A+ Answers of the following Questions

1. On January 1, 2010, P Corporation sold equipment with a 3-year remaining life and a book value of $40,000 to its 70% owned subsidiary for a price of $46,000. In the consolidated work papers for the year ended December 31, 2011, an elimination entry for this transaction will include a: (Points : 2) 
debit to Equipment for $6,000.
debit to Gain on Sale of Equipment for $6,000.
credit to Depreciation Expense for $6,000.
debit to Accumulated Depreciation for $4,000.

2. "Fundamental corporate change" consists of: 

a.Amending the articles of incorporation
b.Merging with another corporation
c.Dissolution and termination of the corporation
d.All of the above.

3. Which of the following is FALSE about U.S. securities laws? 

a.The definition of a "security" is broadly construed by the courts.
b.Insider trading by an insider and by a tipee in conspiracy with an insider is illegal.
c.Trading on inside information by the "lucky" or the "smart" is always illegal since it is not fair to the other party who does not have the inside information.
d.Silence, that is, the failure to disclose material facts regarding the purchase or sale of a security is illegal.

1. Which of the following facts is the best evidence of the existence of a partnership relationship? 

a. Joint or common ownership of property
b. Sharing of gross returns of a business

c. Sharing of net profits of a business
d. Joint participation in a business activity

2. All written contracts that have a set of promises are 

a. Formal
b. Valid
c. Bilateral
d. Executed

3. Under Article II of the UCC a seller may not 

a. Withhold delivery
b. Seize the good back on his or her own
c. Stop delivery in transit
d. Sell the goods

Question:

You are a general manager at a very pricey restaurant establishment. Your district manager is coming to visit your restaurant and catch up. Your supervisor forgot to place an order for oysters and they are a key ingredient to a dish that your restaurant is well known for. It is too late to receive a shipment today. How do you handle the conversation with your district manager?
Do you take full accountability yourself? 
or 
Do you involve your supervisor?

Questions: write questions and show all work and relative % error.

1. 50g or water at 200C is add to 70g of water at 400C. Use the law of heat exchange to find the final temp.

2. Determine the final temperature when 50g of ice at -100C is added to 200g of water at 300C. Use on line resources to find the specific heat of ice. Show all steps in the heat exchange process.

3. A typical water heater holds 30 gallons or about 120kg of water. If the incoming 220C water is to be heated to 400C and electricity costs $.12/kw hr, how much will it cost to heat a full tank of water? (A kw hr is 3.6x10^6J)

1. Who has more influence over accounting standards, the ISAB or FASB? Defend your position.

2. Evaluate the current requirements for companies to report interim information to determine whether you believe these requirements are sufficient. Explain you rationale.

3. Deduce extant problems with interim reporting and authoritative positions of the issues, and make recommendations you believe would help further resolve the problems. Provide specific examples to support your response.