1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Tresset [83]
3 years ago
13

Hornbuckle purchased equipment from Continental Gin (CG) for $6,300. However, after some of the equipment proved defective, Horn

buckle sent CG a check for $4,000 marked "by endorsement this check is accepted in full payment," and CG endorsed and deposited the check. May CG force Hornbuckle to pay the remaining $2,300? Why?
Business
1 answer:
olganol [36]3 years ago
7 0

Answer:

No Continental Gin can not force Hornbuckle

Explanation:

given data  

purchased equipment = $6,300

proved defective = $4,000

remaining = $2,300  

to find out  

May CG force Hornbuckle to pay the remaining

solution

according to statement we can say No  Continental Gin can not force Hornbuckle to pay the remaining because when he get equipment and deposit money in to Continental Gin account that time he has no doubt or obligation by the payment  

so if he have doubt now on payment, then he should have ask on that time when he endorsement this check is accepted in full payment

You might be interested in
Jose Consulting paid $540 cash for utilities for the current month. Determine the general journal entry that Jose Consulting wil
elena-14-01-66 [18.8K]

Answer: Utilities Expense 540 Cash 540

Explanation:

Journal entry simply refers to the recording of transactions in a company's books. It should be noted that every transaction entered in the general ledger begins with a journal entry.

With regards to the question, the journal entry will be:

Debit Utilities expense $540

Credit Cash $540

3 0
3 years ago
In 1998, Parker Corporation purchased land for $130,000. In 2010, Parker Company had the land appraised, and its value was estim
DochEvi [55]

Answer:

The land should be reported at $130,000

Explanation:

In this question, we have to apply one of the Generally Accepted Accounting Principle (GAAP), i.e. Historical cost principle.

Historical Cost Principle: According to this principle, the value of fixed assets should be recorded at the purchase price or book value.  

So, in the given case, the land should be reported at $130,000 irrespective of whatever amount is given in the question

5 0
3 years ago
The following account balances were taken from the 2021 adjusted trial balance of the Bowler Corporation: sales revenue, $485,00
jekas [21]

Answer:

Bowler Corporation

Income Statement for 2021

Sales revenue                                    $485,000

Less Cost of goods sold                  ($248,000)

Gross Profit                                         $237,000

Less Expenses

salaries expense              $61,000

rent expense                    $36,000

depreciation expense     $46,000

miscellaneous expense  $28,000   ($171,000)

Net Income/ (Loss)                             $66,000

Explanation:

Income Statement shows the Operating performance of the the company over the financial period.

Income/loss = Sales - Expenses.

8 0
3 years ago
Some of the ledger accounts for the Sanderson Hardware Company are listed below. For each of the October 2021 transactions numbe
77julia77 [94]

Answer:

1. Paid a cash dividend.

Account Debited:  Retained earnings

Account Credited: Cash

2. Paid rent for the next three months.

Account Debited:  Prepaid rent

Account Credited: Cash

3. Sold goods to customers on account.

Account Debited:  Account receivables

Account Credited:  Sales revenue

4. Purchased inventory on account.

Account Debited:  Inventory

Account Credited: Accounts payable

5. Purchased supplies for cash.

Account Debited:  Supplies

Account Credited: Cash

6. Paid employees wages for September.

Account Debited:  Wages payable

Account Credited: Cash

7. Issued common stock in exchange for cash.

Account Debited:  Cash

Account Credited: Common stock

8. Collected cash from customers for goods sold in 3.

Account Debited:  Cash

Account Credited: Account receivables

9. Borrowed cash from a bank and signed a note.

Account Debited:  Cash

Account Credited: Notes payables

10. At the end of October, recorded the amount of supplies that had been used during the month.

Account Debited:  Supplies expenses

Account Credited: Supplies

11. Received cash for advance payment from customer.

Account Debited:  Cash

Account Credited: Unearned revenue

12. Accrued employee wages for October.

Account Debited:  Wages expenses

Account Credited: Wages payable

4 0
3 years ago
A distributor of large appliances needs to determine the order quantities and reorder points for the various products it carries
Mkey [24]

Answer:

a. 32 refrigerators

b. 29 refrigerators

Explanation:

a. The computation of the economic order quantity is shown below:

= \sqrt{\frac{2\times \text{Annual demand}\times \text{Ordering cost}}{\text{Carrying cost}}}

= \sqrt{\frac{2\times \text{500}\times \text{\$100}}{{\$500 \times 20\%}}}

= 32 refrigerators

b. Now the reorder point is

= Annual demand ÷ total number of days in a year × lead time + (service level × standard deviation for the lead time)

= 500 units ÷ 365 days × 7 days + (1.90 × 10 units)

= 9.59 + 19

= 29 refrigerators

4 0
4 years ago
Other questions:
  • Gambona Inc. has sales of $200, net income of $20, total assets of $500, and common equity of $250, all in millions. The new CFO
    6·1 answer
  • If you had waited six months to buy the game system,
    5·2 answers
  • When compared with last development countries a higher proportion of people in developed Nations fall into which age group
    13·1 answer
  • Palmer Company's beginning inventory consists of 1,000 units at $1.00 per unit. During the year, the company purchases 5,000 uni
    11·1 answer
  • ________ is a management-oriented and production-centered perspective of organizational communication.
    9·1 answer
  • Which of the following items are properly classified as part of factory overhead for Ford Motor Company (F), a maker of heavy au
    14·1 answer
  • The talk test can be used to measure the __________.
    6·1 answer
  • What does it mean if the government runs out of money
    14·1 answer
  • List two questions belonging to the field of morality
    11·1 answer
  • What property of detrital sedimentary rocks can be indicative of the energy of sediment transport?.
    5·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!