Your job provides a company-owned truck for you to use, and you want to sell your...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Your job provides a company-owned truck for you to use, and you want to sell your old 1994 Toyota truck. You have just completed figuring your Federal income tax, and you need an additional $1000 within the next couple of weeks. The only quick source of cash is to sell your trusty truck. The average local trade-in value for a clean, low mileage 2004 Toyota pickup from the latest Blue Book is $1400. You feel as though you have taken excellent care of the truck which you bought new in 1994; changing the oil yourself every 4,000 miles, tuning it up frequently, adjusting the brakes, and keeping the front end aligned. However, the tires now have only a couple of thousand miles left on them. The actual mileage is 127,000, although the truck's odometer shows only 86,000 miles since it was replaced at 41,000 miles. The truck also has the original factory muffler, tailpipe, and shocks. You have tried to maintain the body by touching up most of the stone chips and by waxing it every six months. However, the right front fender was dented last week while parked at the mall. You have had a "For Sale" sign posted in the truck's back window and have had it advertised for sale in the local newspaper for the last two weeks. A neighbor has been the only seriously interested party. After letting your neighbor test-drive the truck, you decide to try and negotiate a sale for the highest price you can get. With summer fast approaching, you have been looking for a riding lawn mower. You have heard that your neighbors just bought a new mower and wonder what happened to his old one. You had planned to spend around a couple of hundred dollars for a used riding mower. You must leave for work in the next 20 minutes or be late for the start of your shift. If you are late, your pay will be docked, and the boss will be on your case again. Assignment: Develop a complete sales agreement that outlines the purchase price and any other conditions the buyer and seller agree to during the negotiation (assuming you reach agreement). Also, be prepared to respond to any questions presented by the instructor regarding the negotiation Your job provides a company-owned truck for you to use, and you want to sell your old 1994 Toyota truck. You have just completed figuring your Federal income tax, and you need an additional $1000 within the next couple of weeks. The only quick source of cash is to sell your trusty truck. The average local trade-in value for a clean, low mileage 2004 Toyota pickup from the latest Blue Book is $1400. You feel as though you have taken excellent care of the truck which you bought new in 1994; changing the oil yourself every 4,000 miles, tuning it up frequently, adjusting the brakes, and keeping the front end aligned. However, the tires now have only a couple of thousand miles left on them. The actual mileage is 127,000, although the truck's odometer shows only 86,000 miles since it was replaced at 41,000 miles. The truck also has the original factory muffler, tailpipe, and shocks. You have tried to maintain the body by touching up most of the stone chips and by waxing it every six months. However, the right front fender was dented last week while parked at the mall. You have had a "For Sale" sign posted in the truck's back window and have had it advertised for sale in the local newspaper for the last two weeks. A neighbor has been the only seriously interested party. After letting your neighbor test-drive the truck, you decide to try and negotiate a sale for the highest price you can get. With summer fast approaching, you have been looking for a riding lawn mower. You have heard that your neighbors just bought a new mower and wonder what happened to his old one. You had planned to spend around a couple of hundred dollars for a used riding mower. You must leave for work in the next 20 minutes or be late for the start of your shift. If you are late, your pay will be docked, and the boss will be on your case again. Assignment: Develop a complete sales agreement that outlines the purchase price and any other conditions the buyer and seller agree to during the negotiation (assuming you reach agreement). Also, be prepared to respond to any questions presented by the instructor regarding the negotiation
Expert Answer:
Related Book For
Posted Date:
Students also viewed these accounting questions
-
A pickup truck has a clean drag-area CDA of 35 ft2. Estimate the horsepower required to drive the truck at 55 mi/h (a) clean and (b) with the 3- by 6-ft sign in Fig. P7.88 installed if the rolling...
-
You are at an all-you-can-eat-buffet. You feel almost full. However they just brought out your favorite dessert and you can either choose to eat that or a helping of tapioca pudding. If you choose...
-
In Figure a runaway truck with failed brakes is moving downgrade at 130 km/h just before the driver steers the truck up a frictionless emergency escape ramp with an inclination of 0 = 15o. The...
-
According to Kurt Lewin, why is it so difficult to motivate employees to alter their patterns of behavior?
-
Explain how the zero lower bound for the interest rate controlled by the Fed has an impact on the effectiveness of monetary policy. Discuss what mix of monetary and fiscal policy can be used to...
-
Given a standardized normal distribution determine the following probabilities: a. P(Z 7 1.08) b. P(Z 6 - 0.21) c. P(- 1.96 6 Z 6 - 0.21) d. What is the value of Z if only 15.87 percent of all...
-
Robert Carr is the founder of Heartland Payment Systems, Inc. Carr was heavily involved in negotiations with Global Payments, Inc., concerning the acquisition of Heartland by Global. During this...
-
Ten customers per hour were asked by the cashier at Stanleys Deli if they liked their meal, and the fraction that said no are shown below, for a twelve-hour period. For the data shown above, find a....
-
1. A ray of light enters glass (index 1.570) from air at an incident angle of 25. Find the angles of refraction and of deviation. 2. A light ray is directed through air (index 1.000) at a 25 angle of...
-
The Harvey City Comprehensive Case consists of the last problem in each chapter from Chapters 4 through 15. Completing this case essentially requires that you account for all the transactions of a...
-
The primary objective of gathering sufficient and appropriate audit evidence is to support the auditors' opinion and verify management's assertions concerning the accuracy of the financial...
-
Given the nested if-else structure below, what will be the value of after code execution completes x = 0 a = 0 b = -5 if a > 0: if b < 0: x = x + 5 elif a 5: X = X + 4 else: X = X + 3 else: x = x +...
-
Certain bacteria cells are being observed in an experiment. The population triples in 1 hour. If at the end of 3 hours, the population is 27,000, how many bacteria cells were present at the start of...
-
Consider a flat plate of thickness 0.3 m submerged in water (f=1000 kg/m 3 ) with the plate parallel to the free surface. The area of the top (and also bottom) surface of the plate is 0.005 m 2 ....
-
Marketing exists to ensure customer satisfaction is granted. However, the term customer can be in many forms and each of them reflecting different characteristics and behaviours. With examples,...
-
What will the reading on the Richter scale be for an earthquake that has an intensity of 3.8 x 10^6 and a reference value of 1?
-
Of the basic functions of a business organization, _ _ _ _ _ _ _ _ _ _ is responsible for budgeting, analyzing investment proposals, and providing funds for operations. Multiple choice question....
-
The rate at which the temperature of an object changes is proportional to the difference between its own temperature and the temperature of the surrounding medium. Express this rate as a function of...
-
Using data from the previous problem, complete the following requirements. Required: 1. For each transaction (including adjusting entries) listed in the previous problem, indicate the effects (e.g.,...
-
Recording Transactions, Preparing Journal Entries, Posting to T-Accounts, Preparing the Balance Sheet, and Evaluating the Current Ratio Dell Inc., headquartered in Austin, Texas, is the global leader...
-
Making a Decision as an Auditor: Effects of Errors on Income, Assets, and Liabilities Megan Company (not a corporation) was careless about its financial records during its first year of operations,...
-
Long Weekend Ltd suffered a severe drop in sales and profit performance for the year ended 30 June 2019. The income statement revealed that net sales were $1 500 000 with a profit of $310 000. Unit...
-
TMP Human Resource Consulting had the following contribution margin income statement for the year ended 2019. Required Answer each of the following independent situations. (a) Explain how an...
-
Selcombe, Selcombe and Selcombe Media are three generations of the one family involved for nearly 50 years in providing public relations services. The firm is preparing its fees budget for the year...
Study smarter with the SolutionInn App