51). Leo enters into a contract with Koney Construction to repair the damage on the roof of his restaurant. Koney does not do any work but sends Leo an invoice. Leo
a. Owes Koney $5,000 because the work wasn't finished.
b. owes Koney the $10,000 contract price.
c. Owes Koney nothing because the work was never done.
d. Owes Koney a refund of $10,000.
52) Moses breaches his contract with Pharaoh to purchase the 500 sheep that he had promised to buy. Pharaoh is able to sell the sheep to Potiphar for a much lower amount. If Pharaoh sues Moses for damages, he will be able to recover
a. The amount depends on whether Moses intentionally breached the contract or breached it accidentally.
b. Pharaoh’s contract price.
54). Ghessler Construction enters into a contract to build an office for Tibet Imports. When Ghessler runs into the types of difficulties that contractors ordinarily confront, Tibet agrees to pay extra compensation to over-come them. Regarding Tibet's agreement to pay more, a court would likely
a. Reform it.
b. Order the parties to arbitrate.
c. Enforce it.
d. Not enforce it.
55). Angelina hires Brad to babysit. They do not discuss price. At the end of the night, Brad demands $500 which Angelina refuses to pay. Which of the following is true?
a.
Brad will get the $500 because he is free to set the price of his
services.
b. Angelina will pay Brad what she thinks his services are worth.
c. The Reasonable Person will decide how much Angelina should pay Brad.
d. Brad will receive nothing because he failed to discuss his price before he provided babysitting services.
56) Hugo Chavez has a contract to purchase oil from the Maduro Oil Company, but then hears rumors that Maduro’s oil is contaminated. He calls Maduro to “get the truth” but Maduro doesn’t answer. Under Article 2 of the UCC, Chavez
a.
Must keep calling until Maduro answers, even if it takes three
weeks.
b.
Do nothing.
c.
May seek assurance & suspend his performance if he doesn't
receive it.
d.
May hire a private detective to test the oil.
In: Economics
The following selected accounts appear in the ledger of Parks Construction Inc. at the beginning of the current fiscal year:
| Preferred 1% Stock, $50 par (100,000 shares authorized, 83,900 shares issued) | $4,195,000 |
| Paid-In Capital in Excess of Par—Preferred Stock | 184,580 |
| Common Stock, $3 par (5,000,000 shares authorized, 2,120,000 shares issued) | 6,360,000 |
| Paid-In Capital in Excess of Par—Common Stock | 1,590,000 |
| Retained Earnings | 31,692,000 |
During the year, the corporation completed a number of transactions affecting the stockholders’ equity. They are summarized as follows:
| Jan. | 5 | Issued 467,700 shares of common stock at $9, receiving cash. |
| Feb. | 10 | Issued 10,700 shares of preferred 1% stock at $62. |
| Mar. | 19 | Purchased 53,000 shares of treasury stock for $6 per share. |
| May | 16 | Sold 20,000 shares of treasury stock for $8 per share. |
| Aug. | 25 | Sold 5,200 shares of treasury stock for $5 per share. |
| Dec. | 6 | Declared cash dividends of $0.50 per share on preferred stock and $0.10 per share on common stock. |
| 31 | Paid the cash dividends. |
Journalize the entries to record the transactions. Refer to the Chart of Accounts for exact wording of account titles.
In: Accounting
The following selected accounts appear in the ledger of Parks Construction Inc. at the beginning of the current year:
| Preferred 1% Stock, $50 par (100,000 shares authorized, 75,100 shares issued) | $3,755,000 |
| Paid-In Capital in Excess of Par—Preferred Stock | 165,220 |
| Common Stock, $3 par (5,000,000 shares authorized, 1,690,000 shares issued) | 5,070,000 |
| Paid-In Capital in Excess of Par—Common Stock | 1,014,000 |
| Retained Earnings | 30,836,000 |
During the year, the corporation completed a number of transactions affecting the stockholders’ equity. They are summarized as follows:
| a. | Issued 454,700 shares of common stock at $8, receiving cash. |
| b. | Issued 11,800 shares of preferred 1% stock at $61. |
| c. | Purchased 46,500 shares of treasury common for $8 per share. |
| d. | Sold 20,700 shares of treasury common for $10 per share. |
| e. | Sold 5,700 shares of treasury common for $7 per share. |
| f. | Declared cash dividends of $0.50 per share on preferred stock and $0.10 per share on common stock. |
| g. | Paid the cash dividends. |
Journalize the entries to record the transactions. Refer to the Chart of Accounts for exact wording of account titles.
In: Accounting
The following selected accounts appear in the ledger of Upscale Construction Inc. at the beginning of the current year:
| Preferred 2% Stock, $175 par (90,000 shares authorized, 45,000 shares issued) | $7,875,000 |
| Paid-In Capital in Excess of Par—Preferred Stock | 1,260,000 |
| Common Stock, $15 par (600,000 shares authorized, 230,000 shares issued) | 3,450,000 |
| Paid-In Capital in Excess of Par—Common Stock | 450,000 |
| Retained Earnings | 27,634,000 |
During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows:
Required:
Journalize the entries to record the transactions. If an amount box does not require an entry, leave it blank.
a. Issued 60,000 shares of common stock at $19, receiving cash.
b. Issued 23,000 shares of preferred 2% stock at $192.
c. Purchased 36,000 shares of treasury common for $19 per share.
d. Sold 18,000 shares of treasury common for $22 per share.
e. Sold 12,000 shares of treasury common for $17 per share.
f. Declared cash dividends of $3.50 per share on preferred stock and $0.04 per share on common stock.
g. Paid the cash dividends.
In: Accounting
The following selected accounts appear in the ledger of Parks Construction Inc. at the beginning of the current year:
| Preferred 1% Stock, $50 par (100,000 shares authorized, 79,600 shares issued) | $3,980,000 |
| Paid-In Capital in Excess of Par—Preferred Stock | 159,200 |
| Common Stock, $3 par (5,000,000 shares authorized, 1,870,000 shares issued) | 5,610,000 |
| Paid-In Capital in Excess of Par—Common Stock | 1,215,500 |
| Retained Earnings | 31,497,000 |
During the year, the corporation completed a number of transactions affecting the stockholders’ equity. They are summarized as follows:
| Jan. | 5 | Issued 532,900 shares of common stock at $9, receiving cash. |
| Feb. | 10 | Issued 11,000 shares of preferred 1% stock at $58. |
| Mar. | 19 | Purchased 45,400 shares of treasury common for $8 per share. |
| May | 16 | Sold 21,400 shares of treasury common for $10 per share. |
| Aug. | 25 | Sold 4,300 shares of treasury common for $7 per share. |
| Dec. | 6 | Declared cash dividends of $0.50 per share on preferred stock and $0.07 per share on common stock. |
| 31 | Paid the cash dividends. |
Journalize the entries to record the transactions. Refer to the Chart of Accounts for exact wording of account titles.
Journalize the entries to record the transactions. Refer to the Chart of Accounts for exact wording of account titles.
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In: Accounting
The following selected accounts appear in the ledger of Parks Construction Inc. at the beginning of the current year:
| Preferred 1% Stock, $50 par (100,000 shares authorized, 79,600 shares issued) | $3,980,000 |
| Paid-In Capital in Excess of Par—Preferred Stock | 159,200 |
| Common Stock, $3 par (5,000,000 shares authorized, 1,870,000 shares issued) | 5,610,000 |
| Paid-In Capital in Excess of Par—Common Stock | 1,215,500 |
| Retained Earnings | 31,497,000 |
During the year, the corporation completed a number of transactions affecting the stockholders’ equity. They are summarized as follows:
| Jan. | 5 | Issued 532,900 shares of common stock at $9, receiving cash. |
| Feb. | 10 | Issued 11,000 shares of preferred 1% stock at $58. |
| Mar. | 19 | Purchased 45,400 shares of treasury common for $8 per share. |
| May | 16 | Sold 21,400 shares of treasury common for $10 per share. |
| Aug. | 25 | Sold 4,300 shares of treasury common for $7 per share. |
| Dec. | 6 | Declared cash dividends of $0.50 per share on preferred stock and $0.07 per share on common stock. |
| 31 | Paid the cash dividends. |
Journalize the entries to record the transactions. Refer to the Chart of Accounts for exact wording of account titles.
Journalize the entries to record the transactions. Refer to the Chart of Accounts for exact wording of account titles.
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In: Accounting
A worker stands on the roof of a 45.0 m high building that is under construction. He throws a bag of debris giving it an initial velocity of 12.0 m/s at an angle of 33.0 ∘ from downward direction.
How long is the bag in flight?
How far from the building does the bag land?
What is the bag's final speed just before it hits the ground?
Can you please explain to me step by step
In: Physics
The following selected accounts appear in the ledger of Parks Construction Inc. at the beginning of the current year:
| Preferred 1% Stock, $50 par (100,000 shares authorized, 79,600 shares issued) | $3,980,000 |
| Paid-In Capital in Excess of Par—Preferred Stock | 159,200 |
| Common Stock, $3 par (5,000,000 shares authorized, 1,870,000 shares issued) | 5,610,000 |
| Paid-In Capital in Excess of Par—Common Stock | 1,215,500 |
| Retained Earnings | 31,497,000 |
During the year, the corporation completed a number of transactions affecting the stockholders’ equity. They are summarized as follows:
| a. | Issued 532,900 shares of common stock at $9, receiving cash. |
| b. | Issued 11,000 shares of preferred 1% stock at $58. |
| c. | Purchased 45,400 shares of treasury common for $8 per share. |
| d. | Sold 21,400 shares of treasury common for $10 per share. |
| e. | Sold 4,300 shares of treasury common for $7 per share. |
| f. | Declared cash dividends of $0.50 per share on preferred stock and $0.07 per share on common stock. |
| g. | Paid the cash dividends. |
Journalize the entries to record the transactions. Refer to the Chart of Accounts for exact wording of account titles.
In: Accounting
Capital projects funds account for construction expenditures, not for the assets that are being constructed.
The Wickliffe City Council authorizes the restoration of the city library. The project is to be funded by the issuance of bonds, a reimbursement grant from the state, and property taxes.
1. Please prepare the Statement of Revenues, Expenditures and Changes in Fund Balance and Fund Balance Sheet (if necessary).
A. The city approves (and gives accounting recognition to) the project's budget of $9,027,000, of which $6,000,000 is to be funded by general obligation bonds, $2,500,000 from the state, and the remaining $527,000 from the general fund. The city estimates that construction costs will be $8,907,000 and bond issue costs $120,000.
B. The city issues 9 percent, 15-year bonds that have a face value of $6,000,000. The bonds are sold for $6,120,000, an amount reflecting a price of $102. The city incurs $115,000 in issue costs; hence, the net proceeds are $6,005,000.
C. The city transfers the net premium of $5,000 to its debt service fund.
D. It receives the anticipated $2,500,000 from the state and transfers $527,000 from the general fund.
E. It signs an agreement with a contractor for $8,890,000.
F. It pays the contractor $8,890,000 upon completion of the project.
G. It transfers the remaining cash to the debt service fund.
In: Accounting
The following selected accounts appear in the ledger of Parks Construction Inc. at the beginning of the current year:
| Preferred 2% Stock, $100 par (100,000 shares authorized, 80,000 shares issued) | $8,000,000 |
| Paid-In Capital in Excess of Par—Preferred Stock | 440,000 |
| Common Stock, $5 par (5,000,000 shares authorized, 4,000,000 shares issued) | 20,000,000 |
| Paid-In Capital in Excess of Par—Common Stock | 2,280,000 |
| Retained Earnings | 115,400,000 |
During the year, the corporation completed a number of transactions affecting the stockholders’ equity. They are summarized as follows:
| a. | Issued 200,000 shares of common stock at $12, receiving cash. |
| b. | Issued 8,000 shares of preferred 2% stock at $115. |
| c. | Purchased 175,000 shares of treasury common for $10 per share. |
| d. | Sold 110,000 shares of treasury common for $14 per share. |
| e. | Sold 30,000 shares of treasury common for $8 per share. |
| f. | Declared cash dividends of $1.25 per share on preferred stock and $0.08 per share on common stock. |
| g. | Paid the cash dividends. |
Journalize the entries to record the transactions. Refer to the Chart of Accounts for exact wording of account titles.
CHART OF ACCOUNTSParks Construction Inc.General Ledger
| ASSETS | |
| 110 | Cash |
| 120 | Accounts Receivable |
| 131 | Notes Receivable |
| 132 | Interest Receivable |
| 141 | Inventory |
| 145 | Office Supplies |
| 151 | Prepaid Insurance |
| 181 | Land |
| 193 | Equipment |
| 194 | Accumulated Depreciation-Equipment |
| LIABILITIES | |
| 210 | Accounts Payable |
| 221 | Notes Payable |
| 226 | Interest Payable |
| 231 | Cash Dividends Payable |
| 241 | Salaries Payable |
| 261 | Mortgage Note Payable |
| EQUITY | |
| 236 | Stock Dividends Distributable |
| 311 | Common Stock |
| 312 | Paid-In Capital in Excess of Par-Common Stock |
| 315 | Treasury Stock |
| 321 | Preferred Stock |
| 322 | Paid-In Capital in Excess of Par-Preferred Stock |
| 331 | Paid-In Capital from Sale of Treasury Stock |
| 340 | Retained Earnings |
| 351 | Cash Dividends |
| 352 | Stock Dividends |
| REVENUE | |
| 410 | Sales |
| 610 | Interest Revenue |
| EXPENSES | |
| 510 | Cost of Goods Sold |
| 515 | Credit Card Expense |
| 520 | Salaries Expense |
| 531 | Advertising Expense |
| 532 | Delivery Expense |
| 533 | Selling Expenses |
| 534 | Rent Expense |
| 535 | Insurance Expense |
| 536 | Office Supplies Expense |
| 537 | Organizational Expenses |
| 562 | Depreciation Expense-Equipment |
| 590 | Miscellaneous Expense |
| 710 |
Interest Expense |
Journalize the entries to record the transactions on December 31. Refer to the Chart of Accounts for exact wording of account titles.
All transactions on this page must be entered (except for post ref(s)) before you will receive Check My Work feedback.
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Score: 155/224
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In: Accounting