Answer: Yes, because it is a contract whose terms prevent possible performance within one year
Explanation:
The Statute of Fraud mandates that certain contracts need to be written down. These contracts include the sale of land, amounts involving more than $500 and contracts that have a timeframe of over a year.
Melinda entered into a contract with terms that have to be fulfilled in more than a year. It is therefore under the Statute of Frauds.
Answer:
The Micro Islands have a comparative advantage in producing botanical soaps.
Explanation:
Comparative advantage can be defined as the ability of an economy to produce a good at lower opportunity cost than other economies. This enables the economy sell the product at lower prices, therefore having higher margin of profit than other economies.
The opportunity cost of Micro Island in producing 300 botanical soaps is the cost of producing 30 bamboo towels. The opportunity cost is quite low.
While for Macro Island the opportunity cost of producing 500 botanical soaps is 250 bamboo towels. The opportunity cost is higher than for Micro Island.
Answer:
β = 1.45
Explanation:
The beta of the portfolio is defined as an average of the betas (β) of each asset within the portfolio weighted by their respective invested amounts (A):
The beta of the portfolio is 1.45
Answer:
The depreciation expense for year 1 is $16,000
Explanation:
Depreciation: The depreciation was occurred due to tear and wear, obsolesce, time period, etc
Under the straight-line method, the depreciation should be charged with the same amount over the useful life.
The calculation is shown below:
= 
= 
= $16,000
The depreciation should be charged for $16,000 in year 1. Moreover, it is shown in the income statement in the debit side and in the cash flow statement also.
Answer:
Dr Unearned fees $24,510
Cr Fees earned $24,510
Explanation:
Preparation of the December 31 adjusting entry required
Based on the information given if the balance shown in the unearned fees account was the amount of $37,040 before adjustment at the end of the year which means that if the amount of unearned fees at the end of the year is the amount of $12,530 the December 31 adjusting entry required will be :
Dr Unearned fees $24,510
Cr Fees earned $24,510
($37,040-$12,530)
