Ann receives an unsolicited credi card in the mail and tosses it on her desk. Without Ann's permission, her roommate uses the card to spend $1000 on new clothes. Ann is liable for a$1000, b $500, c $50, d$0
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Ann receives an unsolicited credi card in the mail and tosses it on her desk. Without Ann's permission, her roommate uses the card to spend $1000 on new clothes. Ann is liable for a$1000, b $500, c $50, d$0
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- Alan purchased shoes from Barbara on open account. Barbara sent Alan a bill for $10,000. Alan wrote back that two hundred pairs of the shoes were defective and offered to pay $6,000 and give Barbara his promissory note for $1,000. Barbara accepted the offer, and Alan sent his check for $6,000 and his note, in accordance with the agreement. Barbara cashed the check, collected on the note, and one month later sued Alan for $3,000. Is Barbara bound by her acceptance of the offer?Mansi, a self-employed influencer, left her home in Georgia on Monday to fly to New York to meet with another influencer to discuss a "collab". She returned the next day. Her expenses are as follows: Airfare $500, lunch in New York at a restaurant with influencer $100, Taxi $50. How much can Mansi deduct? (Do not use commas or dollar signs. Round to the nearest dollar.)Joanna takes a security interest in the equipment in Jason Store and files a financing statement claiming “equipment and all after acquired equipment.” Berkeley later sells Jason Store a cash register, taking a security interest in the register, and (a) files nine days after Jason receives the register or (b) files twenty-five days after Jason receives the register. If Jason fails to pay both Joanna and Berkeley and they foreclose their security interests, who has priority on the cash register? Explain.
- Lucas writes a check to Paige for $250. The face of the check says, "pay to the order of Paige." Paige signs the check on the back and heads to the bank. Before Paige gets to the bank, however, Paige loses the check. Paige is not really worried, though, because the check is made out to her. If Carla finds the check and tries to cash it, Carla will: be able to cash the check because it is bearer paper. X be able to cash the check because it is order paper. be unable to cash the check because it is bearer paper. be unable to cash the check because it is order paper.Winner attends the opening of a new department store. All persons attending are given free raffle tickets for a watch worth $200. Disregarding any possible application of IRC Section 74, must Winner include anything within gross income when she wins the watch in the raffle?Jake's Auto Repair received a $3,000, 90 day, 10 % promissory note from Samantha in exchange for auto repairs. After 90 days, Samantha is unable and refuses to pay Jake's Auto Repair $3,075 ($3,000 to repay the note and $75 in interest.) What journal entry should Jake's Auto Repair making regarding Samantha dishonoring the note?
- Which one of the following would not be included in Doug's gross income? C Doug's employer pays $100 per month directly to his daughter's offsite daycare center C Doug received a $500 bonus from his employer C Doug found $1.000 worth of gold coins while hiking in Yosemite National Park C Doug won $100 playing poker at an illegal gambling clubNancy Houser has a $1,500 overdue debt for medical books and supplies at Ken's Bookstore. She has only $500 in her checking account and doesn't want her parents to know about this debt. Ken's tells her that she may settle the account in one of two ways since she can't pay it all now: 1. Pay $500 now and $1,200 when she completes her residency, two years from today. 2. Pay $2,000 one year after completion of residency, three years from today. Assuming that the cost of money is the only factor in Nancy's decision and that the cost of money to her is 8%, which alternative should she choose?Jan Guerra lends $9000 to her second cousin using a 180-day 10% simple interest note that was signed on October 30. Guerra subsequently has a car accident and desperately needs money, so she sells the note at a discount of 15% on January 3 to an investor. Find (a) the discount, (b) the proceeds, and (c) the amount of money Guerra gains or loses.
- Jessica is a professional consultant. She agrees to consulting services for Joe for $2,000. After she finishes, Joe does not have cash to pay Jessica, but he has an antique, collectible baseball card with a fair market value of $2,000 that he gives her to satisfy the payment. The baseball card cost Joe $500. How much should Jessica include in her gross income?Betty writes a check for $500 payable to Luanne and drawn on Union Planters Bank. Luanne indorses the check on the back and gives the check to Randolph in payment for a couch that Luanne buys from Randolph. Randolph indorses the check on the back, under Luanne's signature, and takes the check to Union Planters Bank to cash. Union Planters Bank dishonors the check, even though there are sufficient funds in Betty's account. Primary liability for honoring the check that Randolph presented to Union Planters Bank lies with: Union Planters Bank and Betty. Betty only, because she is the drawer. Union Planters Bank only. Randolph's only recourse is to sue Union Planters Bank. Luanne only, because Luanne is the party from whom Randolph received the check.Rosa Valencia has a personal automobile policy (PAP) with coverage of $25,000/$50,000 for bodily injury liability, $10,000 for property damage liability that includes coverage for her vehicle, $5,000 for medical payments, and a $500 deductible for collision insurance. How much will her insurance cover in each of the following situations? Will she have any out-of-pocket costs? Rosa loses control when she swerves to miss a dog on the street, running into a parked car and causing $5,300 damage to the unoccupied vehicle and $3,750 damage to her own car. Rosa pulls out in front of another car and causes a serious auto accident, badly injuring three people. The injured parties win lawsuits against her for $35,000 for one individual, and the other two passengers claimed $5,000 each ($10,000 total). Rosa’s 16-year-old daughter borrows her car. She runs off the road when texting while driving and causes $450 damage to the car.
