SD
Sydney DeVogt
Answers (6)
SD
Answered
The Income Summary account is used to:
A) Adjust and update asset and liability accounts.
B) Close the revenue and expense accounts.
C) Determine the appropriate dividend amount.
D) Replace the income statement under certain circumstances.
E) Replace the Retained earnings account in some businesses.
A) Adjust and update asset and liability accounts.
B) Close the revenue and expense accounts.
C) Determine the appropriate dividend amount.
D) Replace the income statement under certain circumstances.
E) Replace the Retained earnings account in some businesses.
On Jul 16, 2024
B
SD
Answered
Mel has a neighborhood grocery store that he would like to sell. Casey is interested in purchasing the business, but he is concerned because he knows that Mel has built up a lot of goodwill over the years, and he wonders whether Mel might not just open another store down the block and take all of the business from the old store with him. Casey asks for and receives from Mel a clause in the sale agreement that Mel will not open another grocery store within a 150-mile radius of the old store for a period of at least ten years.
a. What is this agreement called?
b. Is the negotiated clause a valid one? Explain why or why not.
c. What guidelines would a court ordinarily use in determining whether to enforce such a clause?
a. What is this agreement called?
b. Is the negotiated clause a valid one? Explain why or why not.
c. What guidelines would a court ordinarily use in determining whether to enforce such a clause?
On Jul 12, 2024
a. The agreement is a covenant not to compete or a covenant in restraint of trade in connection with the sale of a business.
b. The agreement is probably invalid, because the grocery store is only a neighborhood store, but the agreement calls for Mel not to open another grocery store within a 150-mile radius. This geographic restriction would seem to be unreasonable under the circumstances. A time period of under five years would probably be upheld, but one of ten years may be unreasonable. However, students may make good arguments to support upholding the agreement and should be given credit for their arguments if they show an understanding of the guidelines given in the book regarding whether a court will uphold such an agreement.
c. While in some cases the extent of time is the major issue, most cases involve the area or territory covered by the restraint. The rule is that the restraint is reasonable if it is co-extensive only with the interest to be protected. The test is whether the purpose of the restraint is such only as to afford a fair protection to the interests of the party in whose favor it is given, and the restraint is no more extensive than is reasonably necessary to protect that interest. A court would consider the hardship the restraint imposes on the promisor and the public.
b. The agreement is probably invalid, because the grocery store is only a neighborhood store, but the agreement calls for Mel not to open another grocery store within a 150-mile radius. This geographic restriction would seem to be unreasonable under the circumstances. A time period of under five years would probably be upheld, but one of ten years may be unreasonable. However, students may make good arguments to support upholding the agreement and should be given credit for their arguments if they show an understanding of the guidelines given in the book regarding whether a court will uphold such an agreement.
c. While in some cases the extent of time is the major issue, most cases involve the area or territory covered by the restraint. The rule is that the restraint is reasonable if it is co-extensive only with the interest to be protected. The test is whether the purpose of the restraint is such only as to afford a fair protection to the interests of the party in whose favor it is given, and the restraint is no more extensive than is reasonably necessary to protect that interest. A court would consider the hardship the restraint imposes on the promisor and the public.
SD
Answered
Romila was developing a presentation on how radios and televisions have evolved over the past six decades. This was the central idea of her presentation, "Radio and Television." What mistake did Romila commit when framing the central idea?
A) The central idea is not a complete sentence.
B) The central idea is not audience-centered.
C) The central idea does not identify the general purpose of the message.
D) The central idea contains two major points.
A) The central idea is not a complete sentence.
B) The central idea is not audience-centered.
C) The central idea does not identify the general purpose of the message.
D) The central idea contains two major points.
On Jun 15, 2024
A
SD
Answered
Which of the following would be least likely to be considered a managerial accounting report?
A) report to analyze potential efficiencies and savings for the purchase of new production equipment
B) schedule of total manufacturing costs incurred
C) statement of cost of goods manufactured
D) statement of stockholders' equity
A) report to analyze potential efficiencies and savings for the purchase of new production equipment
B) schedule of total manufacturing costs incurred
C) statement of cost of goods manufactured
D) statement of stockholders' equity
On Jun 12, 2024
D
SD
Answered
List the steps (from initial planning to end stages)in strategic planning.
On May 16, 2024
∙ Establish the mission, vision, and values
∙ Develop objectives
∙ Analyze the external environment
∙ Identify the competitive advantage
∙ Determine the competitive position
∙ Implement the strategy
∙ Evaluate the performance
∙ Develop objectives
∙ Analyze the external environment
∙ Identify the competitive advantage
∙ Determine the competitive position
∙ Implement the strategy
∙ Evaluate the performance
SD
Answered
Record purchase on account from vendor
a. Purchases journal
b. Revenue journal
c. Cash receipts journal
d. Cash payments journal
e. Accounts receivable subsidiary ledger
f. Accounts payable subsidiary ledger
g. General journal
a. Purchases journal
b. Revenue journal
c. Cash receipts journal
d. Cash payments journal
e. Accounts receivable subsidiary ledger
f. Accounts payable subsidiary ledger
g. General journal
On May 13, 2024
A