Answer:
The answer is: C) Have as its only remedy the right to recover dollar damages.
Explanation:
Since Sky breached its contract with Eagle, Eagle can sue Sky for money damages.
They can not seek a writ of replevin since the 100,000 units included in the contract were not unique nor identified. They were part of a much larger production lot of 200,000 units intended for various customers.
They also can't seek to obtain specific performance due to the same reasons as before, the units were not specific nor identified and other customers also need them.
Answer:
The entry to close the Income Summary account at the end of the year, after revenue and expense accounts have been closed is:
Debit Income Summary Account $63,300
Credit Retained Earnings $63,300
To close the income summary account.
Explanation:
a) Closing entries are made to close the temporary (Income Summary) accounts so that only the permanent (balance sheet) accounts remain. Temporary accounts are period accounts whose balances are taken to the income summary account. They are not carried over to the next accounting period, except the net financial performance result, known as the net income, which adjusts the Retained Earnings.
C because I
Had this question
The answer will be An excess of production.
Hope this helps!
Answer:
Total value added to the GDP is $500,000.
Explanation:
Given that,
Automobile factory uses parts that are purchased from foreign countries = $100,000
Total cars produce = 30
Price of each car = $20,000
Total cars sold = 20
Left in inventory = 10
Therefore,
Addition to GDP:
= Total value of car produced - Imports(parts purchased from foreign countries)
= (Selling price of each car × Total cars produced) - $100,000
= ($20,000 × 30) - $100,000
= $600,000 - $100,000
= $500,000
Hence, total value added to the GDP is $500,000.
