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Answer:
What is entirely true about this contract is:
The contract is a VALID contract but is also a VOIDABLE contract on the part of Larry but NOT on the part of Sprint.
Explanation:
As a minor, Larry (he was under the age of 18 when he signed the contract with Sprint) lacks the contractual capacity to enter into the contractual relationship with Sprint. But since he has signed the contract in exchange for the purchase of the cell phone, Larry can either honor the deal or void the contract. This is why the contract is said to be valid but voidable at Larry's behest. However, after Larry has turned 18, if he has not done anything to void the contract, then the contract with Sprint can no longer be voided.
Answer:
Explanation: The Accounting Equation (Assets= liabilities +Equity) shows the relationship between a company's assets, Liabilities and owners equity which at the end of the day balance out.
Assets reflect the total value of the property that the business has, and which is in its turnover.
Liabilities reflect the size of the financing of an organization’s assets by third parties, banks, and private financial institutions.
Owner's Equity is characterized the value of investments made in this organization by its owner/s (shareholders). It can be said to be Capital plus retained earnings.
The accounting equation can be said to be Assets = liabilities+capital+revenue-expenses -dividend.
this is simply put that assets are totality of a company's liabilities, capital, revenue, expenses and dividend.
Answer:
Unitary cost= $12
Explanation:
Giving the following information:
direct materials $5
direct labor $4
variable overhead $3
The variable costing method incorporates all variable production costs (direct material, direct labor, and variable overhead) to calculate the product unitary cost.
Unitary cost= 5 + 4 + 3= $12
