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Mr. Green enters into a contract with Mr. Blue who is a crab fisherman. Mr. Green and Mr. Blue know that Mr. Blue has already ca

kobusy [5.1K]

Answer:

The contract is void since it attempts to contract for services that are illegal

Explanation:

Since there is a contract between the Mr Green and Mr Blue and they already know that the Mr blue has already caught the number of crabs i.e permitted in the season but they agree to exceed the quota

Therefore the status should be void as they want to exceed which is not permitted that results in illegal service contracts

Hence, there is a void contract

4 0

3 years ago

Dirty Don's Bicycle Shop is current financed with 100% equity. The firm currently has 100,000 shares of common stock outstanding

Stella [2.4K]

Answer:

Number of bonds to raise = 2250

Explanation:

given data

current financed = 100% equity

common stock outstanding = 100,000 shares

selling = $50 per share

debt = 45%

equity =55%

par value of a bond = $1,000

to find out

How many bonds would Don have to sell at par value

solution

we get here first the value of equity that is express as

value of equity = Number of shares × Price per share .................1

put here value

value of equity = 100,000 × $50

value of equity = $5,000,000

and

financed with bonds = 45 % of value of equity

financed with bonds = 45 % × $5,000,000

financed with bonds = $2,250,000

so

Number of bonds to raise is express as

Number of bonds to raise = $\frac{2,250,000}{1000}$

Number of bonds to raise = 2250

6 0

3 years ago

Accounts receivable $1,050,000

dimulka [17.4K]

Answer:

c. $ 84,000 increase

Explanation:

The entry when the company wrote off uncollectible accounts:

Debit Allowance for Doubtful Accounts $16,000

Credit Uncollectible accounts $16,000

It makes Account receivable decrease: $16,000

In 2007, Sales on account that were not collected = $290,000 - $172,000 = $118,000

It makes Account receivable at the end of the year increase: $118,000

At 12/31/07,

1. Accounts receivable was: $1,050,000+$118,000-$16,000=$1,152,000

2. Cash realizable value = Accounts receivable - Allowance for Doubtful Accounts = $1,152,000 - $108,000 = $1,044,000

From 12/31/06 to 12/31/07, cash realizable value from the balance increase:

$1,044,000 - $960,000 = $84,000

7 0

2 years ago

Using the percentage-of-sales method, the estimated total uncollectible accounts are $7,322. The Allowance for Uncollectible Acc

xenn [34]

Answer:

B. $9,957.

Explanation:

The computation is adjusted amount for Uncollectible account expense is shown below:

= The estimated total uncollectible accounts + debit balance of Allowance for uncollectible accounts

= $7,322 + $2,635

= $9,957

For computing the adjusted amount we added the estimated total uncollectible accounts and the debit balance of Allowance for uncollectible accounts

8 0

3 years ago

Kim, a CPA, works for a small accounting firm consisting of two managing partners, six accountants and four secretaries. During

galina1969 [7]

Answer:

The company is NOT in anyway required to either make, offer or provide accommodations to Kim

Explanation:

Based on the information given the company is NOT in anyway required to either make, offer or provide accomodations to Kim reason been that the ADA only tend to applies to companies which has either 15 employees or employees that are higher or more than 15 employees in which the accounting firm which Kim work for did not fall under the category as well as the coverage of the act because the accounting firm is a small firm which we were told consist of 2 managing partners, 6 accountants as well as 4 secretaries making them 12 employees in total.

Therefore the company is NOT required to provide any accomodations to Kim

4 0

2 years ago