Minth is the owner of the hiawatha supper club, which he leased for two years to piekarski. during the period of the lease, piekarski contracted with puttkammer for the resurfacing of the access and service areas of the supper club. puttkammer performed the work satisfactorily. minth knew about the contract and the performance of the work. the work, including labor and materials, had a reasonable value of $2,540, but puttkammer was never paid because piekarski went bankrupt. puttkammer brought an action against minth to recover the amount owed to him by piekarski. will puttkammer prevail? explain.

On february 3, smart company sold merchandise in the amount of $5,800 to truman company, with credit terms of 2/10, n/30. the cost of the items sold is $4,000. smart uses the perpetual inventory system and the gross method. truman pays the invoice on february 8, and takes the appropriate discount. the journal entry that smart makes on february 8 is:

Following is a list of various costs incurred in producing replacement automobile parts. with respect to the production and sale of these auto parts, classify each cost as either variable costs, fixed costs, or mixed costs. 1. oil used in manufacturing equipment 2. plastic 3. property taxes, $165,000 per year on factory building and equipment 4. salary of plant manager 5. cost of labor for hourly workers 6. packaging 7. factory cleaning costs, $6,000 per month 8. metal 9. rent on warehouse, $10,000 per month plus $25 per square foot of storage used 10. property insurance premiums, $3,600 per month plus $0.01 for each dollar of property over $1,200,000 11. straight-line depreciation on the production equipment 12. hourly wages of machine operators 13. electricity costs, $0.20 per kilowatt-hour 14. computer chip (purchased from a vendor) 15. pension cost, $1.00 per employee hour on the job

Why has the free enterprise system been modified to include some government intervention?