

11. The cost of ending WIP for conversion:

= $32,130

12. The cost of materials transferred to finished goods:

= $130,005

13. The amount of conversion transferred to finished goods:

= $190,995

14. Journal entry to record the transfer of costs from WIP to Finished Goods:

Debit Finished Goods $321,000

Credit Work in Process $321,000

To record the manufacturing cost transferred to Finished Goods.

15-a) The total cost to be accounted for:

= $389,715

16-b) The total cost accounted for:

= $389,580

Explanation:

a) Data and Calculations:

Work in Process Mixing Department:

June 1 balance 28,000 Completed and transferred to Finished Goods ?

Materials 151,215

Direct labor 96,500

Overhead 114,000

June 30 balance ?

The June 1 WIP =4,300 pounds with $15,240 in materials cost (100%) and $12,760 in conversion cost (60%).

Started in June 36,800

June 30 WIP = 9,000 pounds, materials (100%) and conversion (50%)

Units Materials Conversion Total

Beginning Work in Process 4,300 $15,240 $12,760 $28,000

Started in June 36,800 151,215 210,500 361,715

Total units and costs 41,100 $166,455 $223,250 $389,715

Ending Work in Process 9,000

Units transferred out 32,100

Equivalent units of production:

Materials Conversion

Units transferred out 32,100 32,100

Ending Work in Process 9,000 5,400

Total equivalent units 41,100 37,500

Cost per equivalent unit:

Materials Conversion

Total costs of production $166,455 $223,250

Total equivalent units 41,100 37,500

Cost per equivalent unit $4.05 $5.95

Cost assigned to:

Units transferred out $130,005 $190,995 $321,000

(32,100 * $4.05 and 32,100 * $5.95)

Ending Work in Process 36,450 32,130 $68,580

(9,000 * $4.05 and 5,400 * $5.95)

Total cost assigned $166,455 $223,125 $389,580

5 0

3 years ago

For measuring a journal for out-of-round, measurements should be taken every ________ degrees around the journal