An art collector commissioned an artist to create a sculpture for the collector. the artist wanted a substantial amount of money for the sculpture. this caused the collector some worry regarding possible dissatisfaction with the artwork once it was completed.

to ensure that payment would be made only if the collector was satisfied with the sculpture, a condition was written into the commission contract. it required that the collector would have to be satisfied with the artwork, relying on the collector's taste and judgment, before an obligation of payment would be created.

the artist never imagined that a collector could possibly refuse a creation of his and allowed the condition to be placed within the contract. at the completion of the sculpture, the collector claimed that she did not care for the artwork and therefore refused to pay.

can the artist force payment in this situation?

would it if the artist could establish that the collector does approve of the sculpture but has temporarily run short on funds and that this is the motivating factor in refusing to accept the sculpture?

Expert computers was started in 2018. the company experienced the following accounting events during its first year of operation: started business when it acquired $40,000 cash from the issue of common stock. purchased merchandise with a list price of $32,000 on account, terms 2/10, n/30. paid off one-half of the accounts payable balance within the discount period. sold merchandise on account for $28,000. credit terms were 1/20, n/30. the merchandise had cost expert computers $16,000. collected cash from the account receivable within the discount period. paid $2,100 cash for operating expenses. paid the balance due on accounts payable. the payment was not made within the discount period. required record the events in a horizontal statements model below. in the cash flows column, use the letters oa to designate operating activity, ia for investing activity, fa for financing activity, or nc for net change in cash. if the account is not affected by the event, leave the cell blank. the first event is recorded as an example. what is the amount of gross margin for the period? what is the net income for the period?