Did Jim and Laura Buy a Car? Worth 200 points HINT: See Chapters 1014 of the text to help understand some of the legal issues covered in this assignment. Jim and Laura Buyer visit the local car dealership because they are interested in buying a new car. The car they currently have is aging and is starting to have mechanical problems. Jim and Laura would share the new car and use it to go back and forth to work and school. Before going to the dealership Jim and Laura decide that they can only afford $400.00 a month in car payments. Once at the car dealership Jim and Laura meet Stan Salesman. Stan shows them several vehicles and Jim and Laura test-drive several of the cars. Jim and Laura particularly like the blue 4-door sedan. Therefore they agree to give Stan Salesman a $100.00 deposit to hold the car for a day. Stan Salesman does not give them the receipt but guarantees that the $100.00 is refundable. No documents were signed. The next day Stan Salesman calls Jim and Laura to ask them when they would like to take delivery of the car. Jim and Laura on the way home from the dealership decided that they were not going to buy the car because they did not want to spend that money each month. Therefore Jim and Laura tell Stan salesman that they have decided not to buy the car and request their $100.00 deposit back. Stan insists that the $100.00 was a deposit on the car and was meant to be part of the contract to buy the car. Stan is very persistent and insistent that Jim and Laura have contracted to buy the car; therefore the $100.00 will be applied to the purchase price of the car. Jim and Laura are shocked and angry as not only do they not want to spend the money but now feel as though they are being duped by Stan Salesman. Jim and Laura have an appointment to see a lawyer in a few days but know you are a student taking a business law class and come to you for advice. They are very frazzled and understandably upset that they may have just purchased a car. Since you have been taking business law you have read and understand the elements of a contract and the defenses to a contract. Therefore although you are not a lawyer you provide some basic advice from what you’ve learned in your business law class. In three to five (3-5) pages advise Jim and Laura based on the above facts as presented the material provided in the text and material covered in the lecture. In your paper be sure to address the following: 1. Define the elements of a legal contract using examples from the scenario where applicable. 2. Decide whether or not there was a contract for the purchase of the automobile. 3. Identify the facts from the scenario which support your decision on whether or not a contract exists for the purchase of the automobile. 4. Use at least two (2) quality academic resources in this assignment. Note: Wikipedia and other Websites do not qualify as quality academic resources. 5. Format your assignment according to the following formatting requirements: o Typed double spaced using Times New Roman font (size 12) with one-inch margins on all sides. o Include a cover page containing the title of the assignment the student’s name the professor’s name the course title and the date. The cover page is not included in the required page length. o Include a reference page. Citations and references must follow APA format. The reference page is not included in the required page length. Grading for this assignment will be based on answer quality logic / organization of the paper and language and writing skills using the following rubric.
Jim (age 50) and Martha (age 49) are married with three dependent children. They file a joint return for 2016. Their income from salaries totals $49 500 and they received $10 125 in taxable interest $5 000 in royalties and $3 000 in other ordinary income. Jim and Martha’s deductions for adjusted gross income amount to $3 200 and they have itemized deductions totaling $13 200.Table for the standard deductionFiling Status2016 Standard DeductionSingle$ 6 300Married filing jointly12 600Married filing separately6 300Head of household9 300Qualifying widow(er)12 600Click here to access the tax tables.Calculate the following amounts:a. Gross income$b. Adjusted gross income$c. Itemized deduction or standard deduction amount$d. Number of exemptionse. Taxable income$f. Income tax liability$
E74B Jim Parkus is unable to reconcile the bank balance at January 31. Jim’s reconciliationis shown here.Cash balance per bank $3 660.20Add: NSF check 570.00Less: Bank service charge 25.00Adjusted balance per bank $4 205.20Cash balance per books $3 975.20Less: Deposits in transit 590.00Add: Outstanding checks 870.00Adjusted balance per books $4 255.20Instructions(a) What is the proper adjusted cash balance per bank?(b) What is the proper adjusted cash balance per books?
Jim Turin & Sons Inc. PetitionerAppellee v. Commissioner of Internal Revenue Respondent-AppellantAnalyze the cash method and the accrual method described in the case study above. How did Turin assert his position? What were the key points in the decision that determined revenue recognition?
Case Study 3:Jim Strong your audit assistant is unsure of the relationship between the attributes of financial reporting information and auditing.10 marksRequiredExplain to Jim the connection between auditing and the communication of accounting information.
Jim Plant has $26 000 invested in stock A and stock B. Stock A currently sells for $20 a share and stock B sells for $90 a share. If stock B doubles in value and stock A goes up 50% his stock will be worth $48 000. How many shares of each stock does he own?
Directions:1. Read Case 4.1 Hardee Transportation. Answer Case Study questions 1 and 2.2. To complete this assignment create a MS Word file label the paper with “LP3 Hardee Transportation.” Write a 500750 word essay in which you answer questions 1 and 2. Be sure to include an Introduction Conclusion and References in your essay.Case 4-1 Hardee TransportationJim O’Brien has realized for quite some time that some of Hardee’s customers are more profitable than others. This is also quite true for certain freight lanes. However Hardee has traditionally structured its prices around discounts off their published tariff rates. Most of the discounts have been based on freight volume only. Jim knows that his drivers and dock people do more for certain customers than move volume; they count freight during loading sort and segregate freight on the dock weight shipments and do some labeling.Jim foresees some of the new service demands from his customers being very difficult to cost and price because they won’t necessarily be based on freight volume. Some of these new demands will include merge-in-transit event management continuous shipment tracking RFID capability and dedicated customer service personnel. Traditionally Hardee has used average cost pricing for its major customers. Some of his pricing managers have have urged Jim to consider marginal cost pricing. However Jim has developed a keen interest in value-of-service pricing methods versus the traditional cost-of-service pricing.The problem with both approaches for Hardee is that they have no form of activity-based costing or any other methodology that will allow them to really get a handle on where their costs are hidden. Jim knows what Hardee pays its drivers knows the costs of equipment and fuel and knows the overall costs of dispatch and dock operations. Hardee’s average length of haul is 950 miles and its loaded mile metric is 67 percent.Case Questions:1. What would be the advantages/disadvantages of using cost-of service versus value-of-service pricing for Hardee’s customers? When discussing cost-of-service pricing what type of cost (average versus marginal) would make more sense for Hardee?2. How would you develop a methodology for Hardee to price its existing services? Its evolving services? Would you use the same or different strategies for each?
CASE 41Hardee Transportation (A)Jim O’Brien has realized for quite some time that some of Hardee’s customers are moreprofitable than others. This is also quite true for certain freight lanes. However Hardeehas traditionally structured its prices around discounts off their published tariff rates.Most of the discounts have been based on freight volume only. Jim knows that his dri-vers and dock people do more for certain customers than move volume; they countfreight during loading sort and segregate freight on the dock weigh shipments and dosome labeling.Jim foresees some of the new service demands from his customers being very diffi-cult to cost and price because they won’t necessarily be based on freight volume. Someof these new demands will include merge-in-transit event management continuousshipment tracking RFID capability and dedicated customer service personnel. Tradi-tionally Hardee has used average cost pricing for its major customers. Some of his pri-cing managers have urged Jim to consider marginal cost pricing. However Jim hasdeveloped a keen interest in value-of-service pricing methods versus the traditionalcost-of-service pricing.The problem with both approaches for Hardee is that they have no form of activity-based costing or any other methodology that will allow them to really get a handle onwhere their costs are hidden. Jim knows what Hardee pays its drivers knows the costsof equipment and fuel and knows the overall costs of dispatch and dock operations.Hardee’s average length of haul is 950 miles and its loaded mile metric is 67 percent.CASE QUESTION1. What would be the advantages/disadvantages of using cost-of-service versus value-of-service pricing for Hardee’s customers? When discussing cost-of-service pricing what type of cost (average versus marginal) would make more sense for Hardee?
