Joseph and Mary take Jesus to Jerusalem when he is 12 years old. On the way home, they realize that Jesus has been left behind!  When they finally find Jesus, where is he?

Which author wrote more of the New Testment than the rest?

The healthcare industry follows a perfectly competitive market structure.

QUESTION 5 – 7 POINTS Old Timey Music is a retailer of new and used musical instruments.   Old Timey is preparing for its upcoming black Friday sale.  Burley, on behalf of Old Timey, called Martin Guitars, a national manufacturer and retailer of acoustic guitars and instruments.  Burley, on behalf of Old Timey had a long conversation with Izzy, the Martin sales representative.  Old Timey and Martin agreed that Old Timey would purchase 55 Model O Martin Guitars at a discounted price because of the bulk purchase.  The guitars would be delivered on or before November 10.  After the call, Old Timey filled out a confirmation of order reflecting the conversation.  The confirmation of order identified the purchase by Old Timey of 55 guitars at a total price of $31,000.   Old Timey signed the confirmation of order and sent it to Martin, which received the confirmation of order on October 20.  On November 11, Old Timey had not heard anything from Martin and had not yet received the guitars.  Old Timey reached out to Martin and was told that Martin would not go through with the sale because they were upset that their sales representative agreed to such a large order at such a low price.  Martin now claims that it does not have to sell the guitars to Old Timey because it did not agree, in a signed writing, to the sale. REQUIRED (7 Points): Is Martin correct in asserting the statute of frauds as a defense because it did not sign anything in writing? Explain your answer.

QUESTION 4 – 8 POINTS    Van Effen Industries was a large manufacturer of plastic products for sale by large retailers throughout the Midwest region of the United States.  Van Effen manufactured, amongst other items, large plastic kayaks, outdoor playground equipment, and plastic coolers and chairs.  Van Effen was looking for a new Chief Financial Officer.  After a long search, Van Effen hired Dan Smith as its new CFO.   Amongst other job responsibilities, Dan Smith was designated as a senior executive who manages Van Effen’s financial activities including creating financial models and forecasts, establishing its plans for growth, ensuring the company’s cash flow met its needs, and overseeing the accounting department.   Dan Smith was paid a salary, before bonuses and benefits, of $650,000 a year.    When Dan Smith was hired, Van Effen presented him with a restrictive covenant agreement – also referred to as a non-competition agreement in the employment context.  Dan has his attorney review the agreement and after negotiating for certain changes, Dan Smith signed the agreement.  The agreement provided as follows:    You agree that for valid consideration including your salary and your bonus structure, that for a period of 10 months after you leave the employment of Van Effen or after you are terminated for cause, that you will not work as a chief financial officer, accountant, financial advisor, or in any other capacity as a consultant or advisor for financial matters for any company operating in the Midwest region of the United States for any company that is engaged in the manufacturing and sales of plastic products sold to large retail chains.   You agree that this provision is fair given our access to Van Effen’s financial information, oversight over the future of the company, and access to customers.            After 2 years, Dan Smith decided that he was unhappy at Van Effen.  He was approached by Mid-Country Plastics about coming to work with them as a financial advisor and consultant on strategic matters involving the company’s growth and cash flow.  Mid-Country Plastics was a plastics manufacturer that operated in the Midwest and directly competed with Van Effen.   Dan is considering leaving Van Effen to go work with Mid-Country.  Dan approaches you, as a friend, and asks for your opinion as to whether his agreement with Van Effen would prohibit him from working for Mid-Country.    REQUIRED (8 Points): You conclude that Dan Smith’s agreement with Van Effen would prohibit and restrict him from immediately taking the job with Mid-Country.   In separately lettered or numbered paragraphs discuss the reasons why you have concluded that Dan Smith’s non-compete is enforceable. 

Anne LLC purchased computer equipment (five-year property) on August 29 for $34,000 and used the half-year convention to depreciate it. Anne LLC did not take §179 or bonus depreciation in the year it acquired the computer equipment. During the current year, which is the fourth year Anne LLC owned the property, the property was disposed of on January 15. Calculate the maximum depreciation expense. (Use MACRS Table 1.) Note: Round final answer to the nearest whole number.

Jane, age 16, was abandoned by her parents when she was very young and has essentially been living on the street since then doing odd jobs just to get by.  Jane has saved up some money, and using these savings she finally was able to purchase shelter to live in.  Jan purchased a used mobile home to live in from a mobile home dealer for $15,000 – a price that was not reasonable given the condition of the mobile home (but Jane did not realize this). Six months later, Jane has decided she wants to disaffirm the contract.  Which of the following statements is correct?

I have followed all Testing Procedures of showing my work area and any scratch paper to be used. 

         

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