Answer:
1.Dr Cash 25,000
Cr Sales revenue 25,000
2. Dr Warranty expense 2,500
Cr Warranty liability 2,500
3.Journal entry for actual warranty expense
Dr Warranty liability 500
Cr Cash 500
Explanation:
Preparation of Dynamo's journal entries related to the sales and warranty in Year 1.
1.Dr Cash 25,000
Cr Sales revenue 25,000
(50*500)
2. Dr Warranty expense 2,500
Cr Warranty liability 2,500
3. Dr Warranty liability 500
Cr Cash 500
Answer:
D) An illusory promise
Explanation:
An illusory promise is not enforceable. Illusory promises are simply illusions that seem or appear to a contract, but are not.
In this case, there is no consideration at all, therefore none of the parties is bound by a contract. It would be different if the company promised to pay a bonus if its profits are xx%. How can someone determine what is considered high profits, and how can you be sure that management will agree?
It is basically like telling someone else that you will give them something if you are happy and willing to do it. How can someone determine if you are happy or not, and how can someone know if you are willing to do it or not?
Answer: Companies in perfect competition do not usually apply "socially conscious" practices because their cost-benefit relationship does not justify it.
Generally, the administration of an oligopolistic company will carry out "socially conscious" practices, because this differentiation between the other companies would lead to higher than normal profits.
Answer:
The answer is below
Explanation:
According to Article 17 of the Texas Constitution which is otherwise known as "Mode of Amending the Constitution of This State"
The first step in amending the Texas Constitution is that the Texas State Legislature must make a proposition of the amendment in a joint resolution, involving both the Texas State Senate and the Texas House of Representatives. This joint resolution, however, can emerge in either the House or the Senate.
Answer: Statement A
Explanation: Convertible bonds is a type of bond security which gives its holder the right to convert each bond to a specified number of shares. These are hybrid securities having features of both equity and debt.
.
Warrants are securities that give their holder the right to purchase the common shares of the company at a specified price and before a certain time period.
.
Thus, from the above explanation we can conclude that statement A is correct.
