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Federal Land Bank (FLB) filed an action to foreclose a mortgage on property owned by Howard and Harriet Franklin. Before trial, FLB's attorney wrote to the Franklin's attorney inviting settlement offers. The Franklin's attorney wrote to FLB's attorney expressing an interest in settling. FLB's attorney responded with an offer that he stated his "client has authorized me to extend." George Johnson, a vice president of FLB, received copies of all letters. The Franklins accepted the offer, but three weeks late the FLB attorney wrote to say that all settlement offers had to be cleared through the Cleveland office. Because their agreement had not been approved by that office, the foreclosure was going to proceed. The Franklins sued, claiming that the FLB attorney had authority to settle the case and that FLB was bound by the settlement agreement. How should the court rule?
Calculate the fixed asset turnover, the accounts receivable turnover, and the inventory turnover. The formula for fixed asset turnover is Net income divided by net fixed assets. Explain each turnover.
Write a letter to Apollo Shoes addressing the key points listed below; assume the role of an auditor at a local firm when composing the letter.
Please describe the accounting treatment when a company purchases less than 20% of another company's stock. Please describe how revenue and dividends are treated when the equity method is used.
in looking at accounts receivables and bad debts for this weeks discussion review the following web addressthere are
create a worksheet titled statement of changes in owner s equity that includes the information below. solve this
Give the journal entries to record payroll on December 31. Give (a) the journal entry for the collection of rent on December 10 and (b) the adjusting journal entry on December 31. Show how any liabilities related to these items should be reported on ..
Assess how the start-up technology business may be impacted by the required compliance with U.S. GAAP accounting methods and make a suggestion for how the business managers should minimize the impact to the financial performance as a result of accoun..
Race decided to use the equity method to account for this investment. What was the noncontrolling interest's share of consolidated net income?
if a company owns more than 20 of the stock of another company and the stock is being held as a long-term investment
Describe the risks which are faced by the firm. Evaluate the risk management measures available to firm.
If an individual taxpayer acquires a mortgage to buy his principle residence and then, several years later, refinances that mortgage with a new mortgage, the interest on that new mortgage is:
Prepare the appropriate journal entry to record the award of SARs on January 1, 2006.
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