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3 years ago

Why was money scarce when crops produced a good profit? savestylesformat instructions?

1 answer:

5 0

Although a profitable surplus of products was maintained, money was as scarce in the colonies as it was in England. Whenever gold or silver was earned from exported products, it had to be sent to England to pay debts or to import needed goods. This produced an environment where money was scarce even despite the decent profit earned from crops.

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Big Equipment Company sold a tractor-scraper to Ace Paving for $125,000. Ace made a down payment of $25,000 and agreed to pay th

miv72 [106K]

Answer:

a. Reformation

Explanation:

In the given instance, it is clearly observed that the Vehicle Identification Number is not correctly written in the contract, and that happened due to typing errors, and was not intentional.

In these cases the courts order to reform the contract, and then the reformed contract shall reflect the intentions of both the parties as what they intend.

In the given case also, reformation will take place as the error is not due to intentionally, fraud with the other party. Thus correct option is:

a. Reformation

7 0

2 years ago

Rediger Incorporated a manufacturing Corporation, has provided the following data for the month of June. The balance in the Work

saveliy_v [14]

Answer:

cost of goods manufactured= $161,800

Explanation:

Giving the following information:

Beginning Work in Process inventory= $41,000

Ending Work in Process inventory= $26,500

Direct materials= $58,800

Direct labor cost= $33,700.

The manufacturing overhead cost applied to Work in Process was $54,800.

To calculate the cost of goods manufactured, we need to use the following formula:

cost of goods manufactured= beginning WIP + direct materials + direct labor + allocated manufacturing overhead - Ending WIP

cost of goods manufactured= 41,000 + 58,800 + 33,700 + 54,800 - 26,500

cost of goods manufactured= $161,800

3 0

2 years ago

Revenue and expense data for Innovation Quarter Inc. for two recent years are as follows: Current Year Previous Year Sales $4,00

Ierofanga [76]

Answer:

See explanation section

Explanation:

See the image below

8 0

3 years ago

Historical Art is a new business. During its first year of operations, credit sales were $50,000 and collections from credit sal

Igoryamba

Answer: $1000

Explanation:

First, we calculate the amount if bad debt expense which will be:

= 3% × $50000

= $1500

Therefore, the balance of accounts receivable at the end of the first year will be:

= Amount of bad debts expense - Account written off

= $1500 - $500

= $1000

5 0

2 years ago

On June 1, 2019, Irene places in service a new automobile that cost $21,000. The car is used 70% for business and 30% for person

worty [1.4K]

Answer:

a.$4,704

Explanation:

Depreciation rate applicable for 2nd year as per MACRS 5 year class property = 32%

So, Irene cost recovery deduction = $21,000 * 32% * 70% = $4,704

Hence, the cost recovery deduction for Irene in 2020 is $4,704.

4 0

2 years ago