Answer alll
Business Law/Accounting
1. Formation of Agency
Matt was on a business trip, staying at a Motel 7. He fell on his way to free breakfast, alleging that his fall was caused by negligence in maintaining the premises. At that time, Motel 7 was under a license agreement with Super 9, Inc. The license allowed for Super 9 to take care of the style of architecture, the equipment, and the furnishings,
The contract did not grant Super 9 the power to control the day-to-day operations of Motel 7's motel, to fix customer rates, or to demand a share of the profits. Motel 7 could hire and fire its employees, determine wages and working conditions, supervise the employee work routine, and discipline its employees. In return, Motel 7 used the trade name "Super 9" and paid a fee for use of the license and Super 9's national advertising. Matt sued Super 9, claiming Motel 7 was its agent. Is Matt correct?
A project has the following estimated data: Price = $52 per unit; variable costs = $34 per unit; xed costs = $23,500; required return =12 percent; initial investment = $30,000; life = three years. a. Ignoring the effect of taxes. what is the accounting break-even quantity? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) b. What is the cash break-even quantity? (Do not round intermediate calculations and round your answer to 2 decimal places. e.g., 32.16.) c. What is the financial breakeven quantity? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) d. What is the degree of operating leverage at the nancial break-even level of output? (Do not round intermediate calculations and round your answer to 3 decimal places, e.g., 32.161.) a Accounting break-even quantity _ a Cash break-even quantity _ a Financial breakeven quantity _ _ Allison Alton practices law under the business title Allison Alton, Alton's business uses the following accounts Attorney at Law, Inc. During June, her law practice engaged in (Click the icon to view the accounts. ) the following transactions. i (Click the icon to view the transactions.) Requirement 1. Journalize each transaction. No explanations are Jun 1: Sold $65,000 of common stock to Alton to start the business Journal Entry Date Accounts Debit Credit Change from any list or enter any number In the Inout fields and then click Check AnswerP1-46A Using the accounting equation for transaction analysis and preparing Learning Obje financial statements Angela Petrillo recently opened her own law office, which she operates as a corporation. 2c. Total Assets $9 The name of the new entity is Angela Petrillo, Attorney. Petrillo experienced the following events during the organizing phase of the new business and its first month of operation, March 2016. Some of the events were personal and did not affect the law practice. Others were business transactions and should be accounted for by the business. Mar. 1 Sold personal investment in Amazon stock, which she had owned for several years, receiving $31,000 cash. 2 Deposited the $31,000 cash from the sale of the Amazon stock in her personal bank account. 3 Deposited $72,000 cash in a new business bank account titled Angela Petrillo, Attorney. The business issued common stock to Petrillo. 5 Paid $350 cash for ink cartridges for the printer. 7 Purchased computer for the law office, agreeing to pay the account, $5,500, within three months. 9 Received $2,500 cash from customers for services rendered. 15 Received bill from The Lawyer for magazine subscription, $340. (Use Miscellaneous Expense account.) 23 Finished court hearings on behalf of a client and submitted a bill for legal services, $18,000, on account. 28 Paid bill from The Lawyer. 30 Paid utilities, $1,300. 31 Received $1,800 cash from clients billed on Mar. 23. 31 Cash dividends of $2,000 were paid to stockholders. Requirements 1. Analyze the effects of the preceding events on the accounting equation of Angela Petrillo, Attorney. Use a format similar to Exhibit 1-6. 2. Prepare the following financial statements: a. Income statement. b. Statement of retained earnings. c. Balance sheet
