Bob is a recognized french horn player. Bob has played for several major symphonies. Last year Bob went through bankruptcy and in order to pay his rent for a couple of months took out loans from a small bank - Avarice Bank - and pledged his french horn as collateral. He was unable to make the first payment on the loan so the bank was getting ready to take the french horn for non-payment. Bob approached the director of the Gilroy Philarmonic International Symphony - Joe - for help - asking him to guarantee payment so he does not lose his french horn. Joe agreed to guarantee the payment - partially because Bob is scheduled as the featured performer at the Classic Polka Festival in Gilroy which Joe manages. Joe called Avarice Bank and said if Bob could not pay, he would, and Avarice accepted his guaranty by phone. Bob played for the Polka Festival (it was very successful), but immediately after, left town and his whereabouts are unknown. Avarice has contacted Joe and indicated they have not collected from Bob and they expect Joe to pay the debt. Joe told Avarice they did not have anything in writing from him (though there are witnesses who heard Joe guarantee payment) and he believes he will not be liable for Bob's debt. Avarice has indicated it will file suit for payment against Joe. I
nstructions: Answer the following questions about this case:
Issue: What is the legal issue/dispute? (Be specific. Don’t just say Contract Law)
Decision: Who should prevail?
Support: Provide support for your decision. Describe what the law says about situations like this, and how it applies to this case.

Answer:

In this case, we analysed three problems, which are The issue, The decision and The support.

The issue of the dispute was does guarantee on phone for payment debt) valid and enforceable in the court of law.

The decision was centered on whether a contract is needed to be in writing and if it should bear the signatures of both parties in order for it to be enforceable.

The support centered on the assurance of the repayment of debt contract in which authorities the creditor to get back the money from the guarantor, if the debtor fails on payment.

Explanation:

Solution

The Issue : Does guarantee on phone for a debt payment is valid and enforceable in a court of law.

Decision : The guarantee is a contract and needs to be in writing and should bear the signatures of the parties in order to be enforceable. In this case, the guarantee for the debt repayment by Bob was given by Joe on phone, which does not fulfill the requirement of the contract to be enforceable.Hence the bank would not succeed in claiming payments from Joe.

Support : Guarantee for repayment of debt is a contract that authorities the creditor to recover the money from the guarantor if the debtor defaults on payment. However, the guarantee contract should be in writing ( in legal systems of most of the countries) and should be signed by the guarantor. In absence of a written contract and signature of the guarantor, the contract can't be enforced in a court of law, which is in this case. The bank should have insisted only on the written and signed consent of guarantee from Joe. As it did not, it can't hold him liable for the breach of guarantee contract.

Determine whether each survey question is biased or unbiased. If biased, explain your reasoning. Do you prefer watching exciting football games or sitting through choir recitals?
1. biased; the question addresses more than one issue.
2. biased; the question encourages a certain response.
3. unbiased biased; the question causes a strong reaction.

John blodgett is the managing partner of a business that has just finished building a 60 room mote boldgett aticipates that he will rent these rooms for 15000 nights nesxt year all rooms are similar and will rent for the same price blodgett estimates the following operating costs for next year the capital invested in the motel is $900000 the paritnarship target return on investment is 25% blodgett expect demand for rooms to be uniform throughout the year he plans to price the rooms at full cost plus markup on full cost to earn the target return on invesment

Variable operating cost $5per room-nigh

Total fixed costs 375000


What price should blodgett charge room night ?what is the markup as percentage of the full requried cost of room might

The company makes 12,000 units of this part each year. The company's Accounting Department reports the following costs of producing the part at this level of activity: Per Unit Direct materials $ 6.30 Direct labor $ 5.70 Variable overhead $ 4.80 Fixed Costs: Supervisor's salary $ 7.00 Depreciation of special equipment $ 8.60 Common fixed overhead $ 7.20 An outside supplier has offered to produce this part and sell it to the company for $37.70 each. If this offer is accepted, the supervisor will be fired. The special equipment used to make the part was purchased many years ago and has no salvage value or other use. If the outside supplier's offer were accepted, common fixed costs would be reduced by $17,000. Now assume that the facilities that had been used to produce part S54 could be used for something else if S54 parts are purchased from an outside supplier. If this is true, would you be more likely or less likely to outsource S54 to the outside contractor?

Automobile firms can use their inputs to make hybrid cars or "regular" (non-hybrid) cars. If the equilibrium price of hybrid cars rises sharply, the resulting shift in the supply curve for "regular" cars will cause:

Carla Vista Co. had these transactions during the current period.
June 12 Issued 83,000 shares of $1 par value common stock for cash of $311,250.
July 11 Issued 4,300 shares of $103 par value preferred stock for cash at $107 per share.
Nov. 28 Purchased 2,400 shares of treasury stock for $9,350.
Required:
Prepare the journal entries for the Carla Vista Co. transactions shown above. (Record journal entries in the order presented in the problem.)

If an email message is going _________of the organization, the writer should include a salutation that can simply state the individual's name.
Options:
1) Inside
2) Outside
3) Inside and Outside
4) All of the Above

The city of Trenton, New Jersey, passed an ordinance making it unlawful to use any form of sound amplification on the city streets. A city prosecutor, Charles Kovac, mounted an amplifier on a truck through which he played music and spoke on the microphone while driving on city streets. Kovac was tried and convicted in the Trenton Police Court and fined fifty dollars. Kovac appealed, arguing that the ordinance violated his rights of free speech and free assembly, The city claimed that the ordinance served a legitimate governmental function in keeping the city streets safe and orderly and did not prohibit free speech or assembly. How would a court likely rule in regards to the ordinance?
a. The court probably found that the ordinance was unconstitutional as an unreasonable restriction on fundamental rights.
b. The court probably found that the ordinance was unconstitutional under the equal protection clause.
c The court probably found that the ordinance was constitutional under the establishment cause.
d. The court probably found that the ordinance was constitutional as a reasonable restriction on fundamental rights.

client is using the Sales on Account workflow. Instead of receiving a payment against the invoice, they add a new deposit categorized to an income account.

Which of the following is the closest example of perfect price discrimination? Group of answer choices At an auction of antique furniture, each piece of furniture is sold to the highest bidder An electric utility charging higher rates to the customers in the summer season than in the winter season An airline providing discounts to its frequent-flyers as they fly more A golf-club imposing a very high entry fee to reduce membership requests

An office has 5 copy machines that need to be serviced approximately once an hour either for paper, staples, or toner or repair. Each machine therefore runs approximately 1 hour before needing some attention. The average service time is 7 minutes. Copier downtime in this busy office costs approximately $20 per hour. The cost of attendant is $15 per hour. Using the finite queuing analysis, answer the following questions:________.
a. What is the average number of copiers in line?
b. What is the average number of copiers still in operation?
c. What is the average number of copiers being serviced?
d. The firm is considering adding another attendant at the same $15 rate. Should the office do it?

Coronado manufactures competition stunt kites. In November, Jerry Box prepared the following production budget for the first quarter of the coming year. Desired ending inventory is based on the following month's budgeted sales. January February March Quarter Budgeted unit Sales 24,100 39,300 32,200 95,600 Budgeted ending inventory 7,860 6,440 2,870 2,870 Total units required 31,960 45,740 35,070 98,470 Beginning inventory 4,820 7,860 6,440 4,820 Budgeted production 27,140 37,880 28,630 93,650 Following higher-than-expected sales in December, Jerry conducted an inventory count on January 2 and discovered that the company had only 2,260 completed kites on hand. He decided that given the brisk sales in December, the company should increase its desired ending inventory level from 20 to 25 percent of the next month's sales volume. Prepare a new production budget for the first quarter. (Round answers to 0 decimal places, e.g. 5,275.) January February March Quarter

The adjusted trial balance for Waterway Industries at the end of the current year, 2021, contained the following accounts. 5-year Bonds Payable 9% $3000000 Interest Payable 48000 Premium on Bonds Payable 98000 Notes Payable (3 months.) 38000 Notes Payable (5 yr.) 166000 Mortgage Payable ($13000 due currently) 200000 Salaries and wages Payable 16000 Income Taxes Payable (due 3/15 of 2022) 23000 The total long-term liabilities reported on the balance sheet are $_______.

Placker Corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on machine-hours. The company based its predetermined overhead rate for the current year on total fixed manufacturing overhead cost of $155,000, variable manufacturing overhead of $3.40 per machine-hour, and 50,000 machine-hours. Recently, Job A881 was completed with the following characteristics:

Total machine-hours 100
Direct materials $ 645
Direct labor cost $ 2,300

The total job cost for Job A881 is closest to: (Round your intermediate calculations to 2 decimal places.)

a. $1,295
b. $3,595
c. $2,950
d. $2,945

Delsing Canning Company is considering an expansion of its facilities. Its current income statement is as follows:
Sales $ 6,200,000
Variable costs (50% of sales) 3,100,000
Fixed costs 1,920,000
Earnings before interest and taxes (EBIT) $ 1,180,000
Interest (10% cost) 440,000
Earnings before taxes (EBT) $ 740,000
Tax (30%) 222,000
Earnings after taxes (EAT) $ 518,000
Shares of common stock 320,000
Earnings per share $ 1.62
The company is currently financed with 50 percent debt and 50 percent equity (common stock, par value of $10). In order to expand the facilities, Mr. Delsing estimates a need for $3.2 million in additional financing. His investment banker has laid out three plans for him to consider:
Sell $3.2 million of debt at 14 percent.
Sell $3.2 million of common stock at $20 per share.
Sell $1.60 million of debt at 13 percent and $1.60 million of common stock at $25 per share.
Variable costs are expected to stay at 50 percent of sales, while fixed expenses will increase to $2,420,000 per year. Delsing is not sure how much this expansion will add to sales, but he estimates that sales will rise by $1.60 million per year for the next five years.
Delsing is interested in a thorough analysis of his expansion plans and methods of financing.He would like you to analyze the following:
Required:
a. The break-even point for operating expenses before and after expansion (in sales dollars). (Enter your answers in dollars not in millions, i.e, $1,234,567.)
b. The degree of operating leverage before and after expansion. Assume sales of $6.2 million before expansion and $7.2 million after expansion. Use the formula: DOL = (S − TVC) / (S − TVC − FC). (Round your answers to 2 decimal places.)
c-1. The degree of financial leverage before expansion. (Round your answers to 2 decimal places.)
c-2. The degree of financial leverage for all three methods after expansion. Assume sales of $7.2 million for this question. (Round your answers to 2 decimal places.)
d. Compute EPS under all three methods of financing the expansion at $7.2 million in sales (first year) and $10.1 million in sales (last year). (Round your answers to 2 decimal places.)

There are two firms in an industry. The industry demand curve is given by p = 3,600 - 4q. Each firm has one manufacturing plant and each firm i has a cost function C(q_i) = q^2_i, where q_i is the output of firm i. The two firms form a cartel and arrange to split total industry profits equally.
Required:
a) Under this cartel arrangement, they will maximize joint profits if ___________.

The term "benchmarking" as it relates to the hotel industry refers to a line-by-line analysis of an operating statement, comparing metrics for hotels of similar size or profile

For each of the following financial ratios that are based on comprehensive annual financial report (CAFR) information by selecting the appropriate letter of the explanation for that ratio. Answers can only be used once.
A. An indicator of interperiod equity.
B. An indicator of the government’s commitment to replacement of capital assets.
C. An indicator of the government’s reliance on revenues it does not directly control.
D. A measure of the degree to which government assets have been funded with debt.
E. An indicator of the government’s ability to pay its 60- to 90-day obligations.
F. A measure of the government’s capacity to issue debt.
G. A measure of capital asset useful service life.
H. A measure of the government’s liquidity.
I. An indicator of taxpayer debt burden.
J. An indicator of the government’s ability to withstand financial emergencies.
Ratio
1. General fund balances/General Fund operating revenues
2. (Cash + short-term investments)/Current liabilities
3. General obligation long-term debt/Assessed valuation
4. Capital outlay from operating funds/Operating expenditures
5. General bonded debt Legal debt limit
6. Accumulated depreciation/Average cost of depreciable assets
7. Net revenues/Total expenses
8. Charges for services/Total revenues
9. Total liabilities/Total assets
10. Current assets/Current liabilities

Consider the following situations for Shocker:
a) On November 28, 2021, Shocker receives a $4,500 payment from a customer for services to be rendered evenly over the next three months. Deferred Revenue is credited.
b) On December 1, 2021, the company pays a local radio station $2,700 for 30 radio ads that were to be aired, 10 per month, throughout December, January, and February. Prepaid Advertising is debited.
c) Employee salaries for the month of December totaling $8,000 will be paid on January 7, 2022.
d) On August 31, 2021, Shocker borrows $70,000 from a local bank. A note is signed with principal and 9% interest to be paid on August 31, 2022.
Required:
Record the necessary adjusting entries for Shocker at December 31, 2021. No adjusting entries were made during the year. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations.)

29. The difference between noninterest income and noninterest expenses on a bank's Report of Income is
called:
A. Net Profit Margin
B. Net Interest Income
C. Net Income After Provision for Possible Loan Losses
D. Income or Loss Before Income Taxes
E. Net Noninterest Income​

On November 1, 2021, Warren Co. adopted a plan to discontinue its barge division, which qualifies as a separate component of the business according to GAAP regarding discontinued operations. The disposal of the division was expected to be concluded by April 30, 2022. On December 31, 2021, the company's year-end, the following information relative to the discontinued division was accumulated:Operating loss Jan. 1–Dec. 31, 2021 $ 74 million Estimated operating losses, Jan. 1 to April 30, 2022 96 million Excess of fair value, less costs to sell, over book value at Dec. 31, 2021 11 million In its income statement for the year ended December 31, 2021, Warren would report a before-tax loss on discontinued operations of:A. $170 million.B. $159 million.C. $74 million.D. $63 million.

If you can download 10 ring tones for your cell phone
for $15 or you could download 11 ring tones for
your cell phone for $16, then the marginal cost of the
eleventh ring tone is​

Scarbrough Corp. factored $600,000 of accounts receivable to Duff Corp. on October 1, year 2. Control was surrendered by Scarbrough. Duff accepted the receivables subject to recourse for nonpayment. Duff assessed a fee of 3% and retains a holdback equal to 5% of the accounts receivable. In addition, Duff charged 15% interest computed on a weighted-average time to maturity of the receivables of fifty-four days. The fair value of the recourse obligation is $9,000. Scarbrough will receive and record cash of

$556,685

$547,685

$538,685

$529,685

Vaughn Manufacturing assigns $4570000 of its accounts receivables as collateral for a $2.99 million loan with a bank. The bank assesses a 3% finance charge on the loan amount and charges interest on the note at 5%. What would be the journal entry to record this transaction?


Debit Cash for $2026800, debit Interest Expense for $89700, debit Due from Bank for $1580000, and credit Accounts Receivable for $4570000.

Debit Cash for $2900300, debit Interest Expense for $89700, and credit Notes Payable for $2990000.

Debit Cash for $2900300, debit Interest Expense for $89700, and credit Accounts Receivable for $2990000.

Debit Cash for $2750800, debit Interest Expense for $239200, and credit Notes Payable for $2990000.

Centre College, a private liberal arts college in Central Kentucky, charged (billed) tuition and fees of $50,000 based on the registration of students; Centre provided scholarships of $12,000 to the registered students. The entry to bill the tuition and fees and scholarships would include a: A. Debit to Tuition and Fees, $50,000. B. Debit to Tuition Discounts and Allowances, $12,000. C. Credit to Tuition and Fees, $38,000. D. Credit to Tuition Discounts and Allowances, $14,000.

Employees who report unethical behavior in their own workplace (whistleblowers) are protected by law. However, many are reluctant to draw negative attention to their companies because of loyalty to the company or fear of reprisals. Chances are good you will encounter questionable behavior at your workplace at some point during your career. How you respond will be a measure of your ability to analyze issues and choose the responsible option.

How can you blow the whistle legally and ethically?

A. If you can't find any satisfactory solutions to the problem, change jobs.
B. If you can't find any satisfactory solutions to the problem, accept the situation.
C. If you can't find any satisfactory solutions to the problem, sue the company

Pacific Bank provides loans to businesses in the community through its Commercial Lending Department. Small loans (less than $100,000) may be approved by an individual loan officer, while larger loans (greater than $100,000) must be approved by a board of loan officers. Once a loan is approved, the funds are made available to the loan applicant under agreed-upon terms. Pacific Bank has instituted a policy whereby its president has the individual authority to approve loans up to $5,000,000. The president believes that this policy will allow flexibility to approve loans to valued clients much quicker than under the previous policy. As an intern auditor of Pacific Bank, how would you reposnd to this change in policy?

A Company is evaluating rental prices. Historical data show that Friday and Saturday have twice the rentals of other days of the week. The following information pertains to the store's normal operations per week: Average rentals per day on Friday and Saturday 1,350 Average rentals per day on Sunday through Thursday 600 Store hours per day 10 Total units available for rent 10,000 Variable operating costs per hour $43 Marketing costs per week $1,800 Customer service costs per week $250 The store manager wants to charge more for rentals on Friday and Saturday. What is the minimum price that should be charged during peak rental days? (Round your answer to the nearest cent.)

Morganton Company makes one product, and it provided the following information to help prepare the master budget for its first four months of operations:a. The budget selling price per unit is $70. Budgeted unit sales for June, July, August, and September are 9,100, 22,000, 24,000, and 25,000 units, respectively. All sales are credit.b. Forty percent of credit sales are collected in the month of the sale and 60% in the following month.c. The ending finished goods inventory equals 20% of the following month's unit sales.d. The ending raw materials inventory equals 10% of the following month's raw materials production needs. Each unit requires 4 pounds of raw materials at $2.50 per pound.e. 40% of raw materials purchases are paid for in the month of purchase and 60% in the following month.f. The direct labor wage rate is $12 per hour. Each unit of finished goods requires two direct labor hours.g. The variable selling and administrative expense per unit sold is $1.70. The fixed selling and administrative expense per month is $61,000.1. If 96,800 pounds of raw materials are needed to meet production in August, how many pounds of raw materials should be purchased in July?2. What is the estimated cost of raw materials purchases for July?3. If the cost of raw material purchases in June is $127,520, what are the estimated cash disbursements for raw materials purchases in July?4. What is the estimated accounts payable balance at the end of July?5. What is the estimated raw materials inventory Balance (in dollars) at the end of July?6. What is the total estimated direct labor costs for July assuming the direct labor workforce is adjusted to match the hours required to produce the forecasted number of units produced?7. If the company always uses an estimated predetermined plantwide overhead rate of $12 per direct labor hour, what is the estimated unit product cost?8. What is the estimated finished goods inventory balance at the end of July, if the company always uses an estimated predetermined plantwide overhead rate of $12 per direct labor-hour?9. What is the estimated cost of goods sold and gross margin for July, if the company always uses an estimated predetermined plantwide overhead rate of $12 per direct labor hour?10. What is the estimated net operation income for July, if the company always uses an estimated predetermined plantwide overhead rate of $12 per direct labor hour?

The following information is available for Sage Hill Corporation for the year ended December 31, 2022.
Beginning cash balance $43,000
Accounts payable decrease 3,500
Depreciation expense 75,000
Accounts receivable increase 8,700
Inventory increase 12,100
Net income 337,000
Cash received for sale of land at book value 43,000
Sales revenue 740,000
Cash dividends paid 11,800
Income tax payable increase 4,400
Cash used to purchase building 145,000
Cash used to purchase treasury stock 33,900
Cash received from issuing bonds 258,000
Required:
1. Prepare a statement of cash flows using the Indirect method. (Show amounts that decrease cash flow with either a - sign e.g.-15,000 or in parenthesis e.g. (15,000).)

Robert Gillman, an equity research analyst at Gillman Advisors, believes in efficient markets. He has been following the mining industry for the past 10 years and needs to determine the constant growth rate that he should use while valuing Pan Asia Mining Co. Robert has the following information available:
• Pan Asia Mining Co.’s stock (Ticker: PAMC) is trading at $22.50.
• The company’s stock is expected to pay a year-end dividend of $1.08 that is expected to grow at a certain rate.
• The stock’s expected rate of return is 10.80%.
Based on this information, Robert's forecast of PAMC's growth rate of earning and dividends should be:__________.

Partial income statements for Murphy & Murphy (M & M) reported the following summarized amounts:

Quarter 1 Quarter 2 Quarter 3 Quarter 4
Net Sales $ 60,000 $ 59,000 $ 80,000 $ 68,000
Cost of Goods Sold 24,000 26,550 29,050 26,520
Gross Profit $ 36,000 $ 32,450 $ 50,950 $ 41,480

After these amounts were reported, M & M’s accountant determined the inventory at the end of Quarter 2 was understated by $2,950. The inventory balance at the end of the other three quarters was accurately stated.
Required:
Restate the partial income statements to reflect the correct amounts, after fixing the inventory error.