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Fresher Foods, Inc., orally agreed to purchase from Dale Vernon, a farmer, one thousand bushels of corn for $1.25 per bushel. Fresher Foods paid $125 down and agreed to pay the remainder of the purchase price on delivery, which was scheduled for one week later. When Fresher Foods tendered the balance of $1,125 on the scheduled day of delivery and requested the corn, Vernon refused to deliver it. Fresher Foods sued Vernon for damages, claiming that Vernon had breached their oral contract. Can Fresher Foods recover? If so, to what extent?
Prepare the journal entry to record the exchange on Smith's books, assuming the transaction has commercial substance. Prepare the journal entry to record the exchange on Smith's books, assuming the transaction does not have commercial substance.
What account(s) and balances should be reported on the 2011 income statement? (2) What account(s) and balances should be reported on the December 31, 2011 balance sheet?
Crone Enterprises uses a word processing computer to handle its sales invoices. Lately, business has been so good that it takes an extra 3 hours per night, plus every third Saturday, to keep up with the volume of sales invoices.
Write a memo to your partner, citing the relevant tax authority, to explain how much of the $85,000 loss Mike can deduct on his tax return.
Paper on Baderman island prepare a 1,050- to 1,400-word paper in which you compare and contrast options and make a recommendation about which strategy the organization must choose. Address the following in your paper:
By automating the process, the company would save $108,000 per year in cash operating costs. The simple rate of return on the investment is closest to:
Rand Company sells fine collectible statues and has implemented activity-based costing. Costs in the shipping department have been divided into three cost pools.
Research and locate a company who was audited by an outside source and explain the method, technique, and findings of an audit.
You are considering an investment in the common stock of Keller Corp. The stock is expected to pay a dividend of $2 a share at the end of the year (D1 = $2.00).
TRM Corporation established a defined benefit pension plan in Year 5. In Year 8 the following information is available. Service cost = $45,000. Interest cost = $60,000.
Evaluate the pros and cons related to an exclusion of a $250,000 gain for a primary residence and how using this residence as rental property could impact the gain or loss determination for the homeowner taxpayer. Recommend tax planning strategies..
In its income statement for the year ended June 30, 2011, what amount should Blue report as gain before income taxes on disposal of the stock?
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