Accounts receivable arising from sales to customers amounted to $55,000 and $62,000 at the beginning and end of the year, respectively. Income reported on the income statement for the year was $190,000. Exclusive of the effect of other adjustments, the cash flows from operating activities to be reported on the statement of cash flows is

At January 1, 2024, Minnow Manufacturing reported retained earnings of $180,000. During 2024, Alligator had a net loss of $25,000 and paid dividends of $18,000. At December 31, 2024 the amount of retained earnings is

Direct2U is an Internet retailer.  Direct2U contracted with a delivery company to deliver packages.  Ben, an employee of  the delivery company, regularly delivered packages for Direct2U as part of this contract.  Ben drove a truck that was owned by Direct2U when making these deliveries. Ben was required to complete all deliveries between the hours of 8:00 AM to 4:00 PM.   Direct2U also required that Ben use a Direct2U branded cart and wear a Direct2U uniform when making his deliveries. Direct2U normally requires that new hires provide a record check from the DMV that proves they have a good driving record.  However, this requirement was waived for Ben.  Direct2U desperately needed more drivers during the busy holiday season.  A check of Ben’s records would have revealed that Ben had many speeding tickets.  Direct2U also normally requires a supervisor to train new hires, and to accompany new hires for the first two weeks of deliveries.  This requirement was also waived for Ben. One day, Ben decided to take a quick break from his deliveries.  Ben drove the Direct2U truck to a convenience store to get a cup of coffee.  Ben was behind schedule and rushing when he pulled into the parking lot.   Ben was not able to complete his turn because he was driving too fast for conditions, and Ben struck a vehicle that was parked in front of the convenience store.  This collision caused serious damage to the parked car, and it also injured Patricia, the owner of the car.  Patricia was sitting in the driver’s seat when the collision occurred. If Patricia brings suit against Ben and Direct2U, what result?  Discuss.

Wyatt, a 14-year-old, was the youngest licensed pilot in the state. On a foggy day when pilots were being advised to fly only if necessary, Wyatt took his plane out so that he could fly low over the football field where his friends were practicing. When Wyatt attempted to land on his return to the airport, he ran off the runway due to the fog and damaged Edwin Executive’s airplane, which was in the parking area.If Edwin Executive sues Wyatt for damage to his airplane and prevails, what is the likely reason?

Eneri Company’s inventory records show the following data:                                                                              Units                 Unit Cost              TotalInventory, January 1                                            5,000                 $7.00                 $35,000Purchases: June 18                                              4,500                   8.00                   36,000                   November 8                                       3,000                   9.20                   27,600         Total                                                               12,500                                         $98,600                          A physical inventory on December 31 shows 2,000 units on hand. Eneri uses the periodic inventory method. Under the LIFO method, ending inventory is

A month after Mike and Mindy got married, Mindy’s ex-husband, Trent, secretly entered Mike and Mindy’s rented apartment during their absence by using a master key. Trent placed a microphone behind the bookstand in the apartment bedroom and drilled a hole in the nearby wall, with the result that the microphone appeared to be connected with wires going into the adjoining apartment. Actually, the microphone was not connected to anything. Trent anticipated that Mindy would discover the microphone in a few days and would be upset by the thought that someone had been listening to her conversations with Mike in their bedroom. Shortly thereafter, as Mike was putting a book on the stand, Mike noticed the wires behind the bookstand and discovered the hidden microphone. Mike then called Mindy and showed her the microphone and wires. Mindy fainted and, in falling, struck her head on the bookstand and suffered a mild concussion. The next day Mike telephoned Trent and accused him of planting the microphone. Trent laughingly admitted it.If Mindy asserts a claim against Trent based on infliction of mental distress, the fact that Mike was the person who showed her the microphone will:

Jill was driving carefully but with an expired driver’s license, in violation of a statute requiring license renewal. When Jill stopped at a stop sign, Jack, another driver, who was speeding, crashed into Jill’s car. Jill suffered injuries and sued Jack.What is the best reason why the fact that Jill had an expired driver’s license will not affect her claim against Jack?

Desmond drove a car onto land owned by and in the possession of Pierre, without Pierre’s permission.Which, if any, of the following allegations, without additional facts, would provide a sufficient basis for a claim by Pierre against Desmond?

Miles was in the act of siphoning gasoline from the car of Ned, his neighbor, in Ned’s garage and without Ned’s consent, when the gasoline exploded and a fire followed. Randy, seeing the fire, grabbed a fire extinguisher from his car and put out the fire, saving Miles’s life and Ned’s car and garage. In doing so, Randy was badly burned.If Randy asserts a claim against Miles for personal injuries, Randy will:

Marcus drove his car into an intersection and collided with a fire engine that had entered the intersection from Marcus’s right. The accident was caused by negligence on Marcus’s part. As a result of the accident, the fire engine was delayed in reaching Holly’s house, which was entirely consumed by fire. Holly’s house was located about 10 blocks from the scene of the accident.If Holly asserts a claim against Marcus, Holly will recover: