ABC Motors ordinarily deals in used cars and does some amount of repair work. Robby entrusted his automobile to ABC Motors to have the oil changed and get new brakes. The car was parked in the lot along with other cars, some of which were for sale. The manager of ABC Motors accidentally sold the car to Connie because she saw it and took it upon herself to offer a good price. The manager was attempting to increase the shop's profit margin. Connie had no idea that the car did not belong to ABC Motors. When Robby went to pick up the car, he was very upset that it was gone. The manager told Robby that he was very sorry, but that he was not negligent and only made an honest mistake. According to the manager, Robby accepted the risk of this type of loss, and his only recourse was against Connie. Which of the following is true regarding the manager's statement that Robby's only recourse is against Connie?

a. The manager is correct.
b. The manager is correct only if Connie's deal was for less than 10% of the fair market value of the car.
c. The manager is incorrect only if Robby has a writing signed by a representative of the repair shop guaranteeing the safety of the car.
d. Because the sale to Connie was an accident, the manager is correct only if Connie can be found and served with process.
e. The manager is incorrect.

Answer: e. The manager is incorrect.

Explanation:

Based on the information given in the question, the statement that's true regarding the manager's statement that Robby's only recourse is against Connie is that the manager is incorrect.

It should be noted that Connie wasn't aware that the car didn't belong to ABC motors thereby Robby's only recourse is not against Connie. The manager should be able to protect the vehicles brought to the company. In this case, the company is liable and Robby can take up a case against them.

Therefore, the correct option is E

ABC Company rents its extra office space to XYZ Company for $600 per month. On November 1, 2020, ABC Company received $3,600 rent in advance from XYZ Company for the months of November 2020, December 2020, January 2021, February 2021, March 2021, and April 2021. The adjusting entry on December 31, 2020 (the end of the fiscal year) would include:

What is the present value of 4360 to be received at the beginning of each of 30 periods discounted at 5% compound interest

A company's Cash account shows an ending balance of $4,600. Reconciling items included a bookkeeper error of $105 (a $525 check recorded as $630), two outstanding checks totaling $830, a service charge of $20, a deposit in transit of $260, and interest revenue of $33. What is the adjusted book balance

An organization wants to provide its employees information about what its goals are and what it expects employees to accomplish. It is planning to implement an incentive plan that helps employees understand the organization's goals. Which plan should be used by this organization?

A firm has an average loan outstanding of $75,000,000 on a $100,000,000 line of credit. There is a commitment fee of 0.25% on the unused portion of the line, and the interest rate on the borrowed funds is LIBOR 175 basis points. LIBOR is 3.0%. What is the effective annual borrowing rate on the line of credit

Roberto has received various gifts over the years and has decided to dispose of the following assets he received as gifts:
What is the recognized gain or loss from the following transactions, assuming that no gift tax was paid when the gifts were made.
If an answer is zero, select "neither a gain nor a loss" and enter "0" as the amount.
a. In 1981, he received land worth $32,000. The donor's adjusted basis was $35,000. Roberto sells the land for $95,000 in 2018.
(neither a gain or a loss/ a gain/ a loss) of $__________ is recognized.
b. In 1986, he received stock in Gold Company. The donor's adjusted basis was $19,000. The fair market value on the date of the gift was $34,000. Roberto sells the stock for $40,000 in 2018.
(neither a gain or a loss/ a gain/ a loss) of $__________ is recognized.
c. In 1992, he received land worth $15,000. The donor's adjusted basis was $20,000. Roberto sells the land for $9,000 in 2018.
(neither a gain or a loss/ a gain/ a loss) of $__________ is recognized.
d. In 2013, he received stock worth $30,000. The donor's adjusted basis was $42,000. Roberto sells the stock for $38,000 in 2018.
(neither a gain or a loss/ a gain/ a loss) of $__________ is recognized.

Would you rather be able to scream as loud as you want in your house without getting in trouble or would you rather be able to break stuff in anger without getting punished?

I would pick scream as loud as I want in my house without getting punished because I never get to scream.

The following credit sales are budgeted by Sunland Company: January $274000 February 350000 March 470000 April 360000 The company's past experience indicates that 70% of the accounts receivable are collected in the month of sale, 20% in the month following the sale, and 8% in the second month following the sale. The anticipated cash inflow for the month of April is

Metlock Mining Company purchased land on February 1, 2020, at a cost of $1,101,100. It estimated that a total of 58,200 tons of mineral was available for mining. After it has removed all the natural resources, the company will be required to restore the property to its previous state because of strict environmental protection laws. It estimates the fair value of this restoration obligation at $112,500. It believes it will be able to sell the property afterwards for $125,000. It incurred developmental costs of $250,000 before it was able to do any mining. In 2020, resources removed totaled 29,100 tons. The company sold 21,340 tons.
Compute the following information for 2020.
(a) Per unit mineral cost: _______
(b) Total material cost of December 31, 2020, inventory:_______
(c) Total material cost in cost of goods sold at December 31, 2020:_______

Reform Traders current net operating income is $16,800 and its average operating assets are $90,000. The company's required rate of return is 15%. A new project being considered would require an investment of $28,000 and would generate annual net operating income of $3,100. What is the residual income of the new project

Select the correct answer.
At the end of the year, Clean123 Inc. has a service revenue of $193,750, an accounts payable of $500, a notes payable of $ 17,800, a salaries
expense of $26,900, and a rent expense of $14,640. What is Clean123 Inc.'s net income?
ОА.
$134,410
OB.
$152,210
OC. $161,310
OD. $166,850
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Huron has provided the following year-end balances: Cash, $29,000 Patents, $7,400 Accounts receivable, $9,400 Property, plant, and equipment, $98,400 Prepaid insurance, $4,100 Accumulated depreciation, $15,000 Inventory, $39,000 Retained earnings, 15,500 Trademarks, $13,100 Accounts payable, $8,000 Goodwill, $16,000 How much are Huron's current assets

Indiana Co. began a construction project in 2021 with a contract price of $162 million to be received when the project is completed in 2023. During 2021, Indiana incurred $40 million of costs and estimates an additional $84 million of costs to complete the project. Indiana recognizes revenue over time and for this project recognizes revenue over time according to the percentage of the project that has been completed.
Suppose that, in 2022, Indiana incurred additional costs of $65 million and estimated an additional $52 million in costs to complete the project. Indiana (Do not round your percentage calculated):
A) Recognized $8.91 million gross profit on the project in 2022.
B) Recognized $11.91 million gross profit on the project in 2022.
C) Recognized $3.00 million loss on the project in 2022.
D) Recognized $8.91 million loss on the project in 2022.

A company started the year with the following: Assets $104,000; Liabilities $34,000; Common Stock $64,000; Retained Earnings $6,000. During the year, the company earned revenue of $5,400, all of which was received in cash, and incurred expenses of $3,200, all of which were unpaid as of the end of the year. In addition, the company paid dividends of $1,400 to owners. Assume no other activities occurred during the year. What was the amount of net income for the year?
a. $3,200.
b. $2,200.
c. $1,400.
d. $5,400.

Fosters Manufacturing Co. warrants its products for one year. The estimated product warranty is 4% of sales. Assume that sales were $280,000 for January. On February 7, a customer received warranty repairs requiring $180 of parts and $105 of labor.a. Journalize the adjusting entry required at January 31, the end of the first month of the current fiscal year, to record the accrued product warranty. b. Journalize the entry to record the warranty work provided in February.

A study by the Environmental Protection Agency looked at the costs and benefits of the Clean Air Act from 1970 to 1990. This study found that a middle-range estimate of health and other benefits of cleaner air were valued at $22 trillion. This amount was about __________________ than the costs of reducing pollution, which was around $500 billion, in the same period.

A process plant making 5000 kg/day of a product selling for $1.75/kg has annual variable pro- duction costs of $2 million at 100 percent capacity and fixed costs of $700,000. What is the fixed cost per kilogram at the breakeven point? If the selling price of the product is increased by 10 percent, what is the dollar increase in net profit at full capacity if the income tax rate is 35 percent of gross earnings?

Flax Co. acquired 80% percent of the voting common stock of Levinson Corp. on January 1, 2021. During the year, Flax made sales of inventory to Levinson. The inventory cost Flax $275,000 and was sold to Levinson for $420,000. Levinson held $84,000 of the goods in its inventory at the end of the year. The amount of intra-entity gross profit for which recognition is deferred, and should therefore be eliminated in the consolidation process at the end of 2021, is: Multiple Choice $23,200. $67,200. $145,000. $116,000. $29,000.

Under the good neighbor rule, a buyer of consumer goods, who gives value and does not have
actual or constructive knowledge of the security interest, acquires clear title if there has been no filing
a. True
b. False

Cusic Music Company is considering the sale of a new sound board used in recording studios. The new board would sell for $24,700, and the company expects to sell 1,640 per year. The company currently sells 1,990 units of its existing model per year. If the new model is introduced, sales of the existing model will fall to 1,660 units per year. The old board retails for $23,100. Variable costs are 53 percent of sales, depreciation on the equipment to produce the new board will be $1,035,000 per year, and fixed costs are $3,250,000 per year. If the tax rate is 24 percent, what is the annual OCF for the project

PLEASE QUICK HELP 35 POINTS!!!!!!!!!!!!! MC

Waldo Company has been approached about providing a new service to its clients. The company will bill clients $160 per hour; the related hourly variable and fixed operating costs will be $70 and $24, respectively. If all employees are currently working at full capacity on other client matters, the per-hour opportunity cost of being unable to provide this new service is:

A newly formed company purchases investments classified as available-for-sale securities at a cost of $13,000. At the end of the year, the market value of the securities was $11,000. The financial statements at the end of the year would show which of the following?
A. No loss on the income statement Available-for-sale investments of $11,000 and an unrealized loss of $2,000 in stockholders' equity on the balance sheet
B. No loss on the income statement Available-for-sale investments of $13,000 on the balance sheet
C. Income Statement loss of $2,000 Available-for-sale investments of $13,000 on the balance sheet
D. Loss of $2,000 on the income statement Temporary investments of $11,000 on the balance sheet

What is an example of goods?
O a hotel room
O a good haircut
O a car wash
O a hard cover book

Dazzle, Inc. produces beads for jewelry making use. The following information summarizes production operations and sales activities for June. The journal entry to record June sales is:
Direct materials used $ 88,000
Direct labor used $ 161,800
Predetermined overhead rate (based on direct labor) 140 %
Goods transferred to finished goods $ 445,000
Cost of goods sold $ 457,000
Credit sales $ 833,400
A. Debit Accounts Receivable $833,400; credit Cost of Goods Sold $833,400.
B. Debit Accounts Receivable $833,400; credit Sales $376,400; credit Finished Goods Inventory $457,000.
C. Debit Cost of Goods Sold $457,000; credit Sales $457,000.
D. Debit Finished Goods Inventory $457,000; debit Sales $833,400; credit Accounts Receivable $833,400; credit Cost of Goods Sold $457,000.
E. Debit Accounts Receivable $833,400; credit Sales $833,400; debit Cost of Goods Sold $457,000; credit Finished Goods Inventory $457,000.

For many years, college costs (including tuition, fees, and room and board) increases have been higher than the inflation rate, averaging 5% to 8% per year. According to the College Board's Trends in College Pricing, the average total costs at present in dollars is $19,500 for students attending in-state four-year public colleges and universities and $41,000 for students at four-year private colleges and universities. Assume an additional $5,000 per year for textbooks, supplies, transportation, and other expenses.
Using a 7% per year inflation rate, how much can a sophomore high-school student expect to spend on in-state tuition, fees, and room and board for the freshman year (3 years from now) at a four-year public university?
A sophomore high-school student is expected to spend $ for the freshman year.

On October 1, 2020, Adams Company paid $4,800 for a one-year insurance policy with the insurance coverage beginning on that date. On December 31, 2020, Adams needs to make adjusting entries to reflect the part of insurance that it has consumed. How will this adjusting entry affect the company's current ratio on December 31 2020

FIFO Method, Equivalent Units, Unit Cost, Multiple Departments
Fordman Company has a product that passes through two processes: Grinding and Polishing. During December, the Grinding Department transferred 20,000 units to the Polishing Department. The cost of the units transferred into the second department was $40,000. Direct materials are added uniformly in the second process. Units are measured the same way in both departments. The second department (Polishing) had the following physical flow schedule for December:
Units to account for:
Units, beginning work in process 4,000 (40% complete)
Units started ?
Total units to account for: ?
Units accounted for:
Units, ending work in process 8,000 (50% complete)
Units completed ?
Units accounted for ?
1-a. Prepare a schedule of equivalent units.
1-b.Compute the unit cost for the month of December.

Mar. 2 Issued 5,000 shares of $6 par value common stock to attorneys in payment of a bill for $35,600 for services performed in helping the company to incorporate.
June 12 Issued 61,900 shares of $6 par value common stock for cash of $440,900.
July 11 Issued 2,075 shares of $120 par value preferred stock for cash at $140 per share.
Nov. 28 Purchased 1,600 shares of treasury stock for $82,500.

Required:
Journalize all the transactions.

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