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Question 5In January, 1992, Wang rented a house for three years at a monthly rent of ＄1,00

Question 5

In January, 1992, Wang rented a house for three years at a monthly rent of ＄1,000. Wang became unemployed in August, 1992 and wanted to move out. Jone then orally agreed to reduce the monthly rent to half. In January, 1993 Wang was informed to pay the amount of rent he had paid before.

Could Wang insist on paying the half rent until expiration of the contract？

Give reasons for your answer.

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更多“Question 5In January, 1992, Wa…”相关的问题

第1题

Which hook is employed？ On January 8, 2011, the worst snowstorm in the history of my state paralyzed our area.

A、Posing an interesting or controversial question

B、Using a relevant quotation

C、Making a startling statement or giving shocking information

D、Employing the funnel method

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第2题

Question 4 Chan wanted to sell his business in which Lee was interested. During the course

Question 4

Chan wanted to sell his business in which Lee was interested. During the course of negotiations in January, Chan correctly represented the takings to be about ＄40,000 a month.

The contract was not signed until June when takings had fallen to ＄1,000 a month owing to Chan's illness. Chan did not mention the drop when the contract was entered into in June.

Can Lee rescind the contract？

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第3题

Question 4 Peter wants to buy a comer store. When negotiating in January, he was told by D

Question 4

Peter wants to buy a comer store. When negotiating in January, he was told by David, the owner of the store that the business of the store was very good and the average net profit from the store was＄100,000 per month for the last year. However, in March, a supermarket opened near the store and the business at the store became very slow. Then a contract for the sale of the store was signed between them, all the time David didn't mention anything to Peter.

Could Peter make a claim against David for misrepresentation. Advise Peter supported by cases.

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第4题

Question 3 Charles operates a retail business in London. On 30 June 2003, there was a fire

Question 3

Charles operates a retail business in London. On 30 June 2003, there was a fire in his store. His books of account and most of his stock were destroyed. The value of the undamaged stock was agreed at ＄5,000.

His Trading Account for the year ended 31 December 2002 was as follows:

＄＄

Sales 492,000

Opening stock 31,000

Purchases 154,000

185,000

Less: Closing stock 37,400

Gross profit 147,600 344,400

On 1 January 2003, his trade creditors totaled ＄15,000 and monthly statements received by him in early July showed that the trade creditors on 30 June 2003 amounted to ＄31,000.

All sales in Charles' business are on a strict cash basis and his stock is fully insured. According to his bank statements, he received ＄270,000 from customers and paid ＄69,000 to suppliers between I January and 30 June 2003.

Charles informs you that he increased his selling prices by 20% on 1 January 2003 but purchase prices have remained unchanged for several years.

Required:

Calculate the cost of the stock lost by Charles on 30 June 2003.

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第5题

Question 6 Samilski Inc. has a balance of $75,000 in its accrued liabilities account and

$115,000 in its unearned revenue account at year-end on December 31, 20X7. The unearned revenue relates to goods not yet delivered as at year-end; $20,000 of those goods were delivered the following month. As well, Samilski recognized $5,000 of loan interest costs for January 20X8 that are not payable until February 1, 20X8. Based only this information, which of the following represents the effects of the two transactions on Samilski’s accrued liabilities and unearned revenue balances on January 31, 20X8, respectively？ Accrued liabilities balance Unearned revenue balance

A.Increases Decreases

B.Increases Increases

C.Remains the same Decreases

D.Remains the same Increases

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第6题

Man: I've been working out at the gym since January so… I'd been wanting to get in better

shape. Woman: You look terrific! Seems like all your hard work has paid off. Question: What does the woman mean？

A．The man paid a lot to join the gym.

B．The man has been working too hard.

C．The man has improved his physical condition.

D．The man should ask for more pay.

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第7题

Question 6 Busy Company is a retailer. Most of its sales are made on credit terms. The fol

Question 6

Busy Company is a retailer. Most of its sales are made on credit terms. The following information relates to the first 4 years.

Year 1 Year 2 Year 3 Year 4

＄＄＄＄

Trade Debtor as at 31 December 500,000 400,000 550,000 600,000

Bad debt written off for

the year ended 31 December - 30,000 10,000 29,000

Busy Company decides to set aside a provision for bad debts equivalent to 5% of trade debtors as at year end.

Required:

(a)Show how the provision for bad debts would be disclosed in the balance sheet as at 31 January Year 1 to Year 4.

(b)Calculate the bad debt expenses for the respective profit and loss account for each of the 4 years.

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第8题

Question 6

Busy Company is a retailer. Most of its sales are made on credit terms. The following information relates to the first 4 years.

Year 1 Year 2 Year 3 Year 4

＄＄＄＄

Trade Debtor as at 31 December 500,000 400,000 550,000 600,000

Bad debt written off for

the year ended 31 December - 30,000 10,000 29,000

Busy Company decides to set aside a provision for bad debts equivalent to 5% of trade debtors as at year end.

Required:

(a)Show how the provision for bad debts would be disclosed in the balance sheet as at 31 January Year 1 to Year 4.

(b)Calculate the bad debt expenses for the respective profit and loss account for each of the 4 years.

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第9题

Question 7 The assets and liabilities of the Music Club on 1 January 2002 were as follows:

Question 7

The assets and liabilities of the Music Club on 1 January 2002 were as follows:

＄

Clubhouse 1,375,000

Music Equipment (Cost) 300,000

Music Equipment (Book Value) 175,000

Bank & Cash 533,500

Bar Stock 145,500

Bar Debtors 15,500

Rates Prepaid 34,000

Subscriptions-in Arrear 5,500

Subscriptions-in Advance 23,500

Bar Creditor 63,500

Loan to Club 540,000

Accruals-Electricity 19,000

Accruals- Miscellaneous Expenses 37,500

Accruals-Loan Interest 16,500

Accruals-Rent of Music Ground 11,000

The receipts and payments account for the year ended 31 December 2001 shown below was prepared by the honorary treasurers.

Receipts ＄＄

Bar Sales 2,015,000

Telephone 2,000

Hire of Music Facilities 890,000

Christmas Party 88,500

Miscellaneous 43,000

Subscriptions 170,000 3,208,500

Payments

Bar Purchases 1,468,500

Loan Repayment 85,000

Rent of Music Ground 49,000

Rates 160,000

Electricity 153,000

Equipment Repairs 163,000

Expenses of Christmas Party 33,500

Maintenance 66,500

Wages 70,000

Telephone 6,500

Bar Sundries 72,000

Loan Interest 48,500

Miscellaneous 81,500 2,457,000

Increase in Bank 751,500

Bank Balance 1 January 2002 533,500

Bank Balance 31 December 2002 1,285,000

Additional Information:

(1)Balances on 31 December 2002

＄

Bar Stock 197,000

Bar Debtors 25,000

Bar Creditors 150,500

Music Ground Rent Prepaid 8,000

Electricity Owing 17,500

Subscriptions-In Arrear 9,500

Subscriptions-in Advance 30,000

Rates Prepaid 38,000

(2)Included in subscriptions in arrears on 31 December 2002 is ＄2,500, which has been outstanding for 5 years, and the management committee wish to write off as a bad debt.

(3)Depreciation is to be provided at the following rates:

Clubhouse 5% by reducing balance method

Music Equipment 5% by straight line method

(4)Incorrectly included in repairs to equipment was ＄100,000 for the purchase of a full set of weight training equipment which was installed in the club house in January 2002, and which has an estimated life of 10 years.

Required:

Prepare the Club's Income and Expenditure Account for the year ended 31 December 2002.

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第10题

Question 15 Selected information from Ebony, Inc.’s financial activities in the most recen

t year is as follows: Net income was $1,200,000. 870,000 shares of common stock were outstanding on January 1. The average market price per share was $6. 8,000 shares of 7%, $200 par value preferred shares, convertible into common shares at a rate of 20 common shares for each preferred share, were outstanding for the entire year. 1,000 warrants, which allow the holder to purchase 100 shares of common stock for each warrant held at a price of $8.00 per common share, were outstanding for the entire year. Ebony, Inc.’s basic and diluted earnings per share are closest to: Basic Diluted

A.$1.25 $1.25

B.$1.25 $1.17

C.$1.33 $1.25

D.$1.33 $1.17

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