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mr_godi [17]
3 years ago
9

Tracy drinks beer at a bar, then goes to a car dealer and orders a new car. tracy later claims he was drunk and should not have

to buy the car. this:
Business
1 answer:
Vera_Pavlovna [14]3 years ago
7 0
<span>The issue here is whether Tracy had enough to drink that would cause him to be mentally incapacitated. If Tracy was mentally incapacitated, the contract would be rendered unenforceable and thus, Tracy would not need to honor the contract and vice versa. However, if Tracy cannot show this, the contract will likely be upheld.</span>
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Brad, Scott, and Jake each contribute property to form BSJ Corporation. Brad contributes a building with a fair market value of
Talja [164]

Answer:

<em>The answer is $700,000</em>

Explanation:

<em>From the example given, we find the tax basis will each take in their respective BSJ stock</em>

<em>Contributions done partner wise         (All values in $)</em>

<em>Partner  Contribution Tax Share in Stock  % of Tax   Base Tax base in stock</em>

<em>Name                               Base</em>

<em>Brad         450000        100000         45%          17%       120689.7</em>

<em>Scott 100000         350000         45%          60%     422413.8</em>

<em>Jake 150000          130000         10%          22%     156896.6</em>

<em>                700000           580000                      100%     700000</em>

<em>Therefore, The Total Assets contributed will be equivalent to stock of BSJ issued = $ 700,000</em>

5 0
3 years ago
Vanessa Jones is the assistant chief accountant at IBT Company, a manufacturer of computer chips and cellular phones. The compan
soldi70 [24.7K]

Answer and Explanation:

The stakeholders include:

1. The rush in preparing the financial statements for the quarter

2. The overstatement of an account by $1000 on either the debit or credit side of the trial balance

Ethical issues:

1. She has been dishonest by plugging a figures $1000 into a wrong account

2. There could be loss of cash as the difference of $1000 could be caused by a liability account

Alternatives:

1. A suspense account could have been opened for the difference of $1000 and plugged into the trial balance

2. An account with the difference $1000 unknown could have been opened

6 0
3 years ago
Incomplete manufacturing costs, expenses, and selling data for two different cases are as follows.
malfutka [58]
If you need to indicate the missing ammount of each letter in the grahp then it will be like follows:
 For the first case:
A = $9,600 + $5,000 + $8,000 = $22,600$22,600 + $1,000 – B = $17,000
B = $22,600 + $1,000 – $17,000 = $6,600$17,000 + C = $20,000
C = $20,000 – $17,000 = $3,000
D = $20,000 – $3,400 = $16,600
<span>E = ($24,500 – $2,500) – $16,600 = $5,400
</span><span>F = $5,400 – $2,500 = $2,900
</span>And now for the second case:
G + $8,000 + $4,000 = $16,000
G = $16,000 – $8,000 – $4,000 = $4,000$16,000 + H – $3,000 = $22,000
H = $22,000 + $3,000 – $16,000 = $9,000(I – $1,400) – K = $7,000(I – $1,400) – $22,800 = $7,000
<span>I = $1,400 + $22,800 + $7,000 = $31,200
</span>J = $22,000 + $3,300 = $25,300
K = $25,300 – $2,500 = $22,800$7,000 – L = $5,000
<span>L = $2,000</span>
8 0
3 years ago
The four important characteristics that define a perfectly competitive market are: Multiple Choice standardized good, full infor
Kazeer [188]

Answer:

standardized good, full information, no transactions costs, participants are price takers.

Explanation:

Perfectly competitive markets are theoretical, because even commodities' markets (e.g. corn, oil, etc.) do not comply 100% with all the characteristics of a perfectly competitive market, but are close enough to consider them as such.

The 5 characteristics of perfectly competitive markets are:

  1. Many participants (many buyers and sellers)
  2. Standardized goods or services
  3. Zero transaction costs
  4. No barriers to entry
  5. All participants can access perfect information

As I said before, no market complies 100% with these requirements, but some commodities' markets get close enough, but even there:

  • commodity traders charge a transaction fee
  • capital is a great barrier to entry that cannot be eliminated, e.g. it costs millions to drill and sell oil
  • not all participants will be able to access perfect information
4 0
4 years ago
The 2016 financial statements of The New York Times Company reveal average shareholders’ equity attributable to controlling inte
Umnica [9.8K]

Answer:

E. There is not enough information to calculate the ratio.

Explanation:

It's necessary the information about the other partner or what it's the total amount of shareholders’ equity to calculate the net income attributable to New York Times.

The only information available it's shareholders’ equity attributable to controlling interest which means there is other part which have the rest.

5 0
3 years ago
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