Define judicial precedent and explain how judges can develop the law despite the  constraints of precedent. Illustrate your answer by reference to relevant cases.

Q: During the second year of operations, Rabbit Company found itself in financial difficulties. The…

A: Factoring of Receivables Receivables factoring is the practise of selling open accounts receivable…

Q: Coronado Company issues 11,200 shares of restricted stock to its CFO, Mary Tokar, on January 1,…

A: In the case of restricted stock, employees receive non-transferable shares with restrictions on when…

Q: The balance sheet of Indian River Electronics Corporation as of December 31, 2020, included 13.25%…

A: Registered bondholders may cash in their bonds at maturity by presenting their bond certificates,…

Q: BLOCK E/2018/2 Rimz AG is a luxury car wheel manufacturer, which in a two-stage production…

A: The sales are assumed to be made on credit basis. The profit related entry is not passed. cost of 10…

Q: M Corp. receives advance payments with special orders for containers constructed to customer…

A: correct.Deposits or other advance payments are liabilities becausethey involve a probable future…

Q: Brook's law say that adding more people to a late project: O a. strengthens team norms that support…

A: Brook's law is a principle in project management that states that adding more people to a project…

Q: Cullumber Company had zero units of beginning work in process. During the period, 7,560 units were…

A: Units Started Into Production Are The Sum Of Units Were Completed And Transferred Out And Ending…

Q: On January 1, 2021, Nath-Langstrom Services, Inc., a computer software training firm, leased several…

A: Lease is defined a contractual agreement incorporated between two business entities where one entity…

Q: Entries for Materials Kingsford Furnishings Company manufactures designer furniture. Kingsford…

A: Cost accounting is a process of summarising cost data for business use. Cost accounting helps in…

Q: Finch Corporation has a desired rate of return of 7 percent. William Tobin is in charge of one of…

A: Residual income indicates the extra flow of income over the initial investment. It is the excess of…

Q: What factors should Beth take into account when considering the appointment of an executor of a…

A: Executor of will is the term which is defined as the person who would be nominated through the…

Q: O'Brien Company manufactures and sells one product. The following information pertains to each of…

A: The income statement records the revenue and expenses of the period and tells about the…

Q: business had the following amounts of assets and liabilities at the eginning and end of a recent…

A: The accounting equation states that assets equals to sum of liabilities and shareholder's equity.…

Q: Lavage Rapide is a Canadian company that owns and operates a large automatic car wash facility near…

A: Introduction: In preparing flexible budget for the company, fixed expenses are taken as budgeted and…

Q: Myers Company uses a flexible budget for manufacturing overhead based on direct labor hours.…

A: Flexible budget is prepared for the actual results. The variable cost per unit remains same but the…

Q: Ahmad is considering making a $10,000 investment in a venture whose promoter promises will generate…

A: The costs you incurred for state and local income or sales taxes, property investment taxes,…

Q: What disclosures should be made by lessees and lessors related to future payments?

A: The lease payment is the sum of all payments paid by the lessee to the asset's owner in exchange for…

Q: A corporation's relevant range of activity is 3,000 units to 7,000 units. When it produces and sells…

A: Direct manufacturing cost means the cost of production which is directly involved in the making of…

Q: block d/2019/3  DD GmbH produces and sells drones.  With a  machine that is  depreciated annually…

A: The deprecation charged during the year for the machine that is required to produce drones is added…

Q: £9.5 (LO 2), AP DeWitt Industries has adopted the following production budget for the first 4 months…

A: Direct materials purchase budget is prepared once the production budget is prepared, it helps in…

Q: Ana Carillo and Associates is a medium-sized company located near a large metropolitan area in the…

A: You have asked more than three subparts as per guidelines we can only solve first three subparts, if…

Q: (1) Randi is one of four shareholder of DEF Corporation. DEF has a reimbursement policy in place…

A: According to Section 301(c), every portion of a distribution that represents a dividend (even though…

Q: Tony Ring wants to attend Northeast College. He will need $75,000 4 years from today. Assume Tony's…

A: Present value refers to the money present today is more valuable than the money will receive in…

Q: Erie Company manufactures a mobile fitness device called the Jogging Mate. The company uses…

A: Hi student Since there are multiple subparts, we will answer only first three subparts.  Variance…

Q: u are auditing payroll for the Morehead lechnologies company for the year ended October 31, 2019.…

A: A payroll audit examines regarding the business's payroll procedures so as to determine the accuracy…

Q: Haley Corporation manufactures custom cabinets for kitchens. It uses a normal-costing system with…

A: The overhead rate is calculated as estimated overhead cost divided by estimated base activity. The…

Q: At what amount will the following accounts appear on the consolidated financial statements? Note: Do…

A: The equity method pertains to adjustment of subsidiary financial statement results in the respective…

Q: AB Ltd.'s bank statement for July shows a balance of $23,650 at July 31st. Outstanding cheques at…

A: The bank reconciliation statement is prepared to adjust the balance for books and bank statements…

Q: information has been taken from the job order cost system, used by Hafeez CORPORATION: v) Cost of…

A: Job order costing is one of the methods of assigning costs in the cost accounting subject. It is a…

Q: In 2021, the Westgate Construction Company entered into a contract to construct a road for Santa…

A: The revenue and profit or loss can be estimated for contract on the basis of the percentage of the…

Q: In 2022, Jack, age 12 ,

A: As per IRS rules 2022  first $ 1,150 of child's unearned income qualifies…

Q: Clothing Company has two service departments-purchasing and maintenance, and two production…

A: Methods used to allocate service department costs: Direct method,step down method and repeated…

Q: The most recent financial statements for Crosby, Incorporated, follow. Sales for 2021 are projected…

A: In business, borrowing money from banks or investors is referred to as external finance. Since it…

Q: line A company uses a job-order costing system and has provided the following partially completed…

A: Material is the cost which may be directly or indirectly involved in the production process. The…

Q: Problem 1-22 (AICPA Adapted) Black Company required nonrefundable advance payments with special…

A: Hi student Since there are multiple questions, we will answer only first question.  Current…

Q: E8.2 (LO 1), AP Eckert Company is involved in producing and selling high-end golf equipment. The…

A: Target costing : It is a system of profit planning and cost management.Target costing allows the…

Q: What are the two main assurance level or engagements that auditors can perform for their clients…

A: When an auditor gives an assurance it means that the auditor is offering its opinion with regards to…

Q: The auto repair shop of Quality Motor Company uses standards to control the labor time and labor…

A: Labor spending variance is the difference between the actual labor cost and standard labor cost.…

Q: at the end of the accounting period(sept 30th, T account after AJE), what is the balance of the Gym…

A: Prepaid assets are those assets for which payment has been made in advance, but expenses will be…

Q: Suzanne Corporation manufactures custom cabinets for kitchens. It uses a normal-costing system with…

A: Proration is the method of allocation of various overheads (i.e, manufacturing or works overhead,…

Q: Create an adjusted general ledger for the following transactions

A: A journal is a book where all of a business's transactions are initially documented. Journalising is…

Q: Show Me How Print tem Equivalent Units of Materials Cost The Rolling Department of Kraus Steel…

A: The equivalent units are calculated on the basis of percentage of the work completed during the…

Q: Variable costs per unit are affected by an increase or decrease in activity. True or False True…

A: Variable Cost is that type of cost which is associated with the number of units produced or volume…

Q: Brewer, Inc. had the following data related to its common shares: Shares outstanding at 1/130,000 2…

A: The Weighted average number of shares are computed by applying the weights basis the period of…

Q: PR 22-4A Cash budget OBJ.S The controller of Sonoma Housewares Inc. instructs you to prepare a…

A: Data given in the instruction is irrelevant

Q: Andy, who is single, retired from his job this year. He received a salary of $20,000 for the portion…

A: Adjusted gross income (AGI) is your gross income minus certain adjustments. The IRS uses the AGI to…

Q: Online A company uses direct labor-hours for its predetermined overhead rate. The company estimated…

A: Predetermined OH Rate = Budgeted OH / Budgeted Direct Labour Hours…

Q: Mini Products, Inc., has developed a small digital clock. Each clock requires five small batteries…

A: Direct Material Budget :— This budget is prepared to estimate the number and cost of direct material…

Q: Muthokiju and Sons Ltd is a small manufacturing firm owned by members of the family. The following…

A: Statement of Financial Position A balance sheet, often referred to as a statement of financial…

Q: The following data apply to ABC Quality Goods for May Year 1: • Balance per the bank on May 31:…

A: A bank reconciliation statement is a summary of cash balance as per Bank and as per Books that…

Contingent Liabilities and Provisions

A contingent liability can be defined as a liability the occurrence of which is dependent upon the happening of an uncertain future event. It is generally recorded in the books only when the amount of liability can be reasonably estimated and the contingency is likely to occur shortly.