An agreement between private parties creating mutual obligations enforceable by law. The basic elements required for the agreement to be a legally enforceable contract are: mutual assent, expressed by a valid offer and acceptance; adequate consideration; capacity; and legality.
Answer:
Answer text is available please see the attachment file for easy understanding
Sr. Date Levine Company Debit Credit
Journal
1 Not Given Cash $8,064
Credit Card Expense-Suntrust $336
Sales $8,400
2 Not Given Cost of Goods Sold $6,000
Merchandise Inventory $6,000
3 Not Given Accounts Receivable-Continental $5,460
Credit Card expense $140
Sales $5,600
4 Not Given Cost of goods Sold $3,500
Merchandise Inventory $3,500
5 12-Apr Cash $5,460
Accounts Receivable-Continental $5,460
Answer:
(a) $620
(b) 40%
(c) $208
(d) 31%
(e) $2,683
(f) $1,878
Explanation:
Use the following formula to calculate the unit contribution margin
Unit Contribution Margin = Unit Selling Price - Uni variable cost
Use the following formula to calculate the contribution margin ratio
Contribution Margin ratio = ( Unit Contribution margin / Unit Selling Price ) x 100
The working for the question is attached with this answer please find it.
