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3 years ago

In most transactions, the buyer is accepting the condition of the property at what point in time:_________

Business

1 answer:

Dmitriy789 [7]3 years ago

7 0

Answer:

b. At the signing of the contract

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.

Mutual assent is a legal term which represents an agreement by both parties to a contract. When two parties to a contract both have an understanding of the parameters, terms and conditions surrounding a contract, it ultimately implies that they are in agreement; this is generally referred to as mutual assent and it is at this point they (buyer and seller) sign the contract. Therefore, mutual assent connotes agreement, acceptance and consent to a contract by both parties.

<em>Hence, in most transactions, the buyer is accepting the condition of the property at the signing of the contract as an approval or consent to the terms and conditions. </em>

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Using the allowance method, is bad debt expense recognized in

mezya [45]

Using the allowance method, is bad debt expense recognized in the period in which sales related to the uncollectible account are made.

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1 year ago

For the year ended December 31, Lopez Company implements an employee bonus program based on company net income, which the employ

Mrac [35]

Answer:

Lopezâs bonus expense is computed as $40,777. Therefore,

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Employee bonus expense A/c Dr. $40,777

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(To record the bonus due)

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Bonds payable A/c Dr. $40,777

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4 0

3 years ago

A brief description of the key points of the business plan

Elan Coil [88]

No more than two pages and should include the most important information from each section of the plan. it should open with a compelling story to persuade the reader that the business is going to succeed. then it should support the statement gathered through market research.

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3 years ago

Badgersize Company has the following information for its Forming Department for the month of August.

sergiy2304 [10]

Question Completion:

Costs incurred in August:

Direct materials $154,000

Conversion costs $264,000

Answer:

Badgersize Company

Materials Conversion

a. Equivalent units 74,000 69,500

b. Cost per equivalent unit $3.162 $4.144

Explanation:

a) Data and Calculations:

Units Materials Conversion Total

Beginning WIP inventory 20,000 100% 20%

Units started August 54,000

Total units available 74,000

Transferred out 59,000

Ending WIP inventory 15,000 100% 70%

Cost of beginning WIP $80,000 $24,000 $104,000

Costs incurred in August 154,000 264,000 418,000

Total production costs $234,000 $288,000 $522,000

Equivalent unit Units Materials Conversion

Units transferred out 59,000 59,000 59,000

Ending WIP inventory 15,000 15,000 10,500

Equivalent units 74,000 69,500

Cost per equivalent unit

Total production costs $234,000 $288,000

Equivalent units 74,000 69,500

Cost per equivalent unit $3.162 $4.144

8 0

3 years ago

Ramona Company has the following labor-related data.Standard labor hours for output: 15,000 hoursStandard labor rate: $10 per ho

Alik [6]

Answer:

E. $25,000 unfavorable

Explanation:

The labor efficiency variance shall be calculated using the following formulas:

Labor efficiency variance=((Standard labor hours used to make the actual production )- (Actual labor hours used to make the actual production))* standard rate per hour

Standard labor hours used to make the actual production=15,000

Actual labor hours used to make the actual production=17,500

standard rate per hour=$10 per hour

Labour efficiency variance=(15,000-17,500)*10

=25,000 unfavourable

So based on the above discussion, the answer shall be E. $25,000 unfavorable

8 0

3 years ago