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Employee entered into a written contract with Employer that provided, among other things, that Employee would manage a business division for Employer in exchange for half of the division's net profits, and if the division was sold during the term of the agreement, Employee would receive half of the net sale proceeds. In January, 2010, Employee was told that a contract had been made to sell the division. In February, 2010, Employer fired Employee without prior notice. The division sale was completed in March 2010, and Employer refused to pay Employee any part of the net sale proceeds or any accrued net profits. Employee sued to collect her share of the net proceeds of the sale and the net profits accrued as of the date of termination.
Question 1:
Is Employee entitled to any portion of the net sales proceeds? If so, why? If not, why not?
Question 2:
Is Employee entitled to any portion of the accrued net profits? If so, why? If not, why not?
Davie Corporation is preparing its Manufacturing Overhead Budget for the fourth quarter of the year. The budgeted variable factory overhead rate is $6.00 per direct labor-hour; the budgeted fixed factory overhead is $92,000 per month, of which $16..
Reese Company purchased office supplies costing $4,000 and debited Office Supplies for the full amount. At the end of the accounting period, a physical count of office supplies revealed $1,600 still on hand. The appropriate adjusting journal entry..
Separate the variable and fixed elements, using the high-low method. Determine the cost to be charged to the product for the year. Determine the cost to be charged to factory overhead for the year.
What is the relationship between tax base and tax rate in determining the revenue collected by the government? Give an example of how a particular tax would fit into the various components of the equation.
The president of Jackson Corporation will not receive a bonus next year unless the company's profits are at least $435,000. Jackson sells a single product at a price of $27 per unit. If variable costs are $12 per unit and fixed costs total $150,00..
The last dividend paid by XYZ Company was $1.00. XYZs growth rate is expected to be a constant 5 percent. XYZ's required rate of return on equity (ks) is 10 percent. What is the current price of XYZ's common stock?
An art dealer sold two artworks at $1520 thereby making a profit of 25% on the first work and 10% on the second, where as if he had approached any exhibition he would have sold them together for $1535 with a profit of 10% on the first and 25% on t..
What might a manager do during the last quarter of a fiscal year if she wanted to improve current annual net income?
If the standard deviation of back charges is $650, and alpha = 0.05, test the claim of the engineering firm. Perform an appropriate hypothesis test, showing the necessary calculations and/or explaining the process used to obtain the results.
Instructions Prepare the general journal entries necessary to record these transactions. Equity transactions. Presented below is information related to Wyrick Company:
The framework used to record and summarize the economic activities of a business enterprise is referred to as the accounting equation. State the basic accounting equation and define its major components.
Suppose that instead of using a plantwide overhead rate, the company had used a separate predetermined overhead rate in each department. Under these conditions:
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