Cash 60000
Office Equipment 25000
To Common Stock 85000
(Being Cash and equipment introduced in business)
Land $40000
Building $160000
To Cash $30000
To Long Term Note Payable $170000
(Being Land and Building purchased partly by cash and long term note payable)
Office Supplies 2000
To Accounts Payable 2000
(Being Office Supplies Purchased on credit)
Automobile 16500
To Common Shares 16500
(Being Automobile introduced in lieu of share)
Office Equipment $5600
To Accounts Payable $5600
(Being Office Equipment Purchased on credit)
Salary $1800
To Cash $1800
(Being Salary Paid in cash)
Cash 8000
To Sales 8000
(Being Sales made in cash)
Answer:
Please find attached solution
Explanation:
Answer:
The correct answers are letters "B" and "C": The act allowed the Federal Reserve to set uniform reserve requirements for all commercial banks; and, the act allowed commercial banks to pay unrestricted interest rates on checking accounts.
Explanation:
The Monetary Control Act (<em>MAC</em>) passed in 1980 is considered to be the first set of rules established in the banking industry after the Great Depression (1929). It mainly forced all the banks to remain under the rules of the Federal Reserve. Besides, it provided banks the autonomy to choose the interest rate on accounts under their own discretion.
Answer:
The change should you expect in operating cash flows next year would be 19.60%
Explanation:
In order to calculate the change should you expect in operating cash flows next year given your sales forecast we would have to make the following calculation:
change should you expect in operating cash flows=operating leverage rating*percentage of decrease sales next year
change should you expect in operating cash flows=2.8*0.07
change should you expect in operating cash flows=19.60%
The change should you expect in operating cash flows next year would be 19.60%
Answer:
A) True
Explanation:
Monumental can discharge the contract by frustration. In order for a contract to be discharged by frustration, four conditions have to occur:
- An unforeseeable event must occur: In this case the zoning changes were unforeseeable.
-
No party is at fault: the zoning board made the changes to the zoning of the land.
- Performance is impossible: there is no reason why an office building should be built in a residential only area.
- The result is radically different than expected: neither Monumental or Champion Builders expected a zoning change to occur.
