Answer:
In Carmen's suit against Dex to recover her repair and medical expenses, Carmen will most likely recover:
B. Nothing
Explanation:
In the question it has been provided that:
Dex and Carmen had met an auto accident and then Dex offers Carmen $2000. Carmen also promises Dex that she would not pursue any legal claim or any potential legal claim against Dex.
Now later on Carmen discovers that due to the accident her car got major damage and now $1500 will be required for repairing her car and also she would have to go through medical expenses for a latent injury which will amount to $4000.
So, now if Carmen suit against Dex to get repair her car and also bear all her medical expenses then Carmen is most likely to recover:
B. Nothing.
If Dex do not agrees to what Carmen is claiming then this type of agreement is called a RELEASE contract.
RELEASE: It refers to a type of contract in which a party who is suffering claims for certain things or certain amount but the other party refuses and say that there are no such claims named after him for whatever reasons.
Answer:
The correct answer is a. Debit Short-Term Investment for $160,000 and Credit Cash for the Same Amount.
Explanation:
Investments in Money Market Instruments, that is those instruments that mature within one year, are classified as Short-term Investments. Whereas, investments for a period of more than one year are termed as Long-term Investments. Since Kenall Corp. purchased bonds that will mature within one year, so such investment shall be classified under the head of Current Assets.
In-case of interest received semi-annually, Cash will be debited and Finance Income will be credited.
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A family day care allows you to make money while caring for your own children
<span>One from each credit bureau per year, so in total three per year.</span>
Answer:
The amount of revenue to be recognized at 31st March is $383500
Explanation:
The revenue amount that should be recognized in the income statement as at March 31,2020 is the sales price of $365000 plus three months of installation fee since installation is expected to last six months and three months have passed since installation began.
Hence, the amount of revenue as at 31st March is calculated thus:
Sales price $365000
Installation fee for 3 months(3/6*$37000) <u>$18500</u>
Total revenue as at 31st March $ 383,500
The rationale behind this is that revenue is only recognized when the seller has discharged his or her obligation under the contract not when cash is received and it is very clear that installation has been undertaken for 3 out of 6 months