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marissa [1.9K]
2 years ago
7

Morgan sued Rachel over a motor vehicle accident, but they settled the case prior to the trial for $1,000. The lawsuit is now __

_____.
Business
1 answer:
Shtirlitz [24]2 years ago
7 0

Answer:

moot

Explanation:

If a case is settled prior to trial for any cash, we say that the lawsuit is now subject to debate, and it is commonly known as moot. In several law schools across the globe, students are taught how to deal with moot. However, it is not very easy to give a ruling concerning moot, this is because there is little or no practical evidence. It is at sometimes referred to as moot court.

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2 years ago
For some reason, the seller of a home at 123 Mulberry Lane decided not to close on a sale transaction on closing day. The seller
Mumz [18]

Answer:

The buyer can sue for specific performance of the contract. In real estate, in order for the buyer to be able to sue for specific performance, he/she must have all the money (or mortgage) ready to finish the transaction. It is very difficult for someone to sue for damages for not wanting to complete the sale of a house because houses are unique in a way that similar houses in different neighborhoods or even streets might be worth a lot more or less.

When you sue for specific performance, the non-breaching party will request that the other party performs their side of the contract.

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2 years ago
Organic foods international has decided to increase its market share by hiring a marketing rep to visit businesses in the area a
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4 0
2 years ago
1. Think about the phrase "a financially secure retirement." In two to three sentences, describe what a financially secure retir
miss Akunina [59]

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Making savings automagical.

Control your impulse spending.

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7 0
2 years ago
The before-tax income for Lonnie Holdiman Co. for 2020 was $101,000 and $77,400 for 2021. However, the accountant noted that the
lozanna [386]

Answer:

Lonnie Holdiman Co.

A Schedule showing the determination of the corrected income before taxes for 2020 and 2021:

                                                                             2020         2021

Before-tax income                                           $101,000    $77,400

1. Excess Sales revenue                                    (38,200)    38,200

2. December 31, 2020 Inventory understated   8,640      (8,640)

3. Amortized bonds discount not expensed      (1,776)       (1,901)

4. Equipment repairs not expensed                  (8,500)     (9,400)

5. Overstated depreciation from capitalized

   Equipment repairs                                             850           940

Corrected income before taxes                    $62,014   $96,599

Explanation:

a) Data and Calculations:

Before-tax income for 2020 = $101,000

Before-tax income for 2021 = $77,400

1. 2020 Sales Revenue $38,200; 2021 Sales Revenue $38,200

2. 2020 Understated inventory $8,640; 2021 Understated inventory $8,640

3. 2020 Unstated bonds interest expense $1,776

2021 Unstated bonds interest expense $1,901

4. 2020 Unstated equipment repairs $8,500 Overstated Equipment account $8,500

2021 Unstated equipment repairs $9,400 Overstated Equipment account $9,400

2020 Overstated Depreciation expense $850

2021 Overstated Depreciation expense $940.

Bonds Calculations:

Bonds outstanding value:

Bond's face value =        $250,000

Discount =                            15,000

Proceeds from bonds = $235,000

Bonds coupon payment = $15,000 ($250,000 * 6%)

Bonds Interest expense = $16,450 ($235,000 * 7%)

Amortized discount = $1,450

December 31, 2017:

Bonds coupon payment = $15,000 ($250,000 * 6%)

Bonds Interest expense = $16,450 ($235,000 * 7%)

Amortized discount =          $1,450 ($16,450 - $15,000)

Outstanding value = $236,450 ($235,000 + 1,450)

December 31, 2018:

Bonds coupon payment = $15,000 ($250,000 * 6%)

Bonds Interest expense = $16,552 ($236,450 * 7%)

Amortized discount =          $1,552 ($16,552 - $15,000)

Outstanding value = $238,002 ($236,450 + 1,552)

December 31, 2019:

Bonds coupon payment = $15,000 ($250,000 * 6%)

Bonds Interest expense = $16,660 ($238,002 * 7%)

Amortized discount =          $1,660 ($16,660 - $15,000)

Outstanding value = $239,662 ($238,002 + 1,660)

December 31, 2020:

Bonds coupon payment = $15,000 ($250,000 * 6%)

Bonds Interest expense = $16,776 ($239,662 * 7%)

Amortized discount =          $1,776 ($16,776 - $15,000)

Outstanding value = $241,438 ($239,662 + 1,776)

December 31, 2021:

Bonds coupon payment = $15,000 ($250,000 * 6%)

Bonds Interest expense = $16,901 ($241,438 * 7%)

Amortized discount =           $1,901 ($16,901 - $15,000)

Outstanding value = $243,339 ($241,438 + 1,901)

Depreciation on Capitalized Equipment Repairs:  

Excess depreciation expense:

2020 = $850 ($8,500 * 10%)

2021 = $940 ($9,400 * 10%)          

6 0
2 years ago
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