Inventory turnover for 2009 = Cost of goods sold / Ending inventory = $667,134 / $92,232 = 7.25.
Inventory turnover for 2008 = Cost of goods sold / Ending inventory$442,104 / $87,840 = 5.04Day's sales in inventory at December 31, 2009 = 365 / Inventory turnover for 2009 = 365 / 7.25 = 50.3 daysDay's sales in inventory at December 31, 2008 = 365 / Inventory turnover for 2008 = 365 / 5.04 = 72.5 daysInventory Turnover for 2009
Inventory turnover is computed by dividing cost of goods sold by average inventory.
Average inventory = (Beginning inventory + Ending inventory) / 2
Average inventory for 2009 = (92,232 + 87,840) / 2
Average inventory for 2009 = 90,036
Inventory turnover for 2009 = Cost of goods sold / Average inventory
Inventory turnover for 2009 = 667,134 / 90,036
Inventory turnover for 2009 = 7.41
Inventory Turnover for 2008
Average inventory for 2008 = (87,840 + 97,600) / 2
Average inventory for 2008 = 92,720
Inventory turnover for 2008 = Cost of goods sold / Average inventory
Inventory turnover for 2008 = 442,104 / 92,720Inventory turnover for 2008 = 4.76
Days’ Sales in Inventory at December 31, 2009
Days’ sales in inventory is computed by dividing inventory by cost of goods sold and then multiplying the result by 365.
Days’ sales in inventory = (Inventory / Cost of goods sold) × 365
Days’ sales in inventory at December 31
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Why is the illinois central railroad company selling these acres of prairie farmland?
If a mine runs dry or production stops, the railroads that were built specifically for it or other economic or logistical locations are abandoned.
Why is it considered a "company"?A corporation is referred to as a company since its workers want to produce value. English English verb "to produce" derives from the Latin produco, which meaning to lead forth in the bring forward. The word "business" has its roots in the Old French concept of compaignie, meaning companionship. The term "business" first arose in Old English, which mixes busy and -ness.
What does a company mean?People can lawfully form a company as a group to conduct business and manage a commercial or manufacturing activity.According on the corporate structure, a company may be structured in a range of ways for tax and potential obligation purposes.
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you work for an automotive parts distributor based in ohio that is expanding operations in china. management and operations employees that will be working with the chinese division have been taking classes on chinese culture and business customs.
According to the given statement the answer is Heightened global competition
Who is called a distributor?A distributor acts as either a link within the supply chain or distribution system between a manufacturer, who makes a product, and an entity later down the line. The downstream organization can be either a wholesalers or retailing, known as a value-added reseller (VAR).
Is a distributor an owner?A distributor simply buys the products from the source and resells them to end-user clients. The distributor, not the provider, is given legal ownership of the products in question, and it is the distributor that is obligated to any customers under any contracts.
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what is a management system, as well as a measurement system, that a firm uses to translate business strategies into executable tasks?
Balanced scorecard is a management system, as well as a measurement system, that a firm uses to translate business strategies into executable tasks.
The balanced scorecard (BSC) is a strategic performance measure used to identify and enhance different internal company operations and the external outcomes that result from them. Balanced scorecards are widely used to measure as well as provide feedback to organizations in the Country, the United Kingdom, Japan, and Europe. Executives and managers gather and interpret data, which is critical to providing quantitative results. This information can be used by company personnel to make better choices for the future of their organizations. A balanced scorecard is a metric used it to identify, enhance, and control the various functions and outcomes of a business.
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a purpose of advertising is to make the: group of answer choices demand for one's product more inelastic. demand for one's product less inelastic. market closer to perfectly competitive. demand for one's product more elastic.
A purpose of advertising is to make the demand for one's product more elastic. Advertising of product or also services will make a demand more higher than normal.
In economic and business, Advertising generally can be defined as an industry used to call the attention of the public to something, typically a product or service. In the advertising activities, each of activities has a purpose to make product, brand or service is promoted to a viewership in order to attract interest, engagement, and sales. There are several types of advertising, such as Display Advertising, Video Advertising, Mobile Advertising, and also Native Advertising.
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the cost of goods sold or cost of services sold is the combination of variable costs necessary to make a product or provide a service.
The cost of goods sold (COGS) or cost of services sold is the total amount of direct costs associated with producing and delivering a product or service.
What is associated ?
The term "associated" can refer to a variety of things, including being connected or linked to something, being affiliated with something, or having a relationship with something.
This includes the cost of materials, labor, and other expenses directly related to the production of the product or service. It does not include any indirect costs, such as overhead, marketing, or administrative expenses. COGS is used to calculate gross profit, which is the difference between sales revenue and COGS.
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exercise 1-8 (algo) product costs and period costs; variable and fixed costs [lo1-3, lo1-4] required: 1. for financial accounting purposes, what is the total amount of product costs incurred to make 21,750 units? 2. for financial accounting purposes, what is the total amount of period costs incurred to sell 21,750 units? 3. for financial accounting purposes, what is the total amount of product costs incurred to make 26,500 units? 4. for financial accounting purposes, what is the total amount of period costs incurred to sell 17,000 units? (for all requirements, do not round intermediate calculations.)
1. Product costs for 21,750 units = 21,750 x Product Cost per Unit.
2. Period costs for 21,750 units = 21,750 x Period Cost per Unit.
3. Product costs for 26,500 units = 26,500 x Product Cost per Unit.
4. Period costs for 17,000 units = 17,000 x Period Cost per Unit.
What is the purpose of financial accounting?
Financial accounting is the process of recording, summarizing, analyzing, and reporting financial information about a business entity. Its purpose is to provide financial information to investors, creditors, management, and other stakeholders to enable them to make informed decisions about the business. Financial accounting also helps businesses comply with legal requirements, such as filing income taxes.
The detailed answers for the given questions are as follows:
1. Product costs are the costs of the direct materials, direct labor, and overhead costs required to make a product.The total amount of product costs incurred to make 21,750 units is the sum of the direct materials, direct labor, and overhead costs associated with making 21,750 units.
2. Period costs are the costs that are not directly associated with the production of the product, such as selling and administrative expenses. The total amount of period costs incurred to sell 21,750 units is the sum of the selling and administrative expenses associated with selling 21,750 units.
3. The total amount of product costs incurred to make 26,500 units is the sum of the direct materials, direct labor, and overhead costs associated with making 26,500 units.
4. The total amount of period costs incurred to sell 17,000 units is the sum of the selling and administrative expenses associated with selling 17,000 units.
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mallory would like to create an irrevocable trust for her children that will remove assets from her gross estate, but she is uncomfortable relinquishing all control of the property because her children are young and they may not prove to be financially responsible. she would like to be able to change the beneficiaries of the trust, perhaps to her grandchildren, or change the shares of each beneficiary in the event they waste their distributions. will the retention of these powers affect the transfer to the trust? a) the retention of such powers will cause the gift to be an incomplete transfer because she is not giving up sufficient control of the trust assets. b) the transfer would be incomplete only if mallory retained the right to receive trust income. the power to change the beneficiaries or their shares is not a significant retained power. c) a transfer to an irrevocable trust will remove the assets from mallory's gross estate regardless of any retained powers. d) the powers retained by mallory are insufficient to create an incomplete transfer.
The retention of these powers affects the transfer to the trust as a transfer to an irrevocable trust will remove the assets from Mallory's gross estate regardless of any retained powers.
How is a property held in trust transferred?
If there is only one beneficiary or if there are multiple beneficiaries and they all concur, the beneficiary may ask the trustee to transfer the trust's assets to either him, or if there are multiple beneficiaries, to each of them (or the beneficiaries may desire).
Who is ineligible to serve as a trustee?
If you are ineligible to serve as a trustee under the Charities Act, you may not do so unless the Commission has waived your ineligibility. You may be disqualified if you are ineligible to serve as a company director.
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charter properties, llc has investment properties which they purchased for $8,535,000. they receive $300,000 per year in net operating income (noi). they plan to hold these properties for 10 years and then divest. in the 10th year, charter believes that the terminal value will be based on the 11th year noi with an assumed growth rate of 4%. assume a discount rate of 6%. calculate the dcf value of the portfolio of properties based on the assumptions given. calculate the npv calculate the irr
The desire to increase one's wealth is a major motivation for investing. Making money is typically the foundation of all investments.
What exactly is ROI (return on investment)?
The return on investment, also known as profit, is the amount of money made as a percentage of the cost of an investment. It demonstrates the effective and efficient use of profit-generating investment funds. Knowing the return on investment can help investors decide whether or not to invest in a particular investment (ROI).
What is the formula for ROI?
The most commonly used formula is ROI = Net income / Cost of investment x 100, which is calculated by dividing the total cost of the investment by the net income.
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The history of bananas
Using at least two terms from the unit, summarize the United States’ connection to the history of bananas, as documented in this TED talk.
There was a U.S corporation called El Pupo that specialized in trafficking bananas. Bananas fist officially reached America in the early 1500’s. By the end of the 1800’s, bananas were a big hit in the U.S.
How was bananas shoot introduced to the US for cultivation?Spanish explorers brought bananas to the Americas in the 1500s. The first banana shoot is thought to have been planted in the Caribbean islands in 1516. Bananas did not arrive in the United States until the 1800s, when sailors brought banana shoots back from the Caribbean.
Because fruit companies in the United States wanted to grow their own bananas, they bribed government officials to gain access to various lands. Rainforests were cleared, plantations were constructed, and the business grew from there.
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What are the key Enlightenment ideas that influenced the development of our government institutions and explain their influence?
1. Natural Rights: The concept of natural rights was a key Enlightenment idea that influenced the development of our government institutions.
What is Enlightenment ?Enlightenment is a philosophical movement of the 18th century that emphasized reason and individualism rather than tradition. It sought to challenge the authority of institutionalized religion and to advance knowledge through science. The Enlightenment promoted the idea that human beings could use their own reason and understanding to improve their lives and society.
2. Separation of Powers: The Enlightenment idea of separation of powers was also influential in the development of our government institutions. This concept holds that power should be divided among different branches or levels of government in order to prevent any one branch from becoming too powerful and oppressive. This idea has been implemented in our government through the establishment of three branches—the executive, legislative, and judicial—each with its own powers and responsibilities.
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roses is a regional self-service retail store that sells name-brand electronics, tools, housewares, and sporting goods at low prices. roses is an example of a
Roses is a regional self-service retail store that sells name-brand electronics, tools, housewares, and sporting goods at low prices. Roses is an example of a discount store.
A discount shop is a retail establishment that sells goods at a discount to more established retail establishments. Because they provide a large variety of products, some discount stores are comparable to department stores; in fact, some of them go by the name cheap department stores.
Jewelry, electronics, sporting items, or home appliances are among the products that some people specialize in. These shops offer affordable prices and knowledgeable service while carrying a variety of national brands (often bought directly from the makers).
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2. what do the principles of economics say about the most important microeconomic issues such as incentives, opportunity cost and trade?
The principles of economics indicate that incentives are a powerful driver of decision-making, as they motivate individuals to take action in order to achieve desired outcomes.
Opportunity cost is the cost associated with forgoing one choice in favor of another, and it is essential for decision-making as it helps individuals to weigh the pros and cons of different options. Finally, trade is essential for economic efficiency, as it allows for the exchange of goods and services between two or more parties, enabling each party to specialize in what it does best, thereby allowing them to produce more with less effort.
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as part of the ongoing expenses of being a sales associate, the first thing to do is set aside money for:
The first step is to budget for federal and state income taxes as part of the ongoing expenses of working as a sales associate. Thus, option A is correct.
Brief About Sales?"Time is of the essence" is a legal expression that describes the time frame within which one party must fulfil its contractual obligations to the other party. When a disagreement arises, the parties have four basic options: direct negotiation, mediation with an objective third party, arbitration with one to three arbitrators, or litigation in state or federal court with a judge or jury.
A broker preview is similar to an office preview, with the exception that all local multiple listing service participants can access it. Typically, this occurs during the first week.
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Complete question:
As part of the ongoing expenses of being a sales associate, the first thing to do is set aside money for:
a. federal and state income taxes.
b. a new vehicle.
c. the fastest computer available.
d. the latest computer software.
front corporation's end-of-year balance sheet consisted of the following amounts: cash $25,000 accounts receivable $46,000 property, plant, and equipment 69,000 long-term debt 41,000 capital stock 107,000 accounts payable 22,000 retained earnings ? inventory 33,000 what is front's owners' equity balance at the end of the current year?
Retained earnings = $107,000 - $22,000 - $33,000 = $52,000. Owners' equity = Capital stock + Retained earnings = $107,000 + $52,000 = $159,000.
The retained earnings balance for the front corporation can be calculated by subtracting the total liabilities (accounts payable and long-term debt) from the total assets (cash, accounts receivable, property, plant, and equipment, capital stock, and inventory). The retained earnings balance for the frontal pot can be calculated by abating the total arrears (accounts outstanding and long- term debt) from the total means (cash, accounts delinquent, property, factory, and outfit, capital stock, and force). Retained earnings are also called earnings fat and represent reserve money, which is available to company operation for reinvesting back into the business. The decision to retain the earnings or to distribute them among shareholders is generally left to the company operation. still, it can be challenged by the shareholders through a maturity vote because they're the real possessors of the company.
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the green giant has a 6 percent profit margin and a 32 percent dividend payout ratio. the total asset turnover is 1.4 times and the equity multiplier is 1.5 times. what is the sustainable rate of growth? multiple choice 9.37% 2.10% 11.20% 14.06% 12.60%
The rate of sustainable growth will be 12.60%.
The Green Giant has a 6 percent profit margin, a 32 percent dividend payout ratio, a total asset turnover of 1.4 times, and an equity multiplier of 1.5 times.
Based on these figures, the sustainable rate of growth is 12.60%.
Profit Margin = 6%
Dividend Payout Ratio = 32%
Total Asset Turnover = 1.4
Equity Multiplier = 1.5
Sustainable Rate of Growth = Profit Margin x Dividend Payout Ratio x Total Asset Turnover x Equity Multiplier = 6% x 32% x 1.4 x 1.5 = 12.60%
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raul ruiz contacts his real estate agent to purchase a vacation house in lake tahoe. raul does not want to make the offer in his name and asks the agent to make the offer in her name but to disclose that she is buying for a client. raul is which type of principal?
In order to purchase a vacation home in Lake Tahoe, Raul Ruiz gets in touch with his real estate agent. Raul is Partially disclosed type of principal.
Agency with Some Disclosure. a situation in which the principal's name is unknown to the third party yet the agent and third party are both aware of the fact of the agency. When compared to disclosed and undisclosed agents, partially disclosed agents are different because in this case, the agent is still liable to the third party so long as the third party perceives the agent to be the real party. While a hidden agent works in his own name, a disclosed agent represents the principal. When a party is aware that an agent is representing a principal and is aware of the party's identity, the principal is said to have been disclosed.
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Raul Ruiz contacts his broker to purchase a house in Sunriver. Because he is so famous, he does not want to make the offer in his name and asks the broker to make the offer in her name but to disclose that she is buying for a client. Which type of agency is created by this scenario?
communist countries worked on the premise that government officials were in the best position to allocate the economy’s scarce resources. T/F
Yes, it is true because communist nations operated under the assumption that the best people to allocate the economy's limited resources were government officials.
What system of resource allocation did the Communists use?Government personnel were assumed to be in the perfect situation to distribute the economy's limited resources in communist countries. These central planners made decisions about who produced and used certain commodities and services, as well as on how much of each was produced.
On what does communism rest?Karl Marx's theories, which he detailed in The Communist Manifesto, are most strongly identified with the political system known as communism. The foundation of communism is the desire to end socioeconomic class conflicts by establishing a fair society where everyone get benefits.
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gene uses hr data such as employee demographic information, performance ratings, and employee surveys to try to predict which employees are most likely to quit. gene is making use of
Gene uses hr data such as employee demographic information, performance ratings, and employee surveys to try to predict which employees are most likely to quit. gene is making use of predictive analytics.
Gene is making use of predictive analytics. Predictive analytics is the use of data analytics to determine patterns and trends in data and then using those patterns and trends to make predictions about future outcomes. In this case, Gene is using the available hr data to determine patterns and trends in employee behavior, such as which employees are most likely to quit, and then make predictions based on those patterns and trends.
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why are entrepreneurs important in a free enterprise economy
Answer: they are willing to take risks to start new businesses.
Explanation: just took the quiz.
Entrepreneurs are important in a free enterprise economy because they bring innovation and creative ideas to the marketplace.
Why are entrepreneurs important in a free enterprise economy?
They provide goods and services that meet the needs of consumers and create new jobs. They also stimulate competition and help keep prices low. In addition, entrepreneurs can help drive economic growth by introducing new technologies, products, and services that can create entire new industries. They also help to create wealth by allowing others to invest in their businesses. Entrepreneurs are vital for a free enterprise economy because they bring about innovation, competition and growth. Their innovative ideas and creative solutions to problems create new products and services, which in turn drives economic growth. By introducing new products and services, entrepreneurs help to create competition in the marketplace, which helps to keep prices low and quality high.
Entrepreneurialism is the belief that entrepreneurs are key drivers of economic growth and development. By embracing entrepreneurialism, a free enterprise economy can reap the benefits of innovation, competition and job growth.
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match the investing goal with the investor most likely to choose the goal as their primary goal. - a college graduate that is starting a new job and contributing 10% to their 401(k). a. income generation - a couple nearing retirement that will need to start accessing their retirement funds soon. b. preservation of capital - a retired couple that does not have enough social security and depends on their retirement funds to supplement their retirement budget. c. growth - a 40-year old investor that is comfortable with risk and market volatility with a focus on wealth accumulation.
C) Growth is a 40-year-old investor who focuses on wealth accumulation and is accustomed to risk and market volatility.
Which four kinds of investors exist?Investors in angels Lenders who lend to others. Investors in VCs. Individual investors.
What should my 40-year-old portfolio look like?When it comes to age-based asset allocation, the most common rule is to hold a percentage of stocks equal to 100 times your age. Therefore, if you are 40, you should invest 60 percent of your portfolio in stocks.
Which three kinds of investors are there?Pre-investors, passive investors, and active investors are the three types of investors in a business.
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a country can produce either 226 units of good y or 118 units of good x. if they want to produce 33 units of good x, how many units of good y are they able to produce? enter a number rounded to two decimal places. g
The country will be able to produce 63.84 units of good y .
If a country intends to generate 33 units of good x, we can use the good x to good y ratio to calculate how many units of good y they can produce. According to the data presented, the excellent x to good y ratio is 118:226.
This ratio may be used to calculate the number of units of good y that will be created for every 33 units of good x.First, we'll divide the number of units of excellent x by the good x/good y ratio: 33 excellent units x / (118:226) = 33/118 = 0.2809
Next, we will multiply this number by the number of units of good y in the ratio to find the number of units of good y that will be produced: 0.2809 x 226 = 63.8374.
So the country will be able to produce 63.84 units of good y if they want to produce 33 units of good x.
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when a common stock subscription has been fully paid, what account is credited to show record of the stock being issued?
A: stock subscription- common
B: Capital stock- common
C: subscription receivable
D: Cash
When a common stock subscription has been fully paid, the account that is credited to show record of the stock being issued is option B: Capital stock- common
What is the Capital stock?When a company issues common stock through a common stock subscription, it is recorded in the company's books as the issuance of new shares. When the subscription has been fully paid, the cash received from the investor is recorded as a debit in the Cash account and the new shares are recorded as a credit in the Capital Stock - Common account.
Therefore, This shows that the company has issued new shares of common stock in exchange for cash received from the investor. The Stock Subscription - Common account would be used to track the amounts received for the subscriptions before the shares have been issued.
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the lowering of trade and investment barriers allows firms to base production at the optimal location for that activity. group of answer choices true false
Businesses are now allowed to base their production in the area that is best suited for that activity thanks to the removal of trade and investment barriers. This is a true statement.
A company must have the size of a multinational powerhouse in order to benefit from and contribute to the globalization of markets. Most overseas markets typically sell consumer items. Trade restrictions can benefit wealthy nations while limiting product options, raising costs, reducing net profits, and hindering economic growth.
Greater competition Reduced trade and FDI barriers on completed goods may increase competition in the liberalized sector (s). This can help companies innovate, increase efficiency, adopt foreign technology, and take advantage of economies of scale.
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at a promotion interview, it is important to . a. anticipate questions and answer early b. wear uncomfortably formal clothes c. be honest about your qualifications d. discuss your personal life please select the best answer from the choices provided a b c d
The correct option is a, anticipate questions and answer early. It is important to anticipate the questions during the permit interview and answer them in time.
This means you should do your research on the company, the job you're applying for, and the skills, experience and qualifications you'll need to succeed in the role. In addition, you should prepare answers to common questions that are asked in promotion interviews. Being prepared with thoughtful answers will show the interviewer that you are confident in your abilities and are serious about the promotion. Taking the time to anticipate questions and answering them in a timely manner will also demonstrate your commitment to the role and your understanding of the position.
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george runs a coffee shop, which is situated in a business district. the highest-selling item on the menu is the to-go coffee around the time when the offices around the shop have lunch. customers are always in a hurry to take their coffee and leave. what should george do to better their service experience regarding this highest-selling item?
George should offer pre-made coffee orders and an express line for customers to quickly grab their coffee and go in order for them to do better their service experience regarding this highest-selling item.
1. Focus on Efficiency: George should focus on making the to-go coffee service as efficient as possible. He should look into streamlining the process as much as possible to ensure that customers can get their coffee quickly and easily.
2. Invest in Quality Equipment: George should also invest in quality equipment that can help speed up the process. This could include high-end espresso machines, or other types of commercial coffee makers.
3. Train Baristas: He should also make sure that his baristas are trained and knowledgeable about how to make the perfect cup of coffee. This will help ensure that customers get a quality product quickly.
4. Offer Pre-Ordering Options: To further improve the customer experience, George should look into offering pre-ordering options, such as allowing customers to order their coffee online or by phone, and then picking it up in-store. This will help cut down on wait times and provide a more efficient service.
5. Offer Special Promotions: Finally, George should consider offering special promotions to customers who purchase their to-go coffee at certain times. This could include discounts or free items with purchase. This will help encourage customers to come back to his shop and may even help increase his sales.
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falton co. accounts for revenue from the contract as the performance obligation is being satisfied and measures progress on the contract based on costs incurred. what amount, if any, should falton recognize as a current liability at year end?
Falton co. accounts for revenue from the contract as the performance obligation is being satisfied and measures progress on the contract based on costs incurred. The amount $2,000,000 should Falton recognize as a current liability at year end.
The current liability according to the accounting, current liabilities are often understood as all liabilities of the business that are to be settled in cash within the fiscal year or the internal of time period which is given by the company.
Falton Co. had the following first-year amounts related to its $9,000,000 construction contract, Actual costs incurred and paid $2,000,000 should Falton recognize as a current liability at year end.
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A manufacturer of programmable calculators is attempting to determine a reasonable free-service period for a model it will introduce shortly. The manager of product testing has indicated that the calculators have an expected life of 34 months. Assume product life can be described by an exponential distribution.
Required:
a. If service contracts are offered for the expected life of the calculator, what percentage of those sold would be expected to fail during the service period?
b. What service period would result in a failure rate of approximately 10 percent?
The Probability of failure is 63.21% will be expected to fail during the service period . 34 months service period would result in a failure rate of approximately 10 percent.
What is an example of service?A service is an "(intangible) act or use for which a consumer, firm, or government is willing to pay." Examples include work done by barbers, doctors, lawyers, mechanics, banks, insurance companies, and so on. Public services are those that society (nation state, fiscal union or region) as a whole pays for.
a) The MTBF (mean time between incidents) is 34 months.
Since the service contract covers the expected life, the Mean Time Between Failure(T) is 34 months.
The Probability of failure=63.21% will be expected to fail during the service period
b) Now the failure rate is given by 30.92% =0.3092
The mean time between failure will be the service rate.
MTBF= 34 months
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in 2020, the allen company had consulting revenues of $1,000,000 while operating costs were $750,000. in 2021, allen will be introducing a new service that will generate $150,000 in sales revenues and $60,000 in operating costs. assuming no changes are expected for the other services, the differential revenue for 2021 will be:
The differential revenue for 2021 will be $150K (the additional revenues are the difference of $150K), assuming no changes are anticipated for the other services.
Revenue in accounting refers to the entire amount of money made through the sale of products and services that are essential to the company's core activities. Sales or turnover are other terms used to describe commercial revenue. Some businesses get money via royalties, interest, or other fees. Revenue, which is determined by multiplying the average sales price by the quantity of units sold, is the money made through regular business activities. The top line (or gross income) figure is what is used to calculate net income by deducting costs. Sales are another name for revenue in the income statement.
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a contractor filed a breach of contract action against a supplier in federal district court, seeking compensatory damages. the contractor does not seek, and under applicable law cannot recover, punitive damages. the supplier admits the existence of the contract but denies breach. the contractor served on the supplier an interrogatory asking the supplier to state his net worth. assuming the supplier objects to the interrogatory and the contractor files a motion to compel an answer, will the court require the supplier to answer?
No, because the requested information is not relevant to the claim or defense of any party.
What is breach of contract?A legal claim and category of civil wrong known as "breach of contract" refers to when one or more of the parties to a contract refuse to perform their obligations or interfere with the performance of the other party in order to violate the terms of a legally binding agreement or exchange. Any time a party to a deal breaches one of the promises made, there has been a breach of the contract. Given how frequently contracts are broken, a substantial body of law has developed to settle the resulting conflicts. If a contract is broken, the offending party is legally obligated to make things right. Damages, specified performance, or termination of the contract with restitution are the main options.To learn more about breach of contract refer to:
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your client, who is in poor health, is considering selling her business to her daughter using a 10-year installment sale. the client has asked you about the estate tax implications of the outstanding installment note payments should she die within the 10-year period. what is your response to your client's inquiry regarding the estate tax implications? a) the present worth of any outstanding installment payments must be included in her gross estate because the installment term was not completed. b) the outstanding installment payments will be excluded from her gross estate because she did not outlive the 10-year installment period. c) the fair market value of the business will be included in her gross estate because the installment sale term will not be completed. d) the outstanding installment payments will be cancelled upon her death and excluded from her gross estate if she does not outlive the 10-year period.
The fair market value of the business will be included in her gross estate because the installment sale term will not be completed is your response to your client's inquiry regarding the estate tax implications.
Who is subject to estate tax?
Estate taxes are levied on a deceased person's right to pass their estate to their legal heirs and beneficiaries at the time of death as well as on specific transfers that the law considers to be equal to a testamentary disposition. It is not a property tax.
A CPA and tax adviser, failure to pay the estate taxes deprives the inheritors of access to and benefits from possessions left by the deceased.
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