You operate the student chef restaurant. an irate client called. she had previously asked you to cater an event tonight and you agreed. then things got hectic for you, so you asked your friend wolfgang, who runs another restaurant similar to yours, to cater the event. apparently he was a no-show. which statement is false? a. if student chef delegates the duty to perform to wolfgang, and wolfgang fails to perform, then student chef is not liable because the duty can be delegated. b. if the client agrees to excuse student chef restaurant from the contract and to substitute wolfgang, such an agreement is called a novation and relieves student chef from liability should wolfgang fail to perform. c. student chef’s right to receive payment from the client is assignable. d. it is possible that student chef’s duty to perform may be delegated since it is a task that may be done in a workmanlike manner.

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Ben collins plans to buy a house for $166,000. if the real estate in his area is expected to increase in value by 2 percent each year, what will its approximate value be five years from now?

Benton company (bc), a calendar year entity, has one owner, who is in the 37% federal income tax bracket (any net capital gains or dividends would be taxed at a 20% rate). bc's gross income is $395,000, and its ordinary trade or business deductions are $245,000. ignore the standard deduction (or itemized deductions) and the deduction for qualified business income. if required, round computations to the nearest dollar. a. bc is operated as a proprietorship, and the owner withdraws $100,000 for personal use. bc's taxable income for the current year is $ , and the tax liability associated with the income from the sole proprietorship is $ . b. bc is operated as a c corporation, pays out $100,000 as salary, and pays no dividends to its shareholder. bc's taxable income for the current year is $ , and bc's tax liability is $ . the shareholder's tax liability is $ . c. bc is operated as a c corporation and pays out no salary or dividends to its shareholder. bc's taxable income for the current year is $ , and bc's tax liability is $ . d. bc is operated as a c corporation, pays out $100,000 as salary, and pays out the remainder of its earnings as dividends. bc's taxable income for the current year is $ , and bc's tax liability is $ .