If a legal contract is formed and the subject of the contract then becomes illegal under a new statute, the contract is ____

Vikentia [17]

The Federal Reserve System is the central bank of the U.S. It conducts monetary policy to manage inflation, maximize employment, and stabilize interest rates. The Fed supervises the nation's largest banks and provides financial services to the U.S. government. Hope this helps! Mark brainly please!

8 0

3 years ago

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Data concerning Lemelin Corporation's single product appear below: Per Unit Percent of Sales Selling price $ 230 100 % Variable

kompoz [17]

Answer:

Overall Net Income=-$7,800

Overall Net income decreases by $7,800

Explanation:

Current New (After changes)

Units Selling 7,000 7,000+1,600=8600

Sales (7000*$230) Drop of $18, so S.P=$212

=$1,610,000 (8,600*212)=$1,823,200

Variable Exp (7000*$115)=$805,000 (8,600*115)=$989,000

(AT $115)

Contribution $1,610,000 -$805,000 $1,823,200-$989,000

Margin =$805,000 =$834,200

Fixed Expense $581,000 ($581,000+$37,000)

=$618,000

Net Operating $805,000-$581,000 $834,200-$618,000

Income =$224,000 =$216,200

Overall Net Income=New Income-Current Income

Overall Net Income=$216,200-$224,000

Overall Net Income=-$7,800

Overall Net income decreases by $7,800

5 0

3 years ago

Jerry Foster is a sole proprietorship who owns a canoe renting business. Jerry's employee, Terry Gibbs, greets customers at the

Agata [3.3K]

Sole proprietor, the owner has personal financial responsibility.

6 0

4 years ago

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a characteristic of an accrued expense is: multiple choice cash is paid, but an expense is never recorded. an expense is recogni

Inga [223]

A characteristic of an accrued expense is the expense is recognized before the payment of cash. Hence, Option D is correct.

<h3>What is an accrued expense?</h3>

In other words, when any kind of expense is incurred when there are no invoices or other kinds of documents, they are considered as accrued expenses.

They can be classified as current liabilities, in which case they have to be paid within a time period of a minimum of 12 months. It also appears or can be visible on a company's balance sheet.

Therefore, among all the given characteristics, the one which is the characteristic of an accrued expense option D.

Learn more about accrued expense from here:

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The complete question is attached in text form:

Which of the following is a characteristic of an accrued expense? multiple choice:

cash is paid, but an expense is never recorded.

an expense is recognized, but the cash payment is never paid.

cash payment occurs before expense recognition.

the expense is recognized before the payment of cash.

4 0

2 years ago

DO NOT INCLUDE COMMAS OR DOLLAR SIGNS IN YOUR ANSWERS The Company acquired a machine on January 1, Year 1. The machine cost $325

Nonamiya [84]

Answer:

Depreciation expense for Year 6 is 20000

Accumulated depreciation at the end of year 6 is 120000

Book value at the end of year 6 is 205000

Explanation:

The straight line method of depreciation charges a constant depreciation expense per year through out the useful life of the asset. The formula for straight line depreciation per year is,

Depreciation expense per year = (Cost - Salvage Value) / Estimated useful life

So, the depreciation expense per year on this asset under straight line method is,

Depreciation expense per year = (325000 - 25000) / 15

Depreciation expense per year = $20000

So, the depreciation expense for year 6 is $20000

The accumulated depreciation is calculated by adding the depreciation expenses for each year till date. The accumulated depreciation at the end of Year 6 is,

Accumulated depreciation = 20000 * 6 = $120000

The book value is calculated by deducting the accumulated depreciation from the cost of the asset. The book value at the end of year 6 is,

Book value = 325000 - 120000 = $205000

4 0

3 years ago

If a legal contract is formed and the subject of the contract then becomes illegal under a new statute, the contract is _____.