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Sam, the owner of a toy store, dies unexpectedly at the age of 56. His lifelong business associate, Paul, is appointed the admin

Nostrana [21]

Answer:

b. An oral statement such as this is not enforceable because it is outside the Statute of Frauds.

Explanation:

The statute of frauds (SOF) is a legal concept that requires certain types of contracts to be executed in writing. Among others, these typically include those for the sale of land, of any goods over $500 in value, and contracts of a year or more in length.

The contracts that must adhere to the statutes of fraud are Collateral contracts in which a person promises to answer for the debt or duty of another, or guaranty contracts are required to be written. Prenuptial agreements and promises made in consideration of marriage must adhere to the statute of frauds.

3 0

3 years ago

Tatum Company has four products in its inventory. Information about the December 31, 2021, inventory is as follows: Product Tota

balu736 [363]

Answer:

Tatum Company

1. The carrying value of inventory at December 31, 2021, assuming the LCNRV rule is applied to individual products is:

= $ 303,000

2. Adjusting Journal Entry:

Debit Cost of Goods Good $38,000

Credit Inventory $38,000

To write-down the value of ending inventory.

Explanation:

a) Data and Calculations:

Product Total Cost Total Net Realizable Value LCNRV

101 $ 136,000 $ 108,000 $ 108,000

102 99,000 118,000 99,000

103 68,000 58,000 58,000

104 38,000 58,000 38,000

Total $ 341,000 $ 342,000 $ 303,000

Write-down:

Cost of inventory = $341,000

LCNRV of inventory 303,000

Inventory write-down $38,000

8 0

3 years ago

The ________ is the difference between merchandise imports and exports and a measure of a country's international trade in goods

Levart [38]

Answer:

balance of trade

Explanation:

Trade can be defined as a process which typically involves the buying and selling of goods and services between a producer and the customers (consumers) at a specific period of time.

Basically, trade can be categorized into two (2) main groups and these are;

I. Import: this involves bringing in goods from a foreign country to sell in a different (domestic) country.

II. Export: it involves the sales of goods produced in a domestic country to a foreign country.

In Economics, a balance of trade is a measure of the difference between merchandise imports and exports, as well as a country's international trade in goods. Thus, it's a measure of the difference between the monetary value of the import and export of goods of a country over a specific period of time.

3 0

3 years ago

The following events took place for Digital Vibe Manufacturing Company during January, the first month of its operations as a pr

dedylja [7]

Answer:

1. Income Statement for Digital Vibe Manufacturing company

For the Month ended January 31

Sales 875,000

Cost of goods sold 525,000

Gross Profit 350,000

Operating Expenses:

Selling expenses 125,000

Administrative expenses 80,000

Total Operating expenses <u>205,000</u>

Net Income <u>$145,000</u>

<u />

B.

1. Ending material inventory = Material purchased - Used material in production

= 168,500 - 149,250

= $19,250

2. Ending work in Process inventory = Material used in production + Direct labor + Factory overhead - Transferred of work in process to finished goods

= 149,250 + 360,000 + 120,000 - 600,000

=$29,250

3. Ending finished goods inventory = Transfer from work in progress - Cost of goods sold

= 600,000 - 525,000

= $75,000

6 0

3 years ago

the general rule associated with the segregation of duties is that accounting controls should be set up to separate (1) custody

irina1246 [14]

The general guideline for the segregation of duties is that the following areas should be separated by accounting controls : 1. custody of assets, 2. authorization of transactions, and 3. record-keeping responsibilities.

<h3>Give a brief account on segregation of duties.</h3>

The assignment of distinct steps in a process to different personnel is known as the segregation of duties. By exercising extreme control over a process, the goal is to prevent situations in which someone might steal something or do another fraud. In essence, distinct parties should have physical custody of an asset, record-keeping responsibilities for it, and acquisition and disposal authority.

A key component of a control system is the separation of roles. When evaluating an entity's system of internal controls, auditors will consider duty segregation and will give the system a lower rating if there are any segregation problems.

The auditors will change their methods when there are segregation problems because they will presume that the danger of fraud has increased. This method shift typically entails a rise in audit workload, which is passed on to the customer in the form of higher audit fees.

To know more about, segregation of duties, visit :

brainly.com/question/28289850

#SPJ4

4 0

1 year ago