Answer:
The amount that Lena will invest in fund B would be $4000.
Explanation:
Given information -
Amount invested in fund A - $6000
Return earned on fund A - 6%
Let us assume amount invested in fund B be x
Return earned on fund B - 1%
Return on both funds together - 4%
Let us assume the total amount of fund invested be ($6000 + x)
Now using simple equation , we will take out the value of x which is the amount invested in fund B -
$6000 X 6% + x X 1% = 4% ( $6000 + x )
= $360 + .01 x = $240 + .04 x
= $360 - $240 = .04 x - .01 x
$120 = .03 x
x = $120 / .03
= $4000.
Answer:
Yes, Hazel needs to pay extra $700
Explanation:
As per pre-existing duty rule, a person is obligated to perform his duty at the consideration agreed upon initially. Any modification to the contract is void.
Exceptions to this rule:
- As per new contract, if the person undertaking his duty hires another person to perform the work so as to complete it in time, then modifications are valid and enforceable.
- Modifications are valid in case of unforeseen contingencies like war, recession, change in economic conditions and strikes.
In this case, Hazel agreed to pay $700 extra. Under pre-existing duty rule, she is not required to pay Eugene extra $700 but since Eugene took additional help exception to the rule applies and Hazel is obligated to pay $700 extra.
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:
Debit to Salaries Expense $2,700; Credit to Salaries Payable $2,700
Explanation:
In accounting, we have to recognize all expenses even though we haven't paid it yet. This is one of those instances.
The employees have worked for 3 days at the end of January but will not receive their payment on that day. That equates to $2,700 of salaries accrued at the end of January.
Accrued Expenses are recorded as payables, in this problem it's "Salaries Payable".
So to complete the adjusting journal entry:
(Debit) Salaries Expense $2,700
(Credit) Salaries Payable $2,700