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- Facts: Joan Smith, CPA, receives a telephone call from her client, XYZ Company. The company’s controller states that the board of directors of XYZ has entered into two contractual arrangements with Steve Green, the company’s former president, who has recently retired. Under one agreement, XYZ Company will pay the ex-president $7,000 per month for five years if he does not compete with the company during that time in a rival business. Under the other agreement, the company will pay the ex-president $5,000 per month for five years for such advisory services as the company may request from the ex-president. XYZ’s controller asks Smith whether the balance sheet as of the date the two agreements were signed should show $144,000 in current liabilities and $576,000 in long-term liabilities, or whether the two agreements should only be disclosed in a contingency note to the financial statements (i.e. no amounts should be accrued in the financial statements pursuant to these two…Loretta Inc. is suing one of its customers for one million dollars. The likelihood of winning the case is likely according to their lawyers and the amount is determinable. What is the correct accounting treatment? a. A brief description of the lawsuit is disclosed in the notes b. Record an asset for $1,000,000 c. Decrease Retained earnings for $1,000,000 d. Record a liability of $1,000,000A business has been involved in a lawsuit that they have lost in court. The judge has ordered money to be put in escrow during the appeal. This is to guarantee that the plaintiff will be able to receive the judgement, if the company loses its appeal. The plaintiff has been awarded semiannual payments in the amount of $16,000.00 for 17 years with the first payment to be made as soon as the appeal is decided. It was agreed by the judge and both parties that an estimated time for the the appeals process will last 6 years. If money is worth 6%, compounded semiannual. How much did the judge order the company to put into the annuity today at the start of the appeal process?The company put $ into the annuity at the start of the appeal process. (Round to 2 decimal places.)
- Waterworld Boat Shop purchased a truck for $12,000,making a down payment of $5,000 cash and signing a$7,000 note payable due in 60 days. As a result of thistransaction:a. Total assets increased by $12,000.b. Total liabilities increased by $7,000. c. From the viewpoint of a short-term creditor, this trans-action makes the business more liquid. d. This transaction had no immediate effect on the own-ers’ equity in the business.Southern motors (seller) agreed to sell to Mr. Bean (Buyer) a specific dump truck for 1,500,000.00 for delivery cash on delivery and the payment of the price to be made on October 15 but Mr. Bean failed to pay the price. What are the remedies of southern motors?A business has been involved in a lawsuit that they have lost in court. The judge has ordered money to be put in escrow during the appeal. This is to guarantee that the plaintiff will be able to receive the judgement, if the company loses its appeal. The plaintiff has been awarded monthly payments in the amount of $18,000.00 for 15 years with the first payment to be made as soon as the appeal is decided. It was agreed by the judge and both parties that an estimated time for the the appeals process will last 3 years. If money is worth 2%, compounded monthly. How much did the judge order the company to put into the annuity today at the start of the appeal process?
- A business has been involved in a lawsuit that they have lost in court. The judge has ordered money to be put in escrow during the appeal. This is to guarantee that the plaintiff will be able to receive the judgement, if the company loses its appeal. The plaintiff has been awarded quarterly payments in the amount of $14,000.00 for 20 years with the first payment to be made as soon as the appeal is decided. It was agreed by the judge and both parties that an estimated time for the the appeals process will last 7 years. If money is worth 4%, compounded quarterly. How much did the judge order the company to put into the annuity today at the start of the appeal process?During May, Peyton entered into the following transactions:May 1. Peyton Sawyer made an additional investment in Tree Hill Music by depositing RM5,000 in Tree Hill Music's current account.1. Instead of continuing to share office space with a local real estate agency, Peyton decided to rent office space near a local music store. Paid rent for May, RM1,750.1. Paid a premium of RM2,700 for a comprehensive insurance policy covering liability, theft, and fire. The policy covers a one-year period.2. Received RM1,000 cash from customers on account.3. On behalf of Tree Hill Music, Peyton signed a contract with a local radio station, KXMD, for the next three months. The contract requires Tree Hill Music to provide a guest DJ for 80 hours per month for a monthly fee of RM3,600. Any additional hours beyond 80 will be billed to KXMD at RM40 per hour. In accordance with the contract, Peyton received RM7,200 from KXMD as an advance payment for the first two months.3. Paid RM250 to creditors on…Taylor Company recently purchased a piece of equipment for $2,000 which will be paid within 30 days after delivery. At what point would the event be recorded in Taylors accounting system? When Taylor signs the agreement with the seller When Taylor receives an invoice (a bill) from the setter When Taylor receives the asset from the seller When Taylor pays $2.000 cash to the seller
- Capstone Consulting Services acquired land 5 years ago for $200,000. Capstone recently signed an agreement to sell the land for $375,000. In accordance with the sales agreenwnt, the buyer transferred $375,000 to Capstone’s bank account on February 20. How would elements of the accounting equation be affected by the sale?Naeem was a treasury manager in Raheel Associates (RA). Naeem robbed Rs. 100,000 cash from the business. Raheel, the owner of the business, instituted legal proceedings against Naeem. Naeem agreed to return the cash and Raheel agreed to withdraw the proceedings against him. Naeem fulfilled his part of the promise. Under the provisions of the Contract Act, 1872 explain whether Raheel is bound to withdraw the proceedings against Naeem.19. On December 23, Wyman, a lawyer representing First National Bank & Trust (defendant), wrote to Zeller (plaintiff) stating that he had been instructed to offer a building to Zeller for sale at a price of $240,000. Zeller had previously expressed an interest in purchasing the building for $240,000. The letter also set forth details concerning interest rates and loan fees. After receiving the letter, Zeller instructed his attor- ney, Jamma, to send Wyman a written counteroffer of $230,000 with interest and loan arrangements varying from the terms of the original offer. Jamma sent the written counteroffer as instructed on January 10. On the same day, Jamma telephoned Wyman and informed him of the counteroffer. Subsequently Jamma sent an acceptance of the original offer to Wyman. When Wyman refused to sell the property to him, Zeller brought an action to seek enforcement of the alleged contract. Decision?
