Answer:
1- The UCC contract formation includes offer, acceptance and consideration.
Explanation:
Elements "Offer" and "Acceptance" together form mutual assent. Also, in order to be enforceable, the contract must be for a legal purpose and parties to the contract must have capacity to enter into the contract, that part is related to consideration.
Offer → gives power of acceptance to another party, besides it includes the agreement´s essential elements (they have to be definite and certain).
Acceptance → must be a mirror image of the offer.
Consideration → All common-law contract must contain this element as a valid one. It means that there must be a bargained for interexchange of acts or promises, both parties incurring new legal detriment or obligations as a consequence of the contract.
Answer: Because the United States imports televisions, <u>P2 (GREATER)</u> represents the world price before the technological advance, and<u> P1 (MINOR)</u> represents the world price after the technological advance.
Explanation: The United States has no comparative advantage over the other countries in the production of televisions, therefore it IMPORTS them. Therefore, the price of televisions in the United States under normal conditions is higher than the world price, and as the world price falls as a result of Japan's technological advance, the price in the United States also decreases.
Answer:
Dr Merchandise Inventory Cr Cash
Explanation:
Based on the information given in a situation where purchases of merchandise are made for cash the transaction will be recorded in the journal entry by debiting Merchandise Inventory and Crediting Cash reason been that MERCHANDISE are current asset and Secondly merchandise are anticipated to be either sold out, used or turn them into cash within a period of one year, although it sometimes depends on the method of payment in which the merchandise was been paid for , which is why we have to Debit Merchandise Inventory Account and Credit Cash Account.
Hence:
Journal entry
Dr Merchandise Inventory
Cr Cash
Answer:
Decrease in income taxes payable are subtracted from net income
Explanation:
1) Bad debts expense. Expenses with no cash outflows are added back to net income
2) Decrease in income taxes payable are subtracted from net income
3) Depreciation expense are added to net income.
4) Decrease in merchandise inventory are added to net income.
5) Amortization of intangible assets are added to net income.
