Course:Business Law

On 15 September 2020, Tammy purchased from CC two tickets to the Ed Shearer concert in Brisbane on 07 January 2021. The reality is that as at 15 September 2020, due to the current COVID – 19 pandemic, it was highly unlikely that the Ed Shearer concert would proceed.

Jane purchased 3 tickets to the same concert as Tammy however unlike Tammy, Jane purchased her tickets in January of 2020, at a time when there was every

expectation that the Ed Shearer concert would proceed as expected as at that time, the future impact of the pandemic had not been fully realised.

Has CC acted in breach of the ACL by selling Tammy and/or Jane tickets to the Ed Shearer concert?
Explain your answer

Bob Arnold is a well-known real estate developer in Santa Fe, New Mexico. He wants to remodel a building and convinces George Mitchell, a local businessperson, to contribute the capital to form a partnership. On January 1, 2020, Mitchell invests a building worth $162,000 and equipment valued at $32,000 as well as $25,000 in cash. Although Arnold makes no tangible contribution to the partnership, he will operate the business and be an equal partner in the beginning capital balances.

Required:

(A). Prepare the January 1, 2020 journal entry to record the formation of the partnership assuming the bonus method is used.

(B). Prepare the January 1, 2020 journal entry to record the formation of the partnership assuming the goodwill method is used.

The prevalence of obesity remains high and affects Americans of all ages.

Review the following resource:

·        United States Department of Health and Human Services (2017). 2020 Topics and objectives: Nutrition and weight status (Links to an external site.)Links to an external site.. Retrieved from: https://www.healthypeople.gov/2020/topics-objectives/topic/nutrition-and-weight-status

Initial Discussion Post:

·        Identify two (2) contributing factors to childhood obesity.

·        List three (3) ways the nurse could intervene to promote the nutrition and weight status objectives for Healthy People 2020.

·        Discuss why these objectives are important for individuals or communities.

·        Identify two (2) contributing factors to adult obesity.

Note: Please include reference

On January 1, 2020, Marigold Company purchased 12% bonds having a maturity value of $270,000, for $290,470.00. The bonds provide the bondholders with a 10% yield. They are dated January 1, 2020, and mature January 1, 2025, with interest received on January 1 of each year. Marigold Company uses the effective-interest method to allocate unamortized discount or premium. The bonds are classified in the held-to-maturity category.

1.Prepare the journal entry at the date of the bond purchase.

2.Prepare a bond amortization schedule.

3.Prepare the journal entry to record the interest revenue and the amortization at December 31, 2020.

4.Prepare the journal entry to record the interest revenue and the amortization at December 31, 2021.

M&N company issues $20 million of ten-year, 7 per cent, semi-annual coupon debentures to public which pay interest each six months. The market also requires a rate of return of 7 per cent. Assume that the monies come in and the debentures are allocated on the same day 30 June 2020. Required: a) Provide the accounting entries at 30 June 2020, 31 December 2020. Narrations are required. b) Discuss what factors may cause a debenture is issued at discount, premium and par value. (7 marks. Word limit for part b: minimum 120 to maximum 250 words) please provide a unique answer than other.

On January 1, 2019 , Jerry Fallen transfers publicly traded debt securities with a fair market value of

$570,000 to a newly established inter vivos trust for which his 22 year old son, James, is the only

beneficiary. The cost of these securities to Jerry was $520,000. During 2019 , the securities earn and

receive interest of $32,000, all of which is distributed to James.

On January 1, 2020, the securities are transferred to James in satisfaction of his capital interest in the

trust. At this time, the fair market value of the securities has increased to $615,000. James sells all of

the securities for $615,000 on January 3, 2020.

Indicate the tax consequences for Jerry, James, and the trust, in each of the years 2019 and 2020

Nash Company includes one coupon in each box of soap powder that it packs, and 10 coupons are redeemable for a premium (a kitchen utensil). In 2020, Nash Company purchased 8,000 premiums at 75 cents each and sold 105,000 boxes of soap powder at $3.20 per box; 41,000 coupons were presented for redemption in 2020. It is estimated that 60% of the coupons will eventually be presented for redemption. Prepare all the entries that would be made relative to sales of soap powder and to the premium plan in 2020. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit

Item B. Contingent Liability Facts: • You are auditing a very successful and highly profitable manufacturing company as of December 31, 2020. • The Company has always maintained adequate insurance in different areas. The Company has decided, effective January 1, 2021, not to purchase insurance against risk of loss that may result from injury to others, damage to the property of others, or interruption of its business operations. • The Company would like to record a $5,000,000 reserve as of December 31, 2020 for claims associated with future events which may occur. Required: 1. Should the Company record this $5,000,000 Reserve for Claims (a contingent liability) in its 12/31/2020 Financial Statements? Why or why not?

Keisy’s Topical Kids Inc. had the following information for 2019 and 2020:

Answer the following questions:

1. Compute the Current Ratio for 2019 and 2020.
2. What does the results of a current ratio measure?
3. Did the Current Ratio improve and is Keisy’s Topical Kids Inc. in good financial condition?
4. Are there weaknesses in using a current ratio?