KG
Karan Gupta
Answers (6)
KG
Answered
A community ice rink posted a sign at the facility stating that persons using the rink are responsible for damage or any injury which they may incur. While taking a break from a hockey game, Wayne took a seat on the bench. A faulty light used to illuminate the ice surface exploded causing severe burns to Wayne. Using the principles of volenti non fit injuria and res ipsa loquitur discuss the success of Wayne's attempt to sue the community.
On Jul 20, 2024
Wayne will use res ipsa loquitur as a foundation for a claim of negligence. The principle shifts the burden of proof to the defendant municipality to show that it was not negligent in the installation or maintenance of the light. Wayne will argue that he has no specific knowledge about how the light exploded to cause his injuries, however there must have been negligent action or omission by the municipality for the explosion to have occurred. The municipality's defence of volenti non fit injuria will not likely be successful. To argue this defence, there must be some foreseeable relationship between the plaintiff's activity at the ice rink and injury occurring from the light. While there is a foreseeable risk of harm involved in playing hockey or watching a hockey game, injuries from an exploding light are not foreseeable in this context. The municipality will have to show that it was not negligent to avoid liability. This may be True if the explosion was caused by other factors such as a unique manufacturer's defect.
KG
Answered
Which of the following is the correct matching concerning the appropriate accounting for long-term stock investments? % of Investor Ownership ‾ Accounting Guidelines ‾\begin{array}{llcc} \underline{ \text {\( \% \) of Investor Ownership }} & \underline{ \text { Accounting Guidelines }} \\\end{array}% of Investor Ownership Accounting Guidelines
A) Less than 20% Cost method \begin{array}{ll}\text { Less than } 20 \% &&&&& \text { Cost method } \\\end{array} Less than 20% Cost method
B) Between 20%−50% Cost method \begin{array}{ll}\text { Between } 20 \%-50 \% && \text { Cost method } \\\end{array} Between 20%−50% Cost method
C) More than 50% Cost or equity method \begin{array}{ll}\text { More than } 50 \% &&&& \text { Cost or equity method } \\\end{array} More than 50% Cost or equity method
D) Between 20%−50% Consolidated financial statements \begin{array}{ll}\text { Between } 20 \%-50 \% && \text { Consolidated financial statements }\end{array} Between 20%−50% Consolidated financial statements
A) Less than 20% Cost method \begin{array}{ll}\text { Less than } 20 \% &&&&& \text { Cost method } \\\end{array} Less than 20% Cost method
B) Between 20%−50% Cost method \begin{array}{ll}\text { Between } 20 \%-50 \% && \text { Cost method } \\\end{array} Between 20%−50% Cost method
C) More than 50% Cost or equity method \begin{array}{ll}\text { More than } 50 \% &&&& \text { Cost or equity method } \\\end{array} More than 50% Cost or equity method
D) Between 20%−50% Consolidated financial statements \begin{array}{ll}\text { Between } 20 \%-50 \% && \text { Consolidated financial statements }\end{array} Between 20%−50% Consolidated financial statements
On Jul 18, 2024
A
KG
Answered
In the United States, all families pay the same proportion of their income in taxes.
On Jun 19, 2024
False
KG
Answered
Treasury stock costing $89,050 was sold for $94,375 cash.Which of the following statements accurately describes the reporting of this transaction within the cash flow statement assuming that the indirect method is used to determine net cash flows from operating activities?
A) A gain of $5,325 is deducted from net income and a $94,375 cash inflow is reported within the investing activities section of the cash flow statement.
B) A gain of $5,325 is deducted from net income and a $94,375 cash inflow is reported within the financing activities section of the cash flow statement.
C) There is no adjustment necessary to net income but a $94,375 cash inflow is reported within the financing activities section of the cash flow statement.
D) There is no adjustment necessary to net income but a $94,375 cash inflow is reported within the investing activities section of the cash flow statement.
A) A gain of $5,325 is deducted from net income and a $94,375 cash inflow is reported within the investing activities section of the cash flow statement.
B) A gain of $5,325 is deducted from net income and a $94,375 cash inflow is reported within the financing activities section of the cash flow statement.
C) There is no adjustment necessary to net income but a $94,375 cash inflow is reported within the financing activities section of the cash flow statement.
D) There is no adjustment necessary to net income but a $94,375 cash inflow is reported within the investing activities section of the cash flow statement.
On Jun 18, 2024
C
KG
Answered
Unearned revenues that will be earned in a relatively short period of time are listed on the balance sheet as current assets.
On May 20, 2024
False
KG
Answered
Which of the following is correct when land costing $20,000 is sold for $29,000? The land was a component of property and equipment on the balance sheet.
A) Revenues are debited for $29,000.
B) Cost of goods sold is credited for $20,000.
C) Gain on sale of land is credited for $9,000.
D) Operating income increases $29,000.
A) Revenues are debited for $29,000.
B) Cost of goods sold is credited for $20,000.
C) Gain on sale of land is credited for $9,000.
D) Operating income increases $29,000.
On May 19, 2024
C