Dean, the president of Billing & Credit Company, promises to pay his employee Ewing, who is dangerously obese, $10 for every pound that he loses within the next eleven months. Ewing agrees, diets and exercises, losing 154 pounds over the stipulated period and asks Dean for $1,540. Dean refuses to pay, saying that he does not remember the promise, but that even if he did make it, there was no consideration, and Ewing's improved health is sufficient benefit for his effort and sacrifice. Ewing files a suit against Dean. In whose favor is the court likely to rule and why?

Answer:

See the explanation below.

Explanation:

The court likely to rule in favor of Ewing.

The reason is that the enough consideration that gives backing to a promise in this case is generally the waiver of a legal right to eat to obesity as requested by the other party.

The evidence that Ewing has lost 154 pounds in weight over the stipulated period is a consideration that sufficient enough under the law. The payment of $10 pound that Ewing has lost is a promise. The fact that Ewing also benefit from the weight loss does not matter.

Peggy sells pistachios and almonds at the farmer’s market. She currently prices pistachios at $7 per bag and almonds at $4 per bag. She observes that every hour, 4 people each buy one bag of pistachios and 2 people each buy one bag of almonds. Having surveyed them, she learns that 2 of the pistachio buyers would be willing to pay $2 for the bag of almonds while the other two would only be willing to pay $1. Both almond buyers would be willing pay $5 for the bag of pistachios. Suppose Peggy decides to sell a bundle containing one bag of pistachios and one bag of almonds in addition to selling them separately. What price should she charge for the bundle in order to maximize revenue?

Sarafiny Corporation is in the process of preparing its annual budget. The following beginning and ending inventory levels are planned for the year. Beginning Inventory Ending Inventory Finished goods (units) 27,000 77,000 Raw material (grams) 57,000 47,000 Each unit of finished goods requires 3 grams of raw material. The company plans to sell 740,000 units during the year. The number of units the company would have to manufacture during the year would be:

A corporation issued 5,900 shares of $10 par value common stock in exchange for some land with a market value of $88,000. The entry to record this exchange is:

a. Debit Land $88,000; credit Common Stock $88,000.
b. Debit Land $59,000; credit Common Stock $59,000.
c. Debit Common Stock $59,000; debit Paid-In Capital in Excess of Par Value, Common Stock $29,000; credit Land $88,000.
d. Debit Land $88,000; credit Common Stock $59,000; credit Paid-In Capital in Excess of Par Value, Common Stock $29,000.
e. Debit Common Stock $88,000; credit Land $88,000.

Direct materials information Medium speed bump Large speed bump

Standard pounds per unit 15 ?

Standard price per pound $1.00 $1.80

Actual quantity purchased and used per unit ? 16

Actual price paid for material per pound $1.80 $2.10

Direct materials price variance $1,120 U $1,920 U

Direct materials quantity variance $100 F ?

Total direct material variance ? $480 U

Number of units produced 100 400


Calculate missing direct material variables

In the process of reconciling its bank statement for April, Donahue Enterprises' accountant compiles the following information: Cash balance per company books on April 30 $ 6,245 Deposits in transit at month-end $ 1,360 Outstanding checks at month-end $ 680 Bank charge for printing new checks $ 75 Note receivable and interest collected by bank on Donahue’s behalf $ 710 A check paid to Donahue during the month by a customer is returned by the bank as NSF $ 540 The adjusted cash balance per the books on April 30 is:

Job A3B was ordered by a customer on September 25. During the month of September, Jaycee Corporation requisitioned $1,900 of direct materials and used $3,400 of direct labor. The job was not finished by the end of September, but needed an additional $2,400 of direct materials in October and additional direct labor of $5,900 to finish the job. The company applies overhead at the end of each month at a rate of 150% of the direct labor cost. What is the amount of job costs added to Work in Process Inventory during October

Ann and Jack have been partners for several years. Their​ firm, A​ & J Tax​ Preparation, has been very​ successful, as the pair agree on most​ business-related questions. One​ disagreement, however, concerns the legal form of their business. For the past two​ years, Ann has tried to convince Jack to incorporate. She believes that there is no downside to incorporating and sees only benefits. Jack strongly​ disagrees; he thinks that the business should remain a partnership forever. ​ First, take​ Ann's side, and explain the positive side to incorporating the business. ​ Next, take​ Jack's side, and state the advantages to remaining a partnership. ​ Lastly, what information would you want if you were asked to make the decision for Ann and​ Jack?

Gambarini Corporation is a wholesaler that sells a single product. Management has provided the following cost data for two levels of monthly sales volume. The company sells the product for $197.80 per unit. Sales volume (units)............... 6,000 7,000 Cost of sales.......................... $ 486,600 $ 567,700 Selling and administrative costs $ 612,600 $ 624,400 The best estimate of the total monthly fixed cost is:

Proper payroll accounting methods are important for a business for all of the following reasons except a.payroll is subject to various federal and state regulations b.good employee morale requires timely and accurate payroll payments c.to help a business with cash flow problems by delayed payments of payroll taxes to federal and state agencies d.payroll and related payroll taxes have a significant effect on the net income of most businesses

Merritt Equipment Company sells computers for $1,630 each and also gives each customer a 2-year warranty that requires the company to perform periodic services and to replace defective parts. During 2017, the company sold 950 computers. Based on past experience, the company has estimated the total 2-year warranty costs as $40 for parts and $60 for labor. (Assume sales all occur at December 31, 2017.)
In 2018, Merritt incurred actual warranty costs relative to 2017 computer sales of $11,200 for parts and $16,800 for labor.
Required:
a. Under the expense warranty approach, give the entries to reflect the above transactions (accrual method) for 2017 and 2018.
i. To record sale of computers
ii. To record estimated warranty expense
iii. To record expenditures towards warranty

A perfectly competitive firm is a: Group of answer choices price taker, because it must accept the market equilibrium price. price participant, because it can coordinate its pricing decisions with other firms. price maker, because it has the freedom to set the selling price. price leader; it can change its price and other firms will adjust.

discuss the rationale of organizing an industrial strike in resolving employee dispute with the state,focusing on the detrimental effects strikes has on various stakeholders in an economy?

North Shore Community College reimburses faculty members $.298 per mile to go to a workshop. Professor Wales submitted her travel log for a total of 650.11 miles. What reimbursement can Professor Wales expect? (Round answer to the nearest cent.)

7. A generous benefactor pledges $1 million to The Smith Foundation, a NPO that promotes the arts. The gift is to be used to provide scholarships for talented musicians at a music camp operated by the Foundation. The gift was given in August 2006 to support the Summer 2007 music program. The Foundation Director argues that the gift is a conditional restricted gift and therefore cannot be recognized as revenue in 2006. The accountant argues that the gift is an unconditional restricted gift and must be recognized in the current year. What is the basis for the Director’s argument? What is the basis for the accountant’s argument? In your answer provide an explanation of the terms conditional, unconditional, restricted and unrestricted.

Suppose you are considering the purchase of an apartment building that has 12 units that can be rented out at $1,050 per month. You have estimated operating expenses and expected vacancy and collection losses for the first year to be $35,700 and $30,240, respectively. You also have estimated that you will be able to generate an additional $3,840 in the first year from garage rentals on the property. If the expected purchase price of the property is $1,100,000 and you are planning on making a 10% down payment, calculate the debt yield ratio.

The Essex Company found that an average of 10 days elapses between when customer payments are received and the deposited funds clear the customer's bank and become usable by the firm. Essex's annual sales are $240 million. (Assume 365 days per year when converting from annual data to daily data or vice versa.) What is the increase in Essex's average cash balance assuming that it can reduce the time required to process customer payments by 3 days through more efficient payment processing methods

he following data has been collected about Keller Company's stockholders' equity accounts: Common stock $10 par value 30,000 shares authorized and 15,000 shares issued, 2,000 shares outstanding $150,000 Paid-in capital in excess of par value, common stock 60,000 Retained earnings 35,000 Treasury stock 25,000 Assuming the treasury shares were all purchased at the same price, the number of shares of treasury stock is:

The Berkel Corporation manufactures Widgets, Gizmos, and Turnbols from a joint process. June production is 5,000 widgets; 8,750 gizmos; and 10,000 turnbols. Respective per unit selling prices at splitoff are $75, $50, and $25. Joint costs up to the splitoff point are $187,500. If joint costs are allocated based upon the sales value at splitoff, what amount of joint costs will be allocated to the widgets

​Garcia's Garage desires to create some colorful charts and graphs to illustrate how reliably its mechanics​ "get under the hood and fix the​ problem." The historic average for the proportion of customers that return for the same repair within the​ 30-day warranty period is 0.09.Each​ month, Garcia tracks 100customers to see whether they return for warranty repairs. The results are plotted as a proportion to report progress toward the goal. If the control limits are to be set at twostandard deviations on either side of the​ goal, determine the control limits for this chart. In​ March, 5of the 100customers in the sample group returned for warranty repairs. Is the repair process in​ control?

Royal Dutch Shell(RDS) acquires ethanol fuel from Brazilian Cosan energy company. The Ethanol costs 500 million Brazilian Real(BRL) to grow the corn and convert it to ethanol. RDS doesn't have BRL, so they must use the futures market to acquire the currency. If 1 BRL/USD futures contract is for 100,000 reals What is the optimal number of BRL/USD futures contracts for Shell to take to receive the entire amount of Real at delivery.

The following data concerning the retail inventory method are taken from the financial records of Welch Company. Cost Retail Beginning inventory $ 196,000 $ 280,000 Purchases 896,000 1,280,000 Freight-in 24,000 — Net markups — 80,000 Net markdowns — 56,000 Sales — 1,344,000 If the ending inventory is to be valued at approximately the lower of cost or market, what is the cost-to-retail ratio?

Zoum Corporation had the following transactions during the year: Issued $250,000 of par value common stock for cash. Recorded and paid wages expense of $120,000. Acquired land by issuing common stock of par value $100,000. Declared and paid a cash dividend of $20,000. Sold a long-term investment (cost $8,000) for cash of $6,000. Recorded cash sales of $800,000. Bought inventory for cash of $320,000. Acquired an investment in Zynga stock for cash of $42,000. Converted bonds payable to common stock in the amount of $1,000,000. Repaid a 6-year note payable in the amount of $440,000. What is the net cash provided by financing activities?

Project Q has an initial cost of $257,412 and projected cash flows of $123,300 in Year 1 and $180,300 in Year 2. Project R has an initial cost of $345,000 and projected cash flows of $184,500 in Year 1 and $230,600 in Year 2. The discount rate is 12.2 percent and the projects are independent. Which project(s), if either, should be accepted based on its profitability index value?

a) Reject both Project Q and R

b) Accept Project R and reject Project Q

c) Accept either Project R or Project Q, but not both

d) Accept Project Q and reject Project R

e) Accept both Project Q and R

As marketing tools, how do blogs benefit companies? A. Demographic information about customers can be easily discovered. B. Blogs can offer a fresh, original, personal, and cheap way to enter into consumer conversations. C. Blogs are online selling platforms for people located in hard-to-reach places. D. Blogs provide companies with a platform to help portray wider merchandise. E. Blogs help reach a wider audience compared to other online direct marketing tools.

The members of a wedding party have approached Imperial Jewelers about buying 26 of these gold bracelets for the discounted price of $367.00 each. The members of the wedding party would like special filigree applied to the bracelets that would require Imperial Jewelers to buy a special tool for $457 and that would increase the direct materials cost per bracelet by $7. The special tool would have no other use once the special order is completed. To analyze this special order opportunity, Imperial Jewelers has determined that most of its manufacturing overhead is fixed and unaffected by variations in how much jewelry is produced in any given period. However, $8.00 of the overhead is variable with respect to the number of bracelets produced. The company also believes that accepting this order would have no effect on its ability to produce and sell jewelry to other customers. Furthermore, the company could fulfill the wedding party’s order using its existing manufacturing capacity.

Which of the following are considered to be benefits of international trade? Instructions: In order to receive full credit, you must make a selection for each option. For correct answer(s), click the box once to place a check mark. For incorrect answer(s), click the option twice to empty the box. Higher prices for domestic firms in industries with the highest level of imports unanswered More jobs in industries with a significant number of imports unanswered The ability to purchase goods produced abroad at lower prices than the domestic good unanswered Access to new resources that are not available domestically unanswered The ability to purchase new products that are not produced domestically

Precise Machinery is analyzing a proposed project. The company expects to sell 2,100 units, give or take 5 percent. The expected variable cost per unit is $260 and the expected fixed costs are $589,000. Cost estimates are considered accurate within a plus or minus 4 percent range. The depreciation expense is $129,000. The sales price is estimated at $750 per unit, give or take 2 percent. The tax rate is 35 percent. The company is conducting a sensitivity analysis on the sales price per unit using a sales price estimate of $755. What is the operating cash flow based on this analysis

Companies within the oneworld, Star, and Sky Team alliances have also engaged in major mergers and acquisitions (M&A): American and US Air (oneworld), Delta and Northwest (Sky Team), and Continental and United (Star). What are the advantages and disadvantages of M&A versus non-equity alliances in this industry? 15-4. Some airlines, such Daniels, John. International Business (p. 425). Pearson Education. Kindle Edition.

According to an article in the Wall Street Journal​, KB Home and other builders found demand for new houses increasing in 2017 as a result of an increase in the formation of new households. In the long​ run, formation of new households depends on population growth. ​Source: Laura Kusisto and Sarah​ Chaney, "U.S. Housing Starts Fell in April for Third Time in Four​ Months," Wall Street Journal​, May​ 16, 2017. Are firms like homebuilders that sell products whose demand depends partly on demographic factors likely to be more or less affected by the business cycle than are other firms whose products are less dependent on these factors​ (holding constant other factors that affect the demand for new​ houses)? Briefly explain.

(Ignore income taxes in this problem.) James just received an $8,000 inheritance check from the estate of his deceased uncle. James wants to set aside enough money to pay for a trip in five years. If the trip is expected to cost $5,000 and the rate of return is 12 percent per year, how much of the $8,000 must James deposit now to have the $5,000 in five years