Kathy was shopping for a new car and had a 2008 Toyota Corolla to trade in. In the negotiating process, the appraiser at the dealer took her car for a test drive to aid in the appraisal process. Kathy had found a car she liked and began negotiations in earnest. They settled on a price for the new car, with a final agreement contingent on an acceptable amount for the trade-in. When the sales manager brought a contract showing the price of the new car, with the deduction for the trade in, it noted "2009 Corolla" as the car traded in. Everything else in the car's description (mileage, etc.) was correct. Kathy noticed this but said nothing and quickly signed the contract. A few minutes later when Kathy went to sign over the certificate of title on her old car, the sales manager said that the deal was off because he had based his trade-in allowance on the car being a 2009 model. Kathy said she would take the deal only as it was, and would not accept a lower trade-in allowance. After some further negotiations, the dealer agreed to grant the trade-in allowance as originally stated. Kathy signed over the title and took the new car home. The next morning, the sales manager called and said that the dealer was rescinding the contract based on the mistake. Discuss the issues and how this case would turn out.

Journalize the following transactions that occurred in september 2015 for aquamarines. no explanations are needed. identify each accounts payable and accounts receivable with the vendor or customer name. sep. 3 purchased merchandise inventory on account from shallin wholesalers, $5,000. terms 1/15, n/eom, fob shipping point. 4 paid freight bill of $80 on september 3 purchase. 4 purchased merchandise inventory for cash of $1,700. 6 returned $500 of inventory from september 3 purchase. 8 sold merchandise inventory to hermosa company, $6,000, on account. terms 2/15, n/35. cost of goods, $2,640. 9 purchased merchandise inventory on account from thomas wholesalers, $8,000. terms 2/10, n/30, fob destination. 10 made payment to shallin wholesalers for goods purchased on september 3, less return and discount. 12 received payment from hermosa company, less discount. 13 after negotiations, received a $200 allowance from thomas wholesalers. 15 sold merchandise inventory to jordan company, $2,500, on account. terms 1/10, n/eom. cost of goods, $1,050. 22 made payment, less allowance, to thomas wholesalers for goods purchased on september 9. 23 jordan company returned $400 of the merchandise sold on september 15. cost of goods, $160. 25 sold merchandise inventory to smithsons for $1,100 on account that cost $400. terms of 2/10, n/30 were offered, fob shipping point. as a courtesy to smithsons, $75 of freight was added to the invoice for which cash was paid by aquamarines. 26 after negotiations, granted a $100 allowance to smithsons for merchandise purchased on september 25. 29 received payment from smithsons, less allowance and discount. 30 received payment from jordan company, less return.

Taking commercial paper means the holder acts honestly

Prepare beneish corporation's income statement and statement of stockholders' equity for year-end december 31, and its balance sheet as of december 31. there were no stock issuances or repurchases during the year. (do not use negative signs with your answers unless otherwise noted.)