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Thornton fraudulently represented to Daye that he would obtain for her a new car to be used in Daye's business for $17,800 from Pennek Motor Company. Daye thereupon executed her personal check for $17,800 payable to the order of Pennek Motor Company and delivered the check to Thornton, who immediately delivered it to the motor company in payment of his own prior indebtedness. The motor company had no knowledge of the representations made by Thornton to Daye. Pennek Motor Company now brings an action on the check that was not paid against Daye, who defends on the ground of failure of consideration. Is Pennek subject to this defense? Explain.
fiberform industries produces a line of motorboats. the assembly department programs computerized equiptment to shape
Prepare the bank reconciliation statement from the following information. Bank overdraft as per Bank Statement Rs. 4500.
How should the equipment purchased for Trouver be reported in Clonal's income statements and statements of financial position?
seldin company owns a royalty interest in an oil well. the contract stipulates that seldin will receive royalty
the gillett companys breakeven point in units is 25000. assuming that variable costs are 50 and fixed costs are 500000
On January 1, 2013, Hartland Inc. paid $34,000 cash to purchase a taxi cab. The taxi had a four-year useful life and a $4,000 salvage value.
Nancy gave her grandson, Sean, twenty acres of land. Her tax basis in the land was $25,000. Nancy's marginal tax rate for the current year is 45%; her grandson's is 25%.Its fair market value was $575,000 at the date of the transfer.
Evergreen has hired an accountant to prepare financial statements to determine how well his company is doing after three months. All adjustments affect one balance sheet account and on income statement account. For each of these situations, show the ..
the sweetwater candy company would like to buy a new machine that would automatically dip chocolates. the dipping
lopez corporation incurred the following costs while manufacturing its product. material used in a product - 120000
Equipment acquired on January 5, 2011, at a cost of $1,200,720, has an estimated useful life of 15 years, has an estimated residual value of $99,120, and is depreciated by the straight-line method. a. What was the book value of the equipment at De..
You received an email from Carl the operations manager from the California Container division. In order to make the same profit how many more packages needs to be produced
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