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3 years ago

Generally, a state's statute of frauds will cover what type of contract

1 answer:

5 0

This is a<span> statute which requires certain types of contracts </span>to be in writing<span> in order to be enforceable.
</span>

There will be 5 but please do read these to ensure you know them friend.

1: Contracts for the sale or lease of or a mortgage on real property. (Land, etc)

2: Contracts that cannot by their terms be performed within one year after the date was formed.

3: Collateral contracts such as promises to answer for the debt or duty of another individual.

4: Promises that are made in consideration of marriage.

5: Contracts as we went over before for the sale of goods of $500 or more.

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Serge stayed at a bed and breakfast in a mountain town. The bed and breakfast provides food and a comfortable

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for me the best describes the roleof the bed and breakfast is sightseeing

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3 years ago

Read 2 more answers

Pam Erickson Construction Company changed from the completed-contract to the percentage-of-completion method of accounting for l

Brilliant_brown [7]

Answer:

a. $478,450

b.Dr Construction in Process $165,500

Cr Deferred tax liability $49,650

Cr Retained earnings $115,850

Explanation:

A. Calculation for the amount of net income that would be reported in 2015 for Pam Erickson Construction Company

Using this formula

Net income =(Income before income tax ) Income before income tax-Tax rate

Let plug in the formula

Net income= $683,500 - (683,500 × 30%)

Net income= $683,500 - $205,050

Net income= $478,450

B. Preparation of the Journal entry(ies) that are necessary to adjust the accounting records

For Pam Erickson Construction Company

Dr Construction in Process $165,500

Cr Deferred tax liability $49,650

($165,500 × 30%)

Cr Retained earnings $115,850

($165,500 × (100%-30%)

5 0

3 years ago

QUESTION 10

melisa1 [442]

Answer:

business

Explanation:

Business is a term that generally describes a firm, company, or individual's combined activities, or system that deal with the creation of commodities or services for the purpose of meeting the targeted consumers' demands.

In order to meet the targeted consumers' demands, businesses transform lower-value inputs into high-value outputs.

Hence, in this case, the correct answer is BUSINESS

5 0

3 years ago

When the demand curve for a good is unit elastic, raising the price of the good by 25 percent will change the revenue of the fir

san4es73 [151]

Answer: 0%

Explanation:

Elasticity measures the change in demand resulting from a change in price. The law of demand holds that when prices increase, quantity demand would decrease and elasticity is meant to show the magnitude of this change.

A unit elastic good means that prices and quantity demanded change by the same amount. This means that for a unit elastic good, if the price change is a 5% increase, the quantity demanded will decrease by 5%.

In terms of revenue, if the price increases by the same amount that quantity demanded decreases, the effects will cancel out so there will be no revenue effect.

4 0

3 years ago

Under the allowance method, bad debts expense is recorded with an adjustment at the end of each accounting period that debits th

Crank

Answer:

Dr. Allowance for Doubtful Accounts...1,200

Cr. Accounts Receivable....................................1,200

Explanation:

When a specific customer's account is identified as uncollectible, the journal entry to write off the account is:

A credit to Accounts Receivable (to remove the amount that will not be collected)

A debit to Allowance for Doubtful Accounts (to reduce the Allowance balance that was previously established)

Therefore the JOURNAL ENTRIES for the $1,200 uncollectible debt will be

Dr. Allowance for Doubtful Accounts...1,200

Cr. Accounts Receivable....................................1,200

8 0

3 years ago