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2 years ago

Camille, a buyer, wants to change the price already agreed to in a sales contract. what document should she use?

Business

1 answer:

e-lub [12.9K]2 years ago

6 0

She should use <u>a </u><u>New contract</u>.

A contract is a legally enforceable agreement that establishes, defines, and controls the mutual rights and obligations between parties. Contracts typically include the transfer of goods, services, money, or promises to transfer at a future date.

In the event of a breach of contract, victims are entitled to legal remedies, including damages and withdrawal. Contract law, the field of law of obligations dealing with contracts, is based on the principle that agreements must be honored.

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Trout Lumber Yard has a current accounts receivable balance of $447,516. Credit sales for the year just ended were $8,105,305. a

musickatia [10]

Answer:

Trout Lumber Yard

a. The receivables turnover = Net Credit Sales/Average Receivables

= $8,105,305/$447,516

= 18 times per year

b. The Days' Sales in Receivables = Average Receivables/Credit Sales * 365

= $447,516/$8,105,305 * 365

= 20.15 days

c. On the average, it took 20.15 days (365/18.11) for credit customers to pay off their accounts during the past year.

Explanation:

a) Data and Calculations:

Accounts receivable balance = $447,516

Credit sales for the year just ended = $8,105,305

The receivables turnover = Net Credit Sales/Average Receivables

= $8,105,305/$447,516

= 18.11 times

The Days' Sales in Receivables = Average Receivables/Credit Sales * 365

= $447,516/$8,105,305 * 365

= 20.15 days

8 0

3 years ago

The entity’s manufacturing division, whose assets constituted 75% of its total assets at September 30, Year 5 (end of year), was

belka [17]

The event should be presented in the financial statements as follows:

1. The assets side of the balance sheet will be reduced by 75%, with its accompanying accumulated depreciation.

2. The bonded liability on the balance sheet is eliminated by the relevant amount.

3. The journal entry should debit the Bonded Liability and accumulated depreciation, while the assets worth 75% are credited.

4. If the bonded indebtedness is more than 75% of the assets, the company records a profit on disposal on the income statement. Otherwise, it records a loss. If they are equal, there is no profit or loss.

Thus, the difference between the debit and credit entries constitutes either profit or loss on disposal.

Learn more: brainly.com/question/17329408

5 0

2 years ago

Assume that atlanta co. is producing motorcycles and selling them to u.s. customers. atlanta co. obtains all of its supplies fro

stira [4]

The answers that fit the blanks provided are ECONOMIC and TRANSACTION, respectively. Based on the given scenario above regarding Atlanta company, and Phoenix company, we can say that Atlanta company is more exposed on the economic perspective, and Phoenix company is more exposed on the transaction perspective.

6 0

3 years ago

Your retirement fund consists of a $5,000 investment in each of 18 different common stocks. The portfolio's beta is 1.10. Suppos

serg [7]

Answer: 1.13

Explanation:

New Beta = Beta + Increase in beta per portfolio

Increase in beta as a result of purchase of new stock

= New stock beta - sold stock beta

= 1.5 - 0.5

= 0.5

Increase in bet per portfolio

= 0.5/18 stock

= 0.02778

New Beta = 1.1 + 0.02778

= 1.12778

= 1.13

3 0

3 years ago

Ace Inc. has 10,000 shares of 5%, $100 par value, cumulative preferred stock and 50,000 shares of $1 par value common stock outs

REY [17]

Answer:

b. $50,000 in total

Explanation:

Preference shareholders: The preference shareholders are that shareholders who receive the divided before equity shareholders

The computation of the annual dividend is shown below:

= Number of shares × price per share × rate

= 10,000 shares × $100 × 5%

= $50,000

The annual dividend for preference shareholders will be computed by applying the number of shares, the price per share, and the rate.

5 0

3 years ago