Why did the Supreme Court decide to hear the case?
The Supreme Court decided to hear the case because of the importance of the issues and because of the disagreement between and among the Board and the Courts of Appeals. It is very common for the Supreme Court to grant certiorari in order to resolve conflicts among the circuits where courts of appeals in different areas of the country reach different conclusions on the same issue of law.
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Of the following activities routinely performed by salespeople, which one contributes LEAST financially to both the salesperson and the company?
A) service calls B) face-to-face selling C) telephone selling D) waiting and traveling E) billing clients
This year, Haven Corporation granted a nonqualified stock option to Olivia to buy 5,000 shares of Haven stock for $20 for five years. At date of grant, Haven stock was selling on the Nasdaq for $19 per share. For financial statement purposes, Haven recorded $16,500 compensation expense for the estimated value of the option.a. How much income must Olivia recognize as a result of the grant of the option? b. Can Haven deduct the $16,500 compensation expense on this year's tax return? c. Assuming a 21% tax rate, compute Haven's deferred tax asset or deferred tax liability (identify which) resulting from the $16,500 compensation expense.
What will be an ideal response?
Betty's BBQ orally contracts with Denny's Design House for 10,000 matchbooks at the price of 10 cents per matchbook. The matchbooks are to be embossed with a logo to be designed by Denny's Design promoting Betty's BBQ. Price, payment terms, delivery terms are agreed upon between the parties. Denny's Design creates the logo, gets Betty's BBQ's approval of the design and begins applying the logo on
the matchbook covers. Denny's Design has almost finished the order when Betty's BBQ calls to say it has decided to make the eatery a smoke-free restaurant and cancels the order. Denny's Design sues, but Betty's BBQ states that the agreement is unenforceable under the statute of frauds. Who wins? a. Denny's Design House wins. This situation falls under an exception to the statute of frauds. b. Denny's Design House wins. This is a service contract for design of a logo. Therefore, the UCC, including the statute of frauds provisions of Article 2, does not apply. c. Betty's BBQ wins. This is a contract for $1000 . The statute of frauds requires all sales contracts in excess of $500 be in writing. d. Betty's BBQ wins. The statute of frauds only applies to merchants. Betty's BBQ is not a merchant in this instance because it intended to give the matchbooks away and not sell them.
The following transactions for the month of March have been journalized and posted to the proper accounts
Mar. 1 The business received $7,000 cash and issued common stock to stockholders. Mar. 2 Paid the first month's rent of $500. Mar 3 Purchased equipment by paying $2,000 cash and executing a note payable for $6,000. Mar. 4 Purchased office supplies for $700 cash. Mar. 5 Billed a client for $12,000 of design services completed. Mar. 6 Received $9,000 on account for the services previously recorded. What is the balance in Accounts Receivable? A) $9,000 B) $3,000 C) $6,000 D) $12,000