Acceptance. Amy Kemper was seriously injured when her motorcycle was struck by a vehicle driven by Christopher Brown. Kemper’s attorney wrote to Statewide Claims Services, the administrator for Brown’s insurer, asking for "all the insurance money that Mr. Brown had under his insurance policy." In exchange, the letter indicated that Kemper would sign a "limited release" on Brown’s liability, provided that it did not include any language requiring her to reimburse Brown or his insurance company for any of their incurred costs. Statewide then sent a check and release form to Kemper, but the release demanded that Kemper "place money in an escrow account in regards to any and all liens pending." Kemper refused the demand, claiming that Statewide’s response was a counteroffer rather than an unequivocal acceptance of the settlement offer. Did Statewide and Kemper have an enforceable agreement? Discuss.

Answer:

In the clarification section down, the definition including its concern is mentioned.

Explanation:

In terms of strategy, two important components necessarily entail an "Agreement."

Step 1: Approval + Bid = Agreement

Step 2: Agreement + Enforceability = Contract.

There is, however, no "Acceptance" to either the original Bid, and therefore no binding mediation agreements between Nationwide and Kemper have been established.

Holly Renfro contributed a patent, accounts receivable, and $20,000 cash to a partnership. The patent had a book value of $8,000. However, the technology covered by the patent appeared to have significant market potential. Thus, the patent was appraised at $92,000. The accounts receivable control account was $45,000, with an allowance for doubtful accounts of $3,000. The partnership also assumed a $14,000 account payable owed to a Renfro supplier.Provide the journal entry for Renfro’s contribution to the partnership.

Exercise 6-8 Petty cash fund with a shortage LO P2 Waupaca Company establishes a $350 petty cash fund on September 9. On September 30, the fund shows $104 in cash along with receipts for the following expenditures: transportation-in, $40; postage expenses, $123; and miscellaneous expenses, $80. The petty cashier could not account for a $3 shortage in the fund. The company uses the perpetual system in accounting for merchandise inventory. Prepare (1) the September 9 entry to establish the fund, (2) the September 30 entry to reimburse the fund, and (3) an October 1 entry to increase the fund to $400.

The Wall Street Journal reports that the rate on 3-year Treasury securities is 7.20 percent, and the 6-year Treasury rate is 7.45 percent. From discussions with your broker, you have determined that expected inflation premium is 2.70 percent next year, 2.95 percent in Year 2, and 3.15 percent in Year 3 and beyond. Further, you expect that real interest rates will be 3.60 percent annually for the foreseeable future. What is the maturity risk premium on the 6-year Treasury security

Jim recently joined the Austin Barter Club, an organization that facilitates the exchange of services between its members. This year Jim provided lawn-mowing services to other club members. Jim received the following from the barter club. Determine the amount, if any, Jim should include in his gross income in each of the following situations:
A. Jim received $275 of car repair services from another member of the club.
B. Jim received a $150 credit that gave him the option of receiving a season pass at a local ski resort from another member of the club. However, he forgot to request the pass by the end of the ski session and his credit expired.

Biblio Files Company is making plans for its next fiscal year, and decides to sell two new types of bookshelves, Basic and Deluxe. The company has compiled the following estimates for the new product offerings. Type of Bookshelf Sales Price per Unit Variable Cost per Unit Basic $5.00 $1.75 Deluxe 9.00 8.10 The company is interested in determining how many of each type of bookshelf would have to be sold in order to break even. If we think of the Basic and Deluxe products as components of one overall enterprise product called "Combined," the unit contribution margin for the Combined product would be $2.31. Fixed costs for the upcoming year are estimated at $334,950. Recall that the totals of all the sales mix percents must be 100%. Determine the amounts to complete the following

Privott, Inc., manufactures and sells two products: Product Z9 and Product N0. The company is considering adopting an activity-based costing system with the following activity cost pools, activity measures, and expected activity: Estimated Expected Activity Activity Cost Pools Activity Measures Overhead Cost Product Z9 Product N0 Total Labor-related DLHs $ 326,018 6,600 3,200 9,800 Product testing tests 46,747 500 600 1,100 Order size MHs 472,108 4,200 4,500 8,700 $ 844,873 The activity rate for the Labor-Related activity cost pool under activity-based costing is closest to:

The City of Waterville applied for a grant from the state government to build a pedestrian bridge over the river inside the city’s park. On May 1, the city was notified that it had been awarded a grant of up to $200,000 for the project. The state will provide re-imbursement for allowable expenditures. On May 5, the special revenue fund entered into a short-term loan with the General Fund for $200,000 so it could start bridge construction. During the year, the special revenue fund expended $165,000 for allowable bridge construction costs, for which it submitted documentation to the state. Re-imbursement was received from the state on December 13.
Required:
For the special revenue fund, provide the appropriate journal entries, if any, that would be made for the following. (Assume the city has a fiscal year-end of December 31).
1. May 1, 2017, notification of grant approval.
2. May 5, 2017, loan from General Fund.
3. During FY 2017, bridge expenditures and submission of re-imbursement documentation.
4. December 13, 2017, receipt of the grant re-imbursement funds.
5. December 31, 2017, adjusting and closing entries.

The following transactions occurred at the Daisy King Ice Cream Company.
1. Started business by issuing 10,000 shares of common stock for $26,000.
2. Leased a building for three years at $560 per month and paid six months' rent in advance.
3. Purchased equipment for $6,000, signing a two-year, 12% note.
4. Purchased $2,400 of supplies on account.
5. Recorded cash sales of $1,400 for the first week.
6. Paid weekly salaries, $620.
7. Paid for supplies purchased in item (4).
8. Recorded depreciation on equipment, $80.
9. Signed a franchise agreement to pay royalties of 5% of sales.
10. Paid royalites due on 1st weeks sales.
Required:
Prepare journal entries to record each of the transactions listed above.

Eric is an inventory manager at a garment manufacturing firm. How should he plan the ordering of inventory? A. He should order less inventory to save on inventory storage cost and ordering cost. B. He should order the exact inventory by forecasting demand. C. He should order excess inventory without calculating the requirement. D. He should order inventory as the requirement arises and avoid planning inventory storage.

Madtack Company’s beginning and ending inventories for the month of July are
July 1 July 30
Direct materials $ 67,000 $ 62,000
Work-in-process 145,000 171,000
Production data for the month of July follows:
Direct labor $200,000
Direct materials purchased 163,000
Madtack has one overhead cost account and assigns overhead to production based on direct labor cost. The predetermined allocation rate is 0.7. The company formally reconciles over- or underapplied overhead at year end.
What are the costs of good manufactured for July?

arret Company has provided the following selected information for the year ended December 31, 2019: Cash collected from customers was $783,000. Cash received from stockholders in exchange for common stock totaled $91,000. Cash paid to suppliers was $361,000. Cash paid to employees was $204,000. Cash to stockholders for dividends was $33,000. Cash received from sale of a building was $250,000. Cash paid for store rent was $39,000. Cash received for interest and dividends was $7,000. Cash paid for income taxes was $55,000. Based on the selected information provided, how much was Garret's cash flow from operating activities?

In its initial S-1 filing, Groupon presented a non-GAAP performance metric called ACSOI. It was subsequently removed after the SEC objected. a. Why did the SEC question the inclusion of ACSOI in Groupon’s financial statements? Explain whether you think the use of ACSOI was appropriate or not. b. Non-GAAP metrics are common in some industries. For example, same-store-sales in retail, revenue-passenger-miles for airlines, etc. Are non-GAAP measures, such as these, ever of value for financial statement users?

what do you think are the adverse effects when sustainable economic development practices in country are not implemented?​

As of June 30, Year 1, the bank statement showed an ending balance of $17,616. The unadjusted Cash account balance was $16,893. The following information is available: 1. Deposit in transit, $2,785. 2. Credit memo in bank statement for interest earned in June, $10. 3. Outstanding check, $3,504. 4. Debit memo for service charge. $6. Required Determine the true cash balance by preparing a bank reconciliation as of June 30, Year 1, using the preceding information, (Negative amounts should be indicated with minus sign.)
Bank Reconciliation
Unadjusted bank balance 6/30/Year 1
True cash balance 6/30/Year 1
Unadjusted book balance 6/30/Year 1
True cash balance 6/30/Year 1

Mrs. Nunn, who has a 24 percent marginal tax rate on ordinary income, earned $2,690 interest on a debt instrument this year. Required: Compute her federal income tax on this interest assuming that the debt instrument was: (Round your final answers to the nearest whole dollar amount.) An unsecured note from her son, who borrowed money from his mother to finance the construction of his home. A certificate of deposit from a federal bank. A 30-year General Electric corporate bond. A U.S. Treasury note. A City of Memphis municipal bond.

What is the purpose of Geert Hofstede’s Cultural Dimensions Theory? Review Later To explain why some cultures are not worth time investing into. To assess the net capital expenditure on a particular foreign market and its viability as a long-term market. A model to understand key cultural considerations between different counties, so as to inform global business managers of cultural deviations. A model for predicting financial gain across a globalized market. Two of the answers in this answer set are correct.

As the bookkeeper of a new start-up company, you are responsible for keeping the chart of accounts up to date. At the end of each year, you analyze the accounts to verify that each account should be active for accumulation of costs, revenues, and expenses. In July, the accounts payable clerk has asked you to open an account named New Expenses. You know that an account name should be specific and well defined. You feel that the A/P clerk might want to charge some expenses to that account that would not be appropriate. Why do you think the A/P clerk needs this New Expenses account

Wendy is calculating her tax deductions. She finds that she can deduct $5,522 from medical expenses, $7,240 from
charitable donations, and $2,126 from property taxes. What is Wendy's total deduction?
a $5,700
b. $15,104
C. $18,284
d. $14,888

A pension fund manager is considering three mutual funds. The first is a stock fund, the second is a long-term government and corporate bond fund, and the third is a T-bill money market fund that yields a sure rate of 4.7%. The probability distributions of the risky funds are: Expected Return Standard Deviation Stock fund (S) 17 % 37 % Bond fund (B) 8 % 31 % The correlation between the fund returns is .1065. Suppose now that your portfolio must yield an expected return of 15% and be efficient, that is, on the best feasible CAL. a. What is the standard deviation of your portfolio? (Do not round intermediate calculations. Round your answer to 2 decimal places.) Standard deviation % b-1. What is the proportion invested in the T-bill fund? (Do not round intermediate calculations. Round your answer to 2 decimal places.) Proportion invested in the T-bill fund % b-2. What is the proportion invested in each of the two risky funds? (Do not round intermediate calculations. Round your answers to 2 decimal places.) Proportion Invested Stocks % Bonds %

If the rate of growth of output is 8% and the rate of growth of population is 2%, what is the rate of growth of output per capita

Winston Company estimates that the factory overhead for the following year will be $1,250,000. The company has decided that the basis for applying factory overhead should be machine hours, which is estimated to be 50,000 hours. The total machine hours for the year were 54,300. The actual factory overhead for the year was $1,375,000. Determine the over- or underapplied amount for the year.
a. $118,250 overapplied
b. $17,500 underapplied
c. $118,250 underapplied
d. $17,500 overapplied

2. The buyer's prepaid expense is the seller's
Which revenue?

Garth was amazed to hear that his friend Lindsey always pays off her credit card balance each month. Garth just assumed that everyone used credit cards the same way​ - buy​ now, pay later​ - only in his​ case, months later. He buys almost everything he needs or​ wants, including​ clothes, food, and entertainment with his card. When Lindsey asked him about the balance calculation​ method, APR, grace​ period, or other fees and features of his​ card, Garth was clueless. He reasoned that his credit card was a safe and convenient way to shop and it allowed him to buy expensive items by paying minimum monthly payments.​ Overall, Garth thought of himself as a responsible credit​ user, despite the fact he had been late making a few monthly​ payments, and, once or​ twice, had gone over his credit limit. He also uses his card regularly to obtain cash advances. After hearing all of​ this, Lindsey is worried about her friend. She has come to you for help in answering the following questions. a. What type of credit user is​ Garth? Based on your​ answer, what is the number one factor that should influence​ Garth's choice of a credit​ card?

HELPPP MEEE ILL MARK YOU BRAINLIEST

what is the difference between salary and fixed rate (give an example for both)

Lorenzo is the sole proprietor of a trampoline shop. During 2019, the following transactions occurred.Unimproved land adjacent to the store was condemned by the city on February 1. The condemnation proceeds were $15,000. The land, acquired in 1986, had an allocable basis of $40,000. Lorenzo has additional parking across the street and plans to use the condemnation proceeds to build his inventory.A truck used to deliver trampolines was sold on January 2 for $3,500. The truck was purchased on January 2, 2014, for $6,000. On the date of sale, the adjusted basis was zero.Lorenzo sold an antique rowing machine at an auction. Net proceeds were $4,900. The rowing machine was purchased as used equipment 17 years ago for $5,200 and is fully depreciated.Lorenzo sold an apartment building for $300,000 on September 1. The rental property was purchased on September 1, 2015, for $150,000 and was being depreciated over a 27.5-year MACRS life using the straight-line method. At the date of sale, the adjusted basis was $124,783.Lorenzo's personal yacht was stolen on September 5. The yacht had been purchased in August at a cost of $25,000. The fair market value immediately preceding the theft was $19,600. Lorenzo was insured for 50% of the original cost, and he received $12,500 on December 1.Lorenzo sold a Buick on May 1 for $9,600. The vehicle had been used exclusively for personal purposes. It was purchased on September 1, 2014, for $20,800.Lorenzo's trampoline stretching machine (owned two years) was stolen on May 5, but the business's insurance company will not pay any of the machine's value because Larry failed to pay the insurance premium. The machine had a fair market value of $8,000 and an adjusted basis of $6,000 at the time of theft.Lorenzo had AGI of $102,000 from sources other than those described above.Lorenzo has no non-recaptured § 1231 lookback losses.For each transaction, what are the amount and nature of recognized gain or loss?What is Lorenzo's 2019 Adjusted Gross Income?

A local radio station gives away concert tickets at random times everyday to reward listeners. What schedule of reinforcement are they using?


a. fixed interval


b. variable interval


c. fixed ratio


d. variable ration

The 16 overhead doors on your loading dock must be replaced now. The deluxe model costs $2,200 each and will last for six years. The standard model costs $1,600 each and will last for four years. The deluxe model is aluminum, so it will have a scrap value of $150 at the end of its life. The standard model is plastic and has no scrap value. The use of the deluxe model on the loading dock will also save your company $1,000 per year in heating costs because of its ability to seal better. If you use an interest rate of 12% and present worth analysis, which door will you recommend

Kal Tech Engineering Systems is considering buying a CNC machining center for its operation in Tennessee. The net benefits in the first year is estimated to be $40,000 and increasing at the rate $5,000 for the next four years and stays at the same level as that of year 5 for the next 5 years. If MARR is 8%, determine the amount of money that the company can invest justifying on this machining center. A salvage value of 20% of the initial cost is reasonable to assume at the end of year 10.

Mrs. Cox, a head of household, earned a $313,000 salary and recognized a $29,300 net long-term capital gain this year. Use Individual tax rate schedules and Tax rates for capital gains and qualified dividends. Required: Compute the income tax on the gain if: (Do not round intermediate calculations. Round your final answers to nearest whole dollar amount.) None of the gain is collectibles gain or unrecaptured Section 1250 gain. $10,000 is collectibles gain. $15,500 is unrecaptured Section 1250 gain. $1,700 is collectibles gain and $22,000 is unrecaptured Section 1250 gain.

Kiner Co. computed an overhead rate for machining costs ($520000) of $5 per machine hour. Machining costs are driven by machine hours. If computed based on direct labor hours, the overhead rate for machining costs would be $10 per direct labor hour. The company produces two products, Cape and Chap. Cape requires 62400 machine hours and 20000 direct labor hours, while Chap requires 41600 machine hours and 30000 direct labor hours. Using activity-based costing, machining costs assigned to each product is