Answer:
Price gouging is charging unnecessarily high prices for goods if they are in high demand in market. From a sellers perspective its profitable because he/she is able to get more profits on a good and because the goods have a high demand the goods will eventually be sold even on a high price.
From a consumers perspective if the good is a basic need and the consumer is paying high price for it, this can be frustrating but the consumer will have to buy it. If the commodity is not a basic need then the consumer can just stop buying that good and can substitute any other good.
Explanation:
Price gouging is charging unnecessarily high prices for goods if they are in high demand in market. From a sellers perspective its profitable because he/she is able to get more profits on a good and because the goods have a high demand the goods will eventually be sold even on a high price.
From a consumers perspective if the good is a basic need and the consumer is paying high price for it, this can be frustrating but the consumer will have to buy it. If the commodity is not a basic need then the consumer can just stop buying that good and can substitute any other good.
Which one of the following is not a factor that changes a company’s pension obligation during the year.
A) Interest cost
B) Actuarial losses (gains)
C) Benefits paid
D) Service cost
E) Contributions to the pension plan
Answer: E. Contributions to the pension plan
Explanation:
Pension obligation simply refers to how the future expenses that's associated with a pension plan will have to be measured.
Some of the factors that changes a company’s pension obligation during the year are the interest cost, actuarial losses (gains), benefits paid and the service cost.
It should be noted that the contributions to the pension plan doesn't changes a company’s pension obligation during the year.
Therefore, the answer is E.
there is a complementarity between passenger and freight transport system. with some exceptions, such as busses and pipelines, most transport modes have developed to handle both freight and passenger traffic. in some cases both are carried in the same vehicle and in some cases the different modes join to deliver a complete service. what are the advantages of joint operations?
Some of the advantages of the joint operations are:
access to new markets and distribution networks.increased capacity.sharing of risks with a partner.access to new knowledge and expertiseaccess to greater resources etc.What does joint operations means in transportation?In transportation, joint operations typically refers to the coordination and cooperation between multiple transportation providers or agencies in order to provide more efficient and comprehensive service to customers.
This can include sharing resources, coordinating scheduling and routing, and cooperating on marketing and fare structures. This operations can take many forms, such as partnerships between bus and rail companies, or between public and private transportation providers.
The main goal of this operation is often to provide more seamless and convenient transportation options for customers, and to make more efficient use of resources.
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what is the tragedy of the commons?
a. economic loss of individuality
b. overuse of shared resources
c. hoarding of public resources
d. when a boss only drops common loot and no rare drops
The following transactions occurred during April 2021 at the Kanthere, a retailer selling headphones. For the selected transactions below, show the amount and impact (increase or decrease) on the accounting equation below. If a transaction impacts the income statement, indicate in the description column the specific income statement line item.
Transaction
1 Purchased a delivery truck for $90,000 that will be used for 4 years. The truck doesn’t have a salvage value.
2 Sold a $100 gift card to a customer for cash.
3 Paid rent for the month of $10,000.
4 Purchased 20 headphones at $30 each on account. Payment is due in 45 days.
5 Sold 4 headphones for $70 each on account.
Answer:
Assets = Liabilities + Stockholders’ Equity = -$6,500
Explanation:
Note: See the attached excel file for recording of the impact (increase or decrease) of April 2021 transactions on the accounting equation.
From the attached excel file, we can obtain the following:
Assets = Total assets = -$99,900 + $90,000 + $600 + $2,800 = -$6,500
Liabilities = Total liabilities = $600
Stockholders’ Equity = Total Stockholders’ Equity = -$7,100
Liabilities + Stockholders’ Equity = $600 - $7,100 = -$6,500
Therefore, the accounting equation holds as follows:
Assets = Liabilities + Stockholders’ Equity = -$6,500
consumers that expect the price of a good to go up are likely to
a. wait to buy the good
b. demand more of the good
c. buy the good Now
d. buy a substitute
Answer:
c. Buy now
Explanation:
Since they know that the price would go up in the future, they would better off buying now
Who collects income tax that is payable to the federal government?
Income tax that is payable to the federal government is collected by the
.
Answer:
Explanation:
Internal Revenue Service (IRS). The IRS is a federal agency within the U.S. Department of Treasury that is responsible for enforcing the federal tax laws and collecting taxes from individuals and businesses. The IRS also provides taxpayers with guidance on their tax obligations and assists them with filing their taxes.
It is responsible for ensuring compliance with the tax laws and enforcing penalties if individuals or organizations fail to pay the taxes they owe. Additionally, the IRS provides taxpayer services to assist individuals and businesses with understanding and meeting their tax obligations.
If you want to buy a $245,000 house with a 15% down payment, how much will you be borrowing from the bank? If the interest you will pay is $210,000 total, how much total (interest and principal) will you pay on the borrowed money over the 30 years of your mortgage?
Answer:
Explanation:
year and any subsequent word will have to be ignored because we limit queries to 32 words.
For a home price of $250,000 the minimum down payment would be $8,750.
Pharoah Company had the following transactions during 2022: 1. Issued $355000 of par value common stock for cash. 2. Recorded and paid wages expense of $170400. 3. Acquired land by issuing common stock of par value $142000. 4. Declared and paid a cash dividend of $28400. 5. Sold a long-term investment (cost $8520) for cash of $8520. 6. Recorded cash sales of $1136000. 7. Bought inventory for cash of $454400. 8. Acquired an investment in Zynga stock for cash of $59640. 9. Converted bonds payable to common stock in the amount of $1420000. 10. Repaid a 6-year note payable in the amount of $624800. What is the net cash provided by financing activities?
Answer:
Net cash used by financing activities -$298,200
Explanation:
The computation of the net cash provided by financing activities is shown below:
Cash flow from the financing activities
Issue of common stock $355,000
Repayment of note payable -$624,800
Cash dividend paid -$28,400
Net cash used by financing activities -$298,200
Here only issuance of the common stock would be added rest would be deducted
15 points and brainliest!!! Please help... Suzanne is an archaeologist working on the uncovered site of an old
Viking community. What kind of education would Suzanne have
needed to work on this site?
an associate degree in mathematics
an apprenticeship with a blacksmith
a master's degree in anthropology
an internship with a local construction firm
Answer:
A Master's Degree In Anthropology
what is bureaucracy
Answer:
The term bureaucracy may refer both to a body of non-elected governing officials and to an administrative policy-making group. Historically, a bureaucracy was a government administration managed by departments staffed with non-elected officials.
Explanation:
hope it helps
Brady owns a second home that he rents to others. During the year, he used the second home for 50 days for personal use and for 100 days for rental use. Brady collected $20,000 of rental receipts during the year. Brady allocated $7,000 of interest expense and property taxes, $10,000 of other expenses, and $4,000 of depreciation expense to the rental use. What is Brady's net income from the property and what type and amount of expenses will he carry forward to next year, if any
Answer: $0
Explanation:
In order for a residence to be classified as a personal residence, one has to have stayed there for more than 10% of the time the property was rented out in one year.
50 days is greater than 10% of 100 days so this is classified as a residential property.
Deductions can therefore be made on rental expenses but only up until the the the amount of the rental income:
= Rental income - Interest expense - Other expenses - Depreciation
= 20,000 - 7,000 - 10,000 - 4,000
= -$1,000
Rental income will therefore be $0.
The $1,000 loss will be carried forward from Depreciation.
what is a stock exchange listing?
Answer:
In corporate finance, a listing refers to the company's shares being on the list or bored of stock that are officially traded on a stock
Explanation:
In each of the following four cases, MRP L and MRP C refer to the marginal revenue products of labor and capital, respectively, and P L and P C refer to their prices. Indicate in each case whether the conditions are consistent with maximum profits for the firm. If not, state which resource(s) should be used in larger amounts and which resource(s) should be used in smaller amounts.
a. MRPL = $8; PL = $4; MRPC = $8; PC = $4
1. These conditions are consistent with maximum profits for the firm.
True or False
2. Which resource should be used in larger and/or smaller amounts?
a- Use less of both
b. Conditions are already consistent
c. Use more of both
d. Use less labor and more capital
e. Use more labor and less capital
b. MRPL = $10; PL = $12; MRPC = $14; PC = $9
1. These conditions are consistent with maximum profits for the firm.
True / False
2. Which resource should be used in larger and/or smaller amounts?
a- Use less of both
b- Conditions are already consistent
c- Use more of both
d- Use less labor and more capital
e- Use more labor and less capital
c. MRPL = $6; PL = $6; MRPC = $12; PC = $12
Answer:
a-1. True, these conditions are consistent with maximum profits for the firm.
a-2. The correct option is b. Conditions are already consistent.
b-1. False, these conditions are NOT consistent with maximum profits for the firm.
b-2. The correct option is e- Use more labor and less capital.
c-1. True, these conditions are consistent with maximum profits for the firm.
c-2. The correct option is b. Conditions are already consistent.
d-1. False, these conditions are NOT consistent with maximum profits for the firm.
d-2. The correct option is d- Use less labor and more capital.
Explanation:
Note: This question is not complete as question c is not complete and question d is omitted completely. To complete this question, questions c and d are therefore provided before answering the question as follows:
c. MRPL = $6; PL = $6; MRPC = $12; PC = $12
1. These conditions are consistent with maximum profits for the firm.
True / False
2. Which resource should be used in larger and/or smaller amounts?
a- Use less of both
b- Conditions are already consistent
c- Use more of both
d- Use less labor and more capital
e- Use more labor and less capital
d. MRPL = $22; PL = $26; MRPC = $16; PC = $19
1. These conditions are consistent with maximum profits for the firm.
True / False
2. Which resource should be used in larger and/or smaller amounts?
a- Use less of both
b- Conditions are already consistent
c- Use more of both
d- Use less labor and more capital
e- Use more labor and less capital
The explanation of the answers is now provided as follows:
The condition for the profit maximization of a firm is as follows:
MRPL / PL = MRPC / PC ……………………………. (1)
Therefore, we have:
a. MRPL = $8; PL = $4; MRPC = $8; PC = $4
MRPL / PL = $8 / $4 = 2
MRPC / PC = $8 / $4 = 2
Using equation (1), we have:
MRPL / PL = MRPC / PC = 2
a-1. These conditions are consistent with maximum profits for the firm.
True, these conditions are consistent with maximum profits for the firm. This is because MRPL / PL = MRPC / PC = 2.
a-2. Which resource should be used in larger and/or smaller amounts?
The correct option is b. Conditions are already consistent.
b. MRPL = $10; PL = $12; MRPC = $14; PC = $9
MRPL / PL = $10 / $12 = 0.83
MRPC / PC = $14 / $9 = 1.56
Using equation (1), we have:
0.83 = MRPL / PL < MRPC / PC = 1.56
b-1. These conditions are consistent with maximum profits for the firm.
False, these conditions are NOT consistent with maximum profits for the firm. This is because 0.83 = MRPL / PL < MRPC / PC = 1.56.
b-2. Which resource should be used in larger and/or smaller amounts?
The correct option is e- Use more labor and less capital. If this is done, it will result in MRPL / PL = MRPC / PC where the conditions will be consistent with maximum profits for the firm.
c. MRPL = $6; PL = $6; MRPC = $12; PC = $12
MRPL / PL = $6 / $6 = 1.00
MRPC / PC = $12 / $12 = 1.00
Using equation (1), we have:
MRPL / PL = MRPC / PC = 1
c-1. These conditions are consistent with maximum profits for the firm.
True, these conditions are consistent with maximum profits for the firm. This is because MRPL / PL = MRPC / PC = 1.
c-2. Which resource should be used in larger and/or smaller amounts?
The correct option is b. Conditions are already consistent.
d. MRPL = $22; PL = $26; MRPC = $16; PC = $19
MRPL / PL = $22 / $26 = 0.85
MRPC / PC = $16 / $19 = 0.84
Using equation (1), we have:
0.85 = MRPL / PL > MRPC / PC = 0.84
d-1. These conditions are consistent with maximum profits for the firm.
False, these conditions are NOT consistent with maximum profits for the firm. This is because 0.85 = MRPL / PL > MRPC / PC = 0.84.
d-2. Which resource should be used in larger and/or smaller amounts?
The correct option is d- Use less labor and more capital. If this is done, it will result in MRPL / PL = MRPC / PC where the conditions will be consistent with maximum profits for the firm.
Corporate Tax Liability The Talley Corporation had taxable operating income of $340,000 (i.e., earnings from operating revenues minus all operating costs). Talley also had (1) interest charges of $50,000, (2) dividends received of $25,000, and (3) dividends paid of $35,000. Its federal tax rate was 21% (ignore any possible state corporate taxes). Recall that 50% of dividends received are tax exempt. What is the firm’s taxable income? Round your answer to the nearest dollar. $ What is the tax expense? Round your answers to the nearest dollar. $ What is the after-tax income? Round your answers to the nearest dollar. $
Answer:
Taxable income:
Dividends received are 50% exempted from taxation. Taxable income is:
= Taxable operating income +(Dividends received * 50%) - Interest charges
= 340,000 + (25,000 * 50%) - 50,000
= $302,500
Tax expense:
= Taxable income * federal tax rate
= 302,500 * 21%
= $63,525
After-tax income:
= Taxable income - Tax expense
= 302,500 - 63,525
= $238,975
A self assessment tool that identifies your strengths, skills, and interests is called a(n) ___.
A. interest inventory
B. entrance exam
C. psychological evaluation
D. standardized test
A self assessment tool that identifies your strengths, skills, and interests is called an interest inventory. The Option A is correct.
What does an interest inventory mean?An interest inventory, also known as an interest test, is a testing instrument designed to measure and evaluate an individual's level of interest in, or preference for, a variety of activities. Direct observation of behavior, ability tests, and self-reporting inventories of interest in educational, social, recreational, and vocational activities are examples of testing methods.
The activities typically represented in interest inventories are related to various occupational areas, and these instruments and their outcomes are frequently used in vocational guidance.
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Stacey files as head of household with two dependents. She has AGI of $123,000 for 2020. She incurred the following expenses and losses during the year:
Medical expenses before the 7.5%-of-AGI limitation $15,575
State and local income taxes 7,200
State sales tax 1,400
Real estate taxes 2,800
Home mortgage interest 5,900
Credit card interest 1,100
Charitable contribution 2,400
Casualty loss before 10% limitation (after $100 floor;
not in a Federally declared disaster area) 8,300
Unreimbursed employee expenses 5,500
Calculate Stacey's allowable itemized deductions for the year.
Answer:
$21,575
Explanation:
Calculation to determine the allowable itemized deductions for the year.
Medical Expense $3,275
[$12,500*($123,00*7.5%)]
State and local income taxes $7,200
Real estate taxes $2,800
Home mortgage interest $5,900
Charitable contribution $2,400
Allowable itemized deductions $21,575
Therefore allowable itemized deductions for the year is $21,575
Chios Corporation issued 10-year, 8% interest-bearing bonds payable at face value for $36,000 on January 1, 2020. At that time, Chios Corporation elected to account for the bonds payable using the fair value option method. At December 31, 2020, the fair value of the bonds payable was $35,640 due to an increase in Chios Corporation's borrowing rate because of a decline in Chios Corporation's credit rating. The entry to adjust the bonds payable under the fair value option method on December 31, 2020 includes a:
Answer: c. debit of $360 Unrealized Gain or Loss-Income
Explanation:
The entry to adjust the bonds payable under the fair value option method on December 31, 2020 will be shown below:
December 31, 2020:
Debit Unrealized gain or loss Income ($36000 - $35640) = $360
Credit Fair Value Adjustment = $360
(To record fair value adjustment)
Rauch Incorporated leases a piece of equipment to Donahue Corporation on January 1, 2017. The lease agreement called for annual rental payments of $4,892 at the beginning of each year of the 4-year lease. The equipment has an economic useful life of 6 years, a fair value of $25,000, a book value of $20,000, and both parties expect a residual value of $8,250 at the end of the lease term, though this amount is not guaran- teed. Rauch set the lease payments with the intent of earning a 5% return, and Donahue is aware of this rate. There is no bargain purchase option, ownership of the lease does not transfer at the end of the lease term, and the asset is not of a specialized nature.
Instructions:
(a) Explain (and show calculations) how Rauch arrived at the amount of the rental payments used in the lease agreement.
(b) Prepare the entries for Rauch for 2017.
(c) Suppose that instead of $8,250, Rauch expects the residual value at the end of the lease to be $5,000, but Donahue agrees to guarantee a residual value of $8,250. All other facts being equal, how would Rauch change the amount of the annual rental payments, if at all?
(d) Explain how a fully guaranteed residual value by Donahue would change the accounting for Rauch, the lessor.
(e) Explain how a bargain renewal option for one extra year at the end of the lease term would change the accounting of the lease for Rauch, the lessor.
Answer:
87 because he
Explanation: add then multiply;
Because bottled water is widely considered to be a purer choice then tap water, bottled water has become a billion-dollar-a-year business in the United states. Millions of consumers use bottled water as their primary source of drinking water. Although most bottled water is of good quality some bottled water contains bacterial contaminants. Reassurances from the water industries executives that bottled water is totally safe may be false.
Answer:
This question requires finding errors in the text. The full text is attached.
I will type the corrected sentences only and underline the corrections.
Millions of consumers use bottled water as their primary source of drinking water.
Reassurances from the water industry's executives that bottled water is totally safe may be false.
Commissioned by the National Resource's Defense Commission, (the comma is the correction)this report analyzes...
Bottled water contaminated with microbes may raise public health issues, and today's consumers are rightfully concerned. In spite
There are government bottled water regulations and programs that have serious deficiencies.
In spite of the fact that voluntary bottled water industry controls are commendable, (this should be a comma not a full stop) they are an inadequate substitute for strong government rules.
However, (comma)the long term solution to drinking water problems is to fix tap water rather than switching to bottled water.
Based on our tests and analysis we submit the following recommendations.
2. Establish the public's right to know about the contents of bottled water.
3. Require FDA inspections of all bottling facilities and their water sources.
a business that is making a profit is said to be
Answer: the answer is “in the black” i just did this test
Explanation:
If someone is found to be participating
in Insider Trading, the result could be
A. a promotion
B. award-winning
C. jail time
Answer:
jail time will be a perfect answer for your question.
Because this non-profit has only 60 employees there is not a HR person on staff. The payroll is outsourced and the administrative assistant to the executive director has handled all other HR-related issues. Although the employer requirements of the Affordable Care Act (ACA) for employers with 50-99 the new Executive Director will need to evaluate current health insurance coverage policies and determine what changes need to be made in order to comply with the employer mandate. What are the key things the new Director needs to review
Answer:
Permanent and contractual employeesUnder the permanent employees the director should sort out the employees with dependents and the ones that do not have dependents that way he will be able to establish a proper ACA coverage of the employees and extend ACA benefits to their dependentsHe should seek feedback from employees on the existing ACA coverageExplanation:
Under the Affordable Care Act ( ACA ) for employers with 50 - 99 employees
The New executive director will have to review
Permanent and contractual employeesUnder the permanent employees the director should sort out the employees with dependents and the ones that do not have dependents that way he will be able to establish a proper ACA coverage of the employees and extend ACA benefits to their dependentsHe should seek feedback from employees on the existing ACA coveragewith this The New executive director will have a successful review and it will help him implement the necessary changes required.
Manson Industries incurs unit costs of $6 ($4 variable and $2 fixed) in making an assembly part for its finished product. A supplier offers to make 13,500 of the assembly part at $5 per unit. If the offer is accepted, Manson will save all variable costs but no fixed costs.
Required:
Prepare an analysis showing the total cost saving, if any, Manson will realize by buying the part.
Answer:
Explanation:
Make Buy Net income
Variable manufacturing costs $54,000 $0 $54,000
Fixed manufacturing costs $27,000 $27,000 $0
Purchase price $0 $67,500 -$67,500
Total annual cost $81,000 $94,500 -$13,500
Conclusion: Manson Industries should make the part as making part save cost than buying it.
Workings
Make Buy
Variable manufacturing costs 13500*4 0
Fixed manufacturing costs 13500*2 13500*2
Purchase price 0 13500*5
You are in the process of deciding whether or not to launch a new product. In year 3 of your analysis you project pro forma sales of $4,000,000 and cost of goods sold of $3,800,000. You will be depreciating a $300,000 machine for 5 years using straight-line depreciation. Your tax rate is 27%. Finally, you expect working capital to change from $220,000 in year 2 to 320,000 in year 3. What is your pro forma free cash flow for year 3
Answer:
net cash flow $62,200
Explanation:
The computation of the pro forma free cash flow for the year 3 is given below:
Pro forma sales $4,000,000
less cost of goods sold -$3,800,000
Profit before tax and depreciation $200,000
less Depreciation ($300,000 ÷ 5) $60,000
Profit before tax $140,000
less tax at 27% -$38,700
Profit after tax $102,200
add Depreciation $60,000
less change in working capital ($320,000 - $220,000) -$100,000
net cash flow $62,200
Blue Spruce Corp. had the following transactions.
1. Sold land (cost $8,240) for $10,300.
2. Issued common stock at par for $21,200.
3. Recorded depreciation on buildings for $12,400.
4. Paid salaries of $7,200.
5. Issued 1,200 shares of $1 par value common stock for equipment worth $8,100.
6. Sold equipment (cost $10,800, accumulated depreciation $7,560) for $1,296.
For each transaction above, prepare the journal entry.
Answer:
1. Dr Cash $10,300
Cr Land $8,240
Cr Gain on Sale of Land $2,060
2. Dr Cash $21,200
Cr Common Stock $21,200
3. Dr Depreciation Expense $12,400
Cr Accumulated Depreciation - Building $12,400
4. Dr Salaries Expense $7,200
Cr Cash $7,200
5. Dr Equipment $8,100
Cr Common Stock $1,200
Cr Additional Paid-in Capital $6,900
6 Dr Cash $1,296
Dr Loss on Sale of Equipment $1,944
Dr Accumulaed Depreciation -Equipment $7,560
Cr Equipment $10,800
Explanation:
Preparation of the journal entry.
1. Dr Cash $10,300
Cr Land $8,240
Cr Gain on Sale of Land $2,060
($10,300-$8,240)
2. Dr Cash $21,200
Cr Common Stock $21,200
3. Dr Depreciation Expense $12,400
Cr Accumulated Depreciation - Building $12,400
4. Dr Salaries Expense $7,200
Cr Cash $7,200
5. Dr Equipment $8,100
Cr Common Stock $1,200
(1,200*$1)
Cr Additional Paid-in Capital $6,900
($8,100-$1,200)
6 Dr Cash $1,296
Dr Loss on Sale of Equipment $1,944
($10,800-$7,560-$1,296)
Dr Accumulaed Depreciation -Equipment $7,560
Cr Equipment $10,800
The high premiums paid to LBO target shareholders reflect the tax benefits associated with the high leverage of such transactions and the improved operating efficiency
a. True
b. False
Answer:
false
Explanation:
Leveraged buyout is when a distressed company is acquired using a high level of debt. the high premiums paid is as a result of the high riskiness associated with leveraged buyouts.
Some of the reasons for conducting a leveraged buyout includes :
to turn a public company privateto conduct a change of ownership to spin off a portion of the companyOn January 2, 2021, Tobias Company began using straight-line depreciation for a certain class of assets. In the past, the company had used double-declining-balance depreciation for these assets. As of January 2, 2021, the amount of the change in accumulated depreciation is $46,500. The appropriate tax rate is 25%. The separately reported change in 2021 earnings is: Multiple Choice An increase of $46,500. A decrease of $46,500. An increase of $34,875. None of these answer choices are correct.
Answer: None of these answer choices are correct.
Explanation:
Based on the information given, it should be noted that the separately reported change in 2021 earnings will be option D "None of these answer choices are correct".
We should note that the change in the depreciation method will be reported prospectively. Therefore isn't any separately reported change in the earnings.
Therefore, the correct option is D
The contemporary operations are relying more and more on advanced technology in order to maintain competitive in the market. For each of the following service industries, describe one technology application/ system and the benefit of adopting such
a. Fast Food
b. Hospital
c. Airport/ Airlines
d. Education
e. Warehousing
Answer:
A- Fast Food --- Delivery apps such as Uber Eats. These applications allow people to purchase food without showing up at the fast food outlet, which allows consumers to save time, for example, if they need to eat during working hours.
B- Hospital --- Online medical appointment system. It allows patients to coordinate medical appointments through the internet through a single system, avoiding the crowding of people in hospitals.
C- Airport/Airlines --- Offers search applications. They make the person who wants to buy a plane ticket get it at the best available price.
D- Education --- Distance online universities. They guarantee higher education for people who live in areas far from the urban centers where the universities are located.
E- Warehousing --- Online shopping applications such as Amazon. They allow consumers to purchase warehouse products online.
“Every agreement and promise enforceable at law are a contract”
There are different types of Contracts based on enforceability, formation, and performance. Explain all the types with examples.
Answer:
Explanation:
Contract:- A contract is an agreement between two or more parties. It is a written or legal agreement.
Thus for the formation of a contract, there must be-
a) an agreement
b) the agreement should be enforceable by law
All agreements are not enforceable by law and therefore, all agreements are not contracts. Some agreements are not enforceable by law.
Classification of Contracts
According to validity
Valid Contract
Illegal Contract
Void Contracts
Unenforceable Contract
According to Formation
Expressive Contract
Implied Contract
Quasi Contract
E-Contract
According to Performance
Executed Contract
Executory Contract
Unilateral Contract
Bilateral Contract
Valid Contract - Enforceable by a court of law
Void Contract - Not enforceable by a court of law
Illegal Contract - Void and forbidden by law
Unenforceable contract - Not enforceable by a court of law due to some technical error in the contract.
Express Contract - The contract is expressed through words whether oral or written
Implied Contract - When a contract is created by action or implication of law
Quasi Contract - The contract is expressed through words whether oral or written
E- contract - The contract is expressed through words whether oral or written.
Executed Contract - Performance did on part of all parties
Executory Contract - Performance is pending by one or more parties
Bilateral Contract - Performance is pending by both parties
Unilateral Contract - Performance is pending by one party
What is the aTeri West operates her own catering service. Summary financial data for July are presented in equation form as follows. Each line designated by a number indicates the effect of a transaction on the equation. Each increase and decrease in owner's equity, except transaction (5), affects net income.
Assets = Liabilities + Owner's Equity
Cash + Supplies + Land = Accounts Payable + Teri West, Capital - Teri West, Drawing + Fees Earned - Expenses
Bal. 40,000 3,000 82,000 7,500 117,500
1. +71,800 +71,800
2. -15,000 +15,000
3. -47,500 -47,500
4. +1,100 +1,100
5. -5,000 -5,000
6. -4,000 -4,000
7. -1,500 -1,500
Bal. 40,300 2,600 97,000 4,600 117,500 -5,000 71,800 -49,000
mount of the net income for the month?
What is the amount of the net increase in cash during the month?
$fill in the blank 8
300
c. What is the amount of the net increase in owner's equity during the month?
$fill in the blank 9
17,800
d. What is the amount of the net income for the month?
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e. How much of the net income for the month was retained in the business?
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a. The amount of the net income for the month is -49,000.
b. The amount of the net increase in cash during the month is 300.
c. The amount of the net increase in owner's equity during the month is 17,800.
d. The amount of the net income for the month is -49,000.
e. The amount of net income retained in the business is -5,000.
What is net income?Net income is a company's total revenue minus all expenses, including taxes and interest. It is also known as net profit or the bottom line. It is the amount of money a company has left over after all expenses have been paid, and it is considered an important indicator of a company's financial health.
Therefore, the correct answers are as given above
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