Eugene Ables ran an excavation company. He borrowed $500,000 from the Highland Park State Bank. Ables signed a note promising to repay the money and an agreement giving Highland Bank a security interest in all of his equipment, including after-acquired equipment. Several years later, Ables agreed with Patricia Myers to purchase a Bantam Backhoe from her for $16,000, which he would repay at the rate of $100 per month, while he used the machine. Ables later defaulted on his note to Highland and the bank attempted to take the backhoe. Myers and Ables contended that the bank had no right to take the backhoe? Was the backhoe covered by Highland's security interest? Did Ables have sufficient rights in the backhoe for the bank's security interest to attach? Who wins and why? The Bank did have the right to take the backhoe because he signed a note and promised to repay the money and if he did not he gave a lien which was any of his equipment even equipment acquired after the note was signed. Yes. The Backhoe is covered by Highland's security interest because it contained the provision for after-acquired equipment. Ables have sufficient rightd in the backhoe for the bank's seurity interest to attched Ables would win because it was covered and a note was signed to back it up lp ep budget by filing in the first U Iabels and amounts of the INSTRUCTIONS: abber Foods produces speciality soup sold in jars. The projected sales in dollars and jars for each quarter of the upcoming year are as follows: Total sales revenue $188,000 $216,000 $258,000 195,000 Number of jars sold 152,000 180,500 210,500 160,500 1st quarter 2nd quarter 3rd quarter 4th quarter Jabber anticipates selling 220,000 jars with total sales revenue of $267,000 in the first quarter of the year following the year given in the preceding table. Jabber has a policy that the ending inventory of jars must be 20% of the following quarter's sales. REQUIREMENT: Prepare a production budget for the year that shows the number of jars to be produced each quarter and for the year in total. Check your spelling carefully and do not abbreviate. Use cell references and formulas, where possible, in order to receive full credit. Enter all amounts as positive values. Do not use a minus sign or parentheses for any values to be subtracted. SAVE&SUBMIT: After entering your answer in the second tab (ENTER SOLUTION HERE), save your spreadsheet by clicking FILE > SAVE AS. Make sure you DO NOT included spaces in your file name, and remember to save the file somewhere you will be able to find it, such as the Desktop. Eugene Ables ran an excavation company. He borrowed $500,000 from the Highland Park State Bank. Ables signed a note promising to repay the money and an agreement giving Highland Bank a security interest in all of his equipment, including after-acquired equipment. Several years later, Ables agreed with Patricia Myers to purchase a Bantam Backhoe from her for $16,000, which he would repay at the rate of $100 per month, while he used the machine. Ables later defaulted on his note to Highland and the bank attempted to take the backhoe. Myers and Ables contended that the bank had no right to take the backhoe? Was the backhoe covered by Highland's security interest? Did Ables have sufficient rights in the backhoe for the bank's security interest to attach? Who wins and why? The Bank did have the right to take the backhoe because he signed a note and promised to repay the money and if he did not he gave a lien which was any of his equipment even equipment acquired after the note was signed. Yes. The Backhoe is covered by Highland's security interest because it contained the provision for after-acquired equipment. Ables have sufficient rightd in the backhoe for the bank's seurity interest to attched Ables would win because it was covered and a note was signed to back it up lp ep budget by filing in the first U Iabels and amounts of the INSTRUCTIONS: abber Foods produces speciality soup sold in jars. The projected sales in dollars and jars for each quarter of the upcoming year are as follows: Total sales revenue $188,000 $216,000 $258,000 195,000 Number of jars sold 152,000 180,500 210,500 160,500 1st quarter 2nd quarter 3rd quarter 4th quarter Jabber anticipates selling 220,000 jars with total sales revenue of $267,000 in the first quarter of the year following the year given in the preceding table. Jabber has a policy that the ending inventory of jars must be 20% of the following quarter's sales. REQUIREMENT: Prepare a production budget for the year that shows the number of jars to be produced each quarter and for the year in total. Check your spelling carefully and do not abbreviate. Use cell references and formulas, where possible, in order to receive full credit. Enter all amounts as positive values. Do not use a minus sign or parentheses for any values to be subtracted. SAVE&SUBMIT: After entering your answer in the second tab (ENTER SOLUTION HERE), save your spreadsheet by clicking FILE > SAVE AS. Make sure you DO NOT included spaces in your file name, and remember to save the file somewhere you will be able to find it, such as the Desktop