Powell Company began the 2018 accounting period with $40,000 cash, $86,000 inventory, $60,000 common stock, and $66,000 retained earnings. During 2018, Powell experienced the following events: Sold merchandise costing $58,000 for $99,500 on account to Prentise Furniture Store. Delivered the goods to Prentise under terms FOB destination. Freight costs were $900 cash. Received returned goods from Prentise. The goods cost Powell $4,000 and were sold to Prentise for $5,900. Granted Prentise a $3,000 allowance for damaged goods that Prentise agreed to keep. Collected partial payment of $81,000 cash from accounts receivable. Required 1. Record the events in a statements model shown below. 2. Prepare an income statement, a balance sheet, and a statement of cash flows. 3. Why would Prentise agree to keep the damaged goods?

Assume the government imposes a $2.25 tax on suppliers, which results in a shift of the supply curve from s1 to s2. the price the seller receives for the product after paying the tax is

Arriving and delivering a load of company executives for a business meeting at a destination far from home base requiring an overnight stay, a company’s pilot requested approval from the company finance office to pay to either have the company’s jet brought into the fbo's hangar overnight to protect it from a forecast snowfall or to have it de-iced by the fbo the following morning well-before scheduled departure. the company was under considerable financial pressure at the time, and the pilot’s requests were denied because of the cost. so, early the following morning, the pilot was up on the wing of the jet sweeping off an accumulation of snow and ice with a borrowed push broom in preparation for the scheduled departure with the executives, but slipped and fell to the ground, suffering a broken neck. the business was organized as a limited partnership, owned by 3 limited partners and one general partner. as a cost-saving measure, the company had dropped its workers’ compensation insurance before the accident. analyze the potential liability for the pilot’s injuries of each of the following, showing your reasoning clearly: the company the general partner the limited partners analyze how the outcome would have been different, if the business had been organized as a corporation and observed all of the formalities to legitimize its corporate status. analyze how the outcome would have been different, if the pilot had been covered by workers’ compensation insurance.

You hear your supervisor tell another supervisor that a fire drill will take place later today when the fire alarm sounds that afternoon you should