A person must have how much driving experience to teach a beginner?

If a seller fails to deliver the goods, the buyer can purchase other goods to substitute for those due under the contract, but c

lozanna [386]

Answer:

b. False

Explanation:

A contract can be defined as an agreement between two or more parties (group of people) which gives rise to a mutual legal obligation or enforceable by law.

There are different types of contract in business and these includes: fixed-price contract, cost-plus contract, bilateral contract, implies contract, unilateral contract, adhesion contract, unconscionable contract, option contract, express contract, executory contract, etc.

The uniform commercial code (UCC) is a set of standardized business laws which are put in place for the regulation of financial contracts and commercial transactions used across different states in the United States of America.

There are special rules known as the special business standards that are set up by UCC governing the merchants and the sales of goods in the Article 2 of the uniform commercial code.

According to UCC, if a seller under a contractual agreement with a buyer fails to deliver goods, the buyer is permitted by law to purchase other goods to substitute for those due under the contract, and can still sue the seller for any consequential damages.

A substitute product can be defined as a product that a consumer sees as an alternative to another product and as such would offer similar benefits or satisfaction to the consumer.

7 0

2 years ago

Yolanda (41), a freelance photographer, reports a net profit of $50,000 on Schedule C, Profit or Loss from Business. This is her

AleksandrR [38]

Answer:

the self-employment tax is $7,065

Explanation:

The computation of the self-employment tax is given below:

Given that

net profit = $50,000

Now the 92.35% of net profit is $46,175

As it is lower than $128,400

So,

= 15.3% of $46,175

= $7,065

Hence, the self-employment tax is $7,065

6 0

2 years ago

Weightman Corporation's net operating income in Year 2 was $76,385, net income before taxes was $55,385, and the net income was

muminat

Answer:

11.00

Explanation:

$Earnings \: per \: share = \frac{net \: income}{shares}$

36,000 net income

200,000 common stock / $4 per share= 50,000 shares

36,000 / 50,000 = 0.72 earnings per share

$price-earnings \: ratio = \frac{market\: price}{EPS}$

7.92 / 0.72 = 11

5 0

2 years ago

Which statement is NOT true?

Kisachek [45]

Explanation:

The Answer Is C. That's It

5 0

2 years ago

Suzuki Supply reports the following amounts at the end of 2021 (before adjustment). Credit Sales for 2021 $ 260,000 Accounts Rec

Amiraneli [1.4K]

Answer:

1. Suzuki estimates 12% of receivables: Net income (before taxes) in 2021 decreases by $5,500 and total assets in 2021 decreases by $5,500

2. Suzuki estimates 3% of credit sales: Net income (before taxes) in 2021 decreases by $7,800 and total assets in 2021 decreases by $7,800

Explanation:

1. Suzuki estimates 12% of receivables

Bad debts are estimated: 12% x $55,000 = $6,600

Before adjusting, Allowance for Uncollectible Accounts balance of $1,100 (credit).

Bad debts expense = $6,600 - $1,100 = $5,500

The entry will be made:

Debit Bad debts expense $5,500

Credit Allowance for Uncollectible Accounts $5,500

Net income (before taxes) in 2021 decreases by $5,500 and total assets in 2021 decreases by $5,500

2. Suzuki estimates 3% of credit sales

Bad debts are estimated: 3% x $260,000 = $7,800

The company uses the percentage of sales method.

Bad debts expense = $7,800

The entry will be made:

Debit Bad debts expense $7,800

Credit Allowance for Uncollectible Accounts $7,800

Net income (before taxes) in 2021 decreases by $7,800 and total assets in 2021 decreases by $7,800

7 0

2 years ago