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Leya [2.2K]
2 years ago
9

Hawley owned a Buick, and occasionally had work done on it at the Hoff Garage. One day he drove up with a flat tire, parked his

car beside the garage, and called to Hoff that he had a flat tire and would be back in an hour. Hoff fixed the tire. Hawley refused to pay, saying that he had intended doing the job himself. (a) Was there a contract? Explain. (b) Suppose Hoff also adjusted the carburetor and straightened a fender. Could he recover for this? Explain
Business
1 answer:
irina1246 [14]2 years ago
3 0

Answer:

A. Yes. Implicit contract

B. No he cannot

Explanation:

A. From what happened there seemed to be an implied contract between these two people. Although this contract was not done formally, given past situations, an implied contract was formed over time. Hoff felt hawley had dropped the car off for repair given that he usually did this. Hawley cannot make a case that he was going to fix it himself.

B. Hoff cannot recover for the carburetor or fender because the question did not say hawley asked him to do so. If he did it without consent then there is no recovery.

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In March, Stinson Company completes Jobs 10 and 11.
mario62 [17]

Answer:

The journal entries are as follows:

(i) On March 31,

Finished Goods A/c Dr. $56,400

           To Work in Process        $56,400

(To record the completion of the two jobs)

(ii) On March 31,

Cash A/c Dr. $38,000

  To sales                    $38,000

(To record the sale Job 10)

(iii) On March 31,

Cost of goods sold A/c Dr. $21,400

            To finished goods                 $21,400

(To record the cost of the job sold)

8 0
3 years ago
Round Hammer is comparing two different capital structures: An all-equity plan (Plan I) and a levered plan (Plan II). Under Plan
asambeis [7]

Answer:

EPS of Plan I = $3.19

EPS of Plan II = $2.82

Explanation:

Under Plan I:

Plan I's Earning per share (EPS) = EBIT ÷ Number of shares = $575,000 ÷ 180,000 = $3.19

Under Plan II:

Interest = $2,600,000 × 8% = $208,000

Earning after Interest = EBIT - Interest = $575,000 - $208,000 = $367,000

Plan II's EPS = $367,000 ÷ 130,000 = $2.82

5 0
3 years ago
Ralph Young was a commercial tour boat operator on the northern coast of Kauai, Hawaii. He was licensed by the state of Hawaii t
Y_Kistochka [10]

Answer:

The correct answer is option (a) The court probably found that the state law was unconstitutional under the supremacy cause.

Explanation:

Solution

From the given questions it states that, What would be the court's most likely response to Ralph's lawsuit.

The court's decision response would be that, I that when the situation arises or occurs in that case, where there is a conflict which arises between federal and state law then in that case federal law must be applied.

7 0
3 years ago
Determine if the research is deductive or inductive: - If because of analysis of data collected, one infers that the problem of
postnew [5]

Answer:

1. Deductive

2. Inductive

3. Deductive

Explanation:

Deductive research is a form of reasoning that stems from existing theories that can be tested. Data is collected to test a theory and the results are analyzed. The first and third scenarios are deductive research works because there are existing theories or data that can be worked on. In the first instance, data on issues of turnover already exist. In the third scenario, there were theories to explain gender differences.

Inductive research proposes a theory after observation. This is applicable in the second instance where the manager proposes the theory that relates distance to absenteeism after close observation.

5 0
3 years ago
Speedy Delivery Company purchases a delivery van for $32,000. Speedy estimates that at the end of its four-year service life, th
RSB [31]

Answer:

(1) Straight-line.

Year 1 depreciation expense = $6,500

Year 2 depreciation expense = $6,500

(2) Double-declining-balance.

Year 1 depreciation expense = $16,000

Year 2 depreciation expense = $8,000

(3) Activity-based.

Year 1 depreciation expense = $7,000

Year 1 depreciation expense = $7,600

Explanation:

Note: This question is not complete. The complete question is therefore provided before answering the question as follows:

Speedy Delivery Company purchases a delivery van for $32,000. Speedy estimates that at the end of its four-year service life, the van will be worth $6,000. During the four-year period, the company expects to drive the van 130,000 miles. Actual miles driven each year were 35,000 miles in year 1 and 38,000 miles in year 2.

Required:

Calculate annual depreciation for the first two years of the van using each of the following methods.

(1) Straight-line.

(2) Double-declining-balance.

(3) Activity-based.

The explanation of the answers is now given as follows:

(1) Straight-line.

Depreciable amount = Cost of the delivery van – Salvage value = $32,000 - $6,000 = $26,000

Annual depreciation rate = 1 / Number of useful years = 1 / 4 = 0.25, or 25%

Year 1 depreciation expense = Depreciable amount * Annual depreciation rate = $26,000 * 25% = $6,500

Year 2 depreciation expense = Depreciable amount * Annual depreciation rate = $26,000 * 25% = $6,500

(2) Double-declining-balance.

Note: The salvage value is taken care of in the computation of the depreciation expense for the last useful year under the double-declining-balance method.

Therefore, we have:

Cost of the delivery van = $32,000

Annual depreciation rate = Straight line annual depreciation rate * 2 = 25% * 2 = 50%

Year 1 depreciation expense = Cost of the delivery van * Annual depreciation rate = $32,000 * 50% = $16,000

Book value at the end of year 1 = Cost of the delivery van - Year 1 depreciation expense = $36,000 - $16,000 = $16,000

Year 2 depreciation expense = Book value at the end of year 1 * Annual depreciation rate = $16,000 * 50% = $8,000

(3) Activity-based.

Depreciable amount = Cost of the delivery van – Salvage value = $32,000 - $6,000 = $26,000

Depreciation rate = Actual miles driven each year / Expected driven miles for four years ……….. (1)

Depreciation expense for each year = Depreciable amount * Depreciation rate …………… (2)

Using equations (2), we have:

Year 1 depreciation expense = $26,000 * (35,000 / 130,000) = $7,000

Year 1 depreciation expense = $26,000 * (38,000 / 130,000) = $7,600

5 0
3 years ago
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