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1 year ago

In determining contract formation, what is the overriding focus of the uniform commercial code (ucc)?

Business

1 answer:

postnew [5]1 year ago

7 0

Answer:

The intent of the parties is to be bound by the contract.

<h3>What is the UCC battle of the forms rule?</h3>

Typically these so-called battles of the forms occur when a buyer and seller of goods exchange pre-printed order forms with their own different terms on the back and then proceed with the transaction without ever signing any final contract or reaching an agreement on the terms of the deal.

To learn more about it, refer

to brainly.com/question/24553900

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How would inventions such as the smart fitting room affect retail jobs???

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Answer:

ummm because it is bigger

Explanation:

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3 years ago

Which network signaling method uses digital signals and consumes the entire available bandwidth of the network media as a single

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3 years ago

The reduction in principle of the 13th payment is 50% larger than the reduction in principle of the 5th payment. What is the tot

BigorU [14]

Complete Question:

A 20-year level repayment of a loan of 1000 has been scheduled. Recall that in such scenarios, as time progresses the reduction in principal part of each payment increases as the interest part of each payment decreases. The reduction in principle of the 13th payment is 50% larger than the reduction in principal of the 5th payment. What is the total amount of interest paid on the loan?

Answer:

At an assumed interest rate of 6%, the Total Interest on the Loan is:

= $743.69

Explanation:

a) Data and Calculations:

Amount of loan = $1,000

Period of loan = 20 years

Assumed interest rate = 6%

Loan Amount 1000

Loan Term

20 years 0 months

Interest Rate 6

Compound

Annually (APY)

Pay Back Every Year

Results:

Payment Every Year $87.18

Total of 20 Payments $1,743.69

Total Interest $743.69

View Amortization Table

Principal 57%

Interest 43%

Amortization Schedule

Beginning Interest Principal Ending

Balance Balance

1 $1,000.00 $60.00 $27.18 $972.82

2 $972.82 $58.37 $28.82 $944.00

3 $944.00 $56.64 $30.54 $913.46

4 $913.46 $54.81 $32.38 $881.08

5 $881.08 $52.86 $34.32 $846.76

6 $846.76 $50.81 $36.38 $810.38

7 $810.38 $48.62 $38.56 $771.82

8 $771.82 $46.31 $40.88 $730.94

9 $730.94 $43.86 $43.33 $687.61

10 $687.61 $41.26 $45.93 $641.69

11 $641.69 $38.50 $48.68 $593.00

12 $593.00 $35.58 $51.60 $541.40

13 $541.40 $32.48 $54.70 $486.70

14 $486.70 $29.20 $57.98 $428.71

15 $428.71 $25.72 $61.46 $367.25

16 $367.25 $22.04 $65.15 $302.10

17 $302.10 $18.13 $69.06 $233.05

18 $233.05 $13.98 $73.20 $159.84

19 $159.84 $9.59 $77.59 $82.25

20 $82.25 $4.93 $82.25 $0.00

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3 years ago

Jake is the maker of a $2,000 promissory note payable to Kim. Kim indorses the note to Lou who, in turn, indorses it to Mona, wh

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Answer:

d. no one.

Explanation:

Since the issuer of the promissory note was originally Jake, he was the only responsible for the payment of the note. Once he dishonoured it, the note lost its value and no one can be responsible for it. A promissory note is an asset created as a counterpart liability of Jake wealth. If the note is exchanged many times, only the last holder will suffer jake's action

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3 years ago

On March 31, 2018, Easy Rental Agency Inc.'s trial balance included the following selected unadjusted account balances. The comp

AVprozaik [17]

Answer:

Dr Depreciation expense 1,226

Cr Accumulated depreciation 1,226

Dr Unearned revenue 6,487

Cr Rent revenue 6,487

Dr Interest expense 600

Cr Accrued interest 600

Dr Supplies expense 1,960

Cr Supplies 1,960

Dr Insurance expense 3,618

Cr Prepaid insurance 3,618

Dr Income tax expense 2,600

Cr Income tax payable 2,600

Explanation:

March 31, 2018

Prepaid insurance $14,740 - 3,618

Supplies 2,900 - 1,960

Equipment 22,100

Accumulated depreciation-equipment 5,680 + 1,226

Unearned revenue 9,730 - 6,487

interest payable 600

Income tax payable 2,600

Loan payable, due 2020 20,000

Rent revenue 30,900 + 6,487

Salaries expense 14,500

depreciation expense 1,226

interest expense 600

Supplies expense 1,960

Insurance expense 3,618

Income tax expense 2,600

1. The equipment, which was purchased on January 1, 2017, is estimated to have a useful life of four years. The company uses straight-line depreciation.

depreciation per year = $22,100 / 4 = $5,525

depreciation expense up to March 31, 2018:

$5,525 x 1.25 = $6,906.25 ≈ $6,906

adjustment entry = $6,906 - $5,680 = $1,226

Dr Depreciation expense 1,226

Cr Accumulated depreciation 1,226

2. One third of the unearned revenue related to rent is still unearned at the end of the quarter.

adjusting entry = 9,730 - (9,730 x 1/3) = $6,486.67 ≈ $6,487

Dr Unearned revenue 6,487

Cr Rent revenue 6,487

3. The loan payable has an interest rate of 6%. Interest is paid on the first day of each following month and was last paid March 1, 2018.

interest per month = $20,000 x 6% x 1/12 = $600

Dr Interest expense 600

Cr Accrued interest 600

4. Supplies on hand total $940 at March 31.

adjusting entry = $2,900 - $940 = $1,960

Dr Supplies expense 1,960

Cr Supplies 1,960

5. The one-year insurance policy was purchased for $14,740 on January 1.

insurance expense per quarter = $14,470 x 3/12 = $3,617.50 ≈ $3,618

Dr Insurance expense 3,618

Cr Prepaid insurance 3,618

6. Income tax is estimated to be $2,600 for the quarter.

Prepare the quarterly adjusting entries required at March 31.

Dr Income tax expense 2,600

Cr Income tax payable 2,600

8 0

4 years ago