<span>If the friend sues Mary, the court most likely will not require Mary to do anything because this was a gift promise. In order for a gift promise to be enforceable by the law, it should be a contract. And in order for it to be a contract, there should be a consideration received by Mary but in this case, no consideration was received by Mary therefore, the promise is unenforceable.</span>

4 0

3 years ago

Mondie Weller decides to start a residential landscaping business. How would this business most likely be classified? A. Manufac

pychu [463]

Answer:

His business will most likely be classified as C. Service business

Explanation:

Mondie Weller will be paid for residential landscaping services.The best classification will be a Service Business since the value the client gets varies from client to client as per their needs. Also there is no conversion of inputs into output so it will be incorrect to call it a Manufacturing Business.

5 0

3 years ago

Read 2 more answers

For the year ending December 31, Beard Clinical Supplies Co. mistakenly omitted adjusting entries for (1) $7,620 of unearned rev

Svetradugi [14.3K]

Answer:

See explanation section

Explanation:

Since Beard Clinical Supplies Co. omitted adjusting entries that leads to either decrease or increase in the revenues, expenses, and net income.

Transactions 1 and 2 are related to Revenue.

Transaction 3 is related to Expenses.

All transactions are related to Net Income.

Journal entry will help to determine the effect.

Transaction - 1: Unearned Revenue (Debit) - $7,620

Service Revenue (Credit) - $7,620

Transaction - 2: Accounts Receivable (Debit) - $10,480

Service Revenue (Credit) - $10,480

Transaction - 3: Wages expense (Debit) - $5,950

Wages Payable (Credit) - $5,950

A) Revenue = Transaction (1 + 2) = $7,620 + 10,480 = $18,100 was missing. It means revenues were understated (decreased) by $18,100.

B) Expenses = Transaction 3 = $5,950. It was understated also.

C) Net Income = $18,100 - 5,950 = $12,150. Therefore, Net income was also understated.

8 0

4 years ago