Assume that the Harts received the $5,000 check the same day as Buffaloe and the Harts made their handshake agreement in the Harts' front yard. The following morning, before Buffaloe as able to pay for improvements, make insurance reimbursements to the Harts, or take actions to sell the property, the Harts returned the check to Buffaloe unendorsed. The Harts said they wanted to keep the barns for themselves. Buffaloe argues that a contract to sell the sheds to him was formed.

1. A written contact that evidences the agreement________ satisfy the writing requirement.
2. A check_________ satisfy the writing requirements for the Statute of Frauds.
3. Who must sign the writing?____________
4. Did the Harts sign the writing that Buffaloe gave to them?__________

Answer:

1. A written contact that evidences the agreement CAN satisfy the writing requirement.

2. A check CAN satisfy the writing requirements for the Statute of Frauds.

But not in this case since the check was returned unendorsed.

3. Who must sign the writing?

The person against whom the contract is being enforced, in this case the Harts.

4. Did the Harts sign the writing that Buffaloe gave to them?

No they didn't, since the check was not endorsed.

Textra Plastics produces parts for a variety of small machine manufacturers. Most products go through two operations, molding and trimming, before they are ready for packaging. Expected costs and activities for the molding department and for the trimming department for this year follow. Molding Trimming Direct labor hours 52,000 DLH 48,000 DLH Machine hours 30,500 MH 3,600 MH Overhead costs $ 730,000 $ 590,000 Data for two special-order parts to be manufactured by the company in this year follow. Part A27C Part X82B Number of units 9,800 units 54,500 units Machine hours Molding 5,100 MH 1,020 MH Trimming 2,600 MH 650 MH Direct labor hours Molding 5,500 DLH 2,150 DLH Trimming 700 DLH 3,500 DLH Required: 1. Compute the plantwide overhead rate using direct labor hours as the base. 2. Determine the overhead cost assigned to each product line using the plantwide rate computed in requirement 1.

Karen and Andy own a beach house. They have an agreement with a rental agent to rent it up to 200 days per year. For the past three years, the agent has been successful in renting it for 200 days. Karen and Andy use the beach house for one week during the summer and one week during Thanksgiving. Their daughter, Sarah, a college Student, has asked if she and some friends can use the beach house for the week of spring break. Advise Karen and Andy on how they should respond, and identify any relevant tax issues.

A large technology Company decides to create an entrepreneurship friendly space, where small enterprises can operate in close proximity to one another. To create this space, which will be called Zone Forty-Two, the Company will construct office space, which will be rented to tenants for free. The Company is considering two start-up firms, B Enterprises (a business software producer) and M Enterprises (a medical software producer). Both firms are currently located in different small towns of California, where they work out of their homes hence pay no rent. The sales volume for a firm if it locates at Zone Forty-Two depends on whether the other firm is also present. These sales volumes, along with the firms’ sales at their current home locations, are presented in Table 1.
table 1 home- town locations zone forty-two(alone) zone forty-two(with other firm)
b enterprises 600 600 670
m enterprises 700 700 950
Give an intuitive explanation why the sales figures are in the last column of Table 1 differ from the first two columns of the table. Hint: Elaborate on different types of economies that are likely to benefit firms locating next to each other in Zone Forty-Two.

A company is offering 5,000,000 new shares to the public. The shares are being sold to a syndicate for $12 and are being reoffered to the public at $13. The compensation to the underwriters for each share sold is $0.75. The selling group receives $0.30 a share for each share it sells, and the managing underwriter retains $0.25 in fees for each share sold by anybody. The selling group will assist in selling 1,000,000 out of the 5,000,000 shares offered. If the selling group sells its entire allotment how much does it make in profits

You borrow $6,230 to buy a car. The terms of the loan call for monthly payments for 5 years a rate of interest of 6 percent. What is the amount of each payment?a. $115.26b. $88.74c. $113.78d. $120.44e. $89.29

Diusitech Inc. Income Statement For the Year Ending on December 31 (Millions of dollars)

Year 2 Year 1
Net Sales 3,175 2,500
Operating costs except depreciation and amortization 1,120 1,040
Depreciation and amortization 159 100
Total Operating Costs 1,279 1,140
Operating Income (or EBIT) 1,896 1,360
Less: Interest 256 109
Earnings before taxes (EBT) 1,640 1,251
Less: Taxes (40%) 656 500
Net Income 984 751

Calculate the profitability ratios of Diusitech Inc. in the following table. Convert all calculations to a percentage rounded to two decimal places.


Ratio Value

Year 2 Year 1
Operating margin 75.20%
Profit margin 40.14%
Return on total assets 17.18%
Return on common equity 32.30%
Basic earning power 26.13%


Decision makers and analysts look deeply into profitability ratios to identify trends in a company’s profitability. Profitability ratios give insights into both the survivability of a company and the benefits that shareholders receive. Identify which of the following statements are true about profitability ratios. Check all that apply.

a. A higher operating margin than the industry average indicates either lower operating costs, higher product pricing, or both.
b. If a company’s operating margin increases but its profit margin decreases, it could mean that the company paid more in interest or taxes.
c. An increase in the return on assets ratio implies an increase in the assets a firm owns.
d. If a company issues new common shares but its net income does not increase, return on common equity will increase.

The police need to have _____ to obtain a search warrant.


absolute certainty

a mere suspicion

no reason

probable cause

The Perfect Haircut: Consumers' Search Process
Two consumers are searching for new hair salons and have very different belief systems and needs that affect the way they search for information.
The second step in the consumer decision process, after a consumer recognizes a need, is to search for information about various options that exist to satisfy that need. The length and intensity of the search are based on the degree of perceived risk associated with purchasing the product or service.
Read each statement when it appears and place the activity in the correct box in the chart.
Effortless, Worth the Money, Expensive Service, Salon of Choice, Unimportant, Tight Budget, Could Damage Career, All the Same, Salon of Convenience, Personal Image
Joleen Jones Ginger Petri
Performance Risk
Financial Risk
Psychological Risk
Internat vs External Search for Information
Benefits vs Costs

Partial balance sheet data for Diesel Additives Company at August 31 are as follows:Finished goods inventory................$ 89,400Supplies.............................................$ 13,800Prepaid insurance..................................9,000Materials inventory..............................26,800Accounts receivable...........................348,200Cash.....................................................167,500Work in process inventory..................61,100Prepare the Current Assets section of Diesel Additives Company's balance sheet at August 31.

Rubin, a freelance software developer, has a meeting with an independent bakery owner to discuss a potential project. Before meeting with the client, Rubin does a thorough research on the client's business and the client's educational background. He develops his proposal accordingly, ensuring to use common words instead of technical jargon. In the given scenario, which of the following communication guidelines does Rubin follow?
A) Avoid bias.
B) Avoid the use of slang.
C) Be concise.
D) Analyze your audience.

Jack Thomas, who live in Minnesota, and Sandy Silver, who live in Oklahoma, each purchased $92,000 worth of securities at the local offices in their home states from Comprehensive Financial Stockbrokers, Inc. Comprehensive is incorporated in Maryland with its principal place of business in Minnesota. Jack and Sandy feel they were a victim of fraud perpetrated by Comprehensive and would like to sue. These two cases deal only with state issues. Discuss the accuracy of the following statements:
a. Thomas is able to sue Comprehensive in a Minnesota state trial court. Please explain.
b. Thomas can sue Comprehensive in a federal district court in Minnesota. Please explain.
c. Silver can sue Comprehensive in an Oklahoma federal district court. Please explain.

Sawyer Manufacturing Corporation uses a predetermined overhead rate based on direct labor-hours to apply manufacturing overhead to jobs. Last year, the Corporation worked 57,000 actual direct labor-hours and incurred $345,000 of actual manufacturing overhead cost. The Corporation had estimated that it would work 55,000 direct labor-hours during the year and incur $330,000 of manufacturing overhead cost. The Corporation's manufacturing overhead cost for the year was:

Kyle had a splitting headache. His buddy Cyrus gave him a couple of lime-green pills to take away the pain. When Kyle awoke, Cyrus was lying next to him in a pool of blood. If Kyle is tried for a crime, what could be his defense?


insanity

duress

intoxication

necessity

Owens Corning has total assets of $800,000, long-term debt of $240,000, stockholders' equity of $350,000, and current liabilities of $210,000. The dividend payout ratio is 30 percent and the profit margin is 8 percent. Assume all assets and current liabilities change spontaneously with sales and the firm is currently operating at full capacity. What is the external financing need (EFN) if the current sales of $1,000,000 are projected to increase by 20 percent

Suppose a country is able to produce a maximum of either 300 units of lumber or 100 units of rice. This country is currently allocating its labor resources to produce 75 units of lumber and 75 units of rice. To increase its lumber production by 6 units to 81, the country faces an opportunity cost of

A. 2 units of rice.

B. 6 units of rice.

C. 75 units of rice.

D. 18 units of rice

16) When Amazon acquired Whole Foods, the brick-and-mortar supermarket, the company was pursuing a ________ strategy.

A) market development
B) product penetration
C) market penetration
D) diversification

An Energy Star air conditioner unit costs $300 while a standard unit costs $200. The two units have the same cooling capacity. The Energy Star unit costs 5 cents per hour less to run. If you buy the Energy Star unit and run it for 12 hours per day for 6 months of the year, how long does it take to recover the $100 extra cost

Bibby Auto Shop uses a normal job-costing system to allocate overhead on the basis of labour hours. For the current year, Bibby estimated that the total overhead costs would be $72,000 and that the total labour hours would be 2,400. At the end of the year, Bibby obtained the actual overhead costs from the ledger and found that the shop had incurred $65,800 and had worked 2,350 labour hours.
Predetermined (budgeted) overhead rate.
Overhead Rate $30
overhead amount that was applied for the year.
Overhead amount $4700 over applied
Prepare the journal entry to close the overhead account. Assume that the underapplied and overapplied overhead was not material. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry Required" for the account titles and enter 0 for the amounts.)
Account Titles and Explanation Debit Credit

Waterway Industries started the year with $66000 in its Common Stock account and a credit balance in Retained Earnings of $48400. During the year, the company earned net income of $52800, and declared and paid $22000 of dividends. In addition, the company sold additional common stock amounting to $30800. As a result, the balance in retained earnings at the end of the year would be

The transactions carried out by BTS Corporation during the year caused an increase in total assets of $150,000 and a decrease in total liabilities of $60,000. If no additional investment was made by the investors during the year and dividends of $42,000 were paid, what was the net income for the year?

An argument that opposes the idea of high executive pay is: ___________

a. High salaries provide an incentive for innovation and risk-taking.
b. Not many individuals are capable of running today's large, complex organizations.
c. Top athletes and entertainers make a lot of money, so top executives should, too.
d. High salaries divert resources that could be used to invest in the business.

The following transactions occurred during March 2021 for the Wainwright Corporation. The company owns and operates a wholesale warehouse.
Issued 30,000 shares of no-par common stock in exchange for $300,000 in cash.
Purchased equipment at a cost of $40,000. $10,000 cash was paid and a notes payable to the seller was signed for the balance owed.
Purchased inventory on account at a cost of $90,000. The company uses the perpetual inventory system.
Credit sales for the month totaled $120,000. The cost of the goods sold was $70,000.
Paid $5,000 in rent on the warehouse building for the month of March.
Paid $6,000 to an insurance company for fire and liability insurance for a one-year period beginning April 1, 2021.
Paid $70,000 on account for the merchandise purchased in 3.
Collected $55,000 from customers on account.
Recorded depreciation expense of $1,000 for the month on the equipment.
Prepare journal entries to record each of the transactions listed above. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

assume the cost of a college education would be to 325,000 when your child enters college 17 years. You presently have $51,000 to

Shum Manufacturing, which uses the high-low method, makes a product called Kwan. The company incurs three different cost types (A, B, and C) and has a relevant range of operation between 2,500 units and 10,000 units per month. Per-unit costs at two different activity levels for each cost type are presented below. Type A Type B Type C Total 5,000 units $ 4 $ 9 $ 4 $ 17 7,500 units 4 6 3 13 If Shum produces 10,000 units, the total cost would be:

Selected balance sheet and income statement information for EKG Corporation and AMP Company follows ($ millions). Company EKG Corp AMP Company 2017 Sales $37,006 47,409 2017 NOPAT $1,292 1,716 2017 Net Operating Assets $10,007 8,781 Compute the 2017 net operating asset turnover (NOAT) for each company. A) EKG NOAT: B) AMP NOAT: Page 7 of 17 2016 Net Operating Assets $9,437 7,818

Who is credited with pioneering the principles of the scientific approach to management ?

Roquan, a single taxpayer, is an attorney and practices as a sole proprietor. This year, Roquan had net business income of $90,000 from his law practice (net of the associated for AGI self-employment tax deduction). Assume that Roquan pays $40,000 in wages to his employees, has $10,000 of property (unadjusted basis of equipment he purchased last year), and has no capital gains or qualified dividends. His taxable income before the deduction for qualified business income is $100,000.
1. Calculate Roquan's deduction for qualified business income.
2. Assume the same facts as earlier, except Roquan's taxable income before the deduction for qualified business income is $300,000.

Consider the following transactions for Huskies Insurance Company:
a. Equipment costing $42,000 is purchased at the beginning of the year for cash. Depreciation on the equipment is $7,000 per year.
b. On June 30, the company lends its chief financial officer $50,000; principal and interest at 7% are due in one year.
c. On October 1, the company receives $16,000 from a customer for a one-year property insurance policy. Deferred Revenue is credited.
For each item, record the necessary adjusting entry for Huskies Insurance at its year-end of December 31. No adjusting entries were made during the year.

Fill in the blanks to complete the sentence.
A company expects to sell 500 units during the second quarter and 550 units in the third quarter. Currently, during the second quarter, they have 46 units on hand. If they desire safety stock of 10% of the next quarter's sales, __________units will need to be produced in the second quarter.

Quickbooks Online. IRS guidelines require specific information to substantiate deductible automobile expenses. Which 3 items are included in the substantiation requirements?