Given that the contrsct that is being made here has been said to be ratified, the contravt can be said to a valid contract.
<h3>What is a valid contract?</h3>
This is a term that is used to refer to a contract that has been found to b e valid and also enforceable.
What makes a contract valid is the fact that there is an expressed offer, and a valid acceptance.
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Explanation:
The organizational structure can be defined as the way in which the company's activities are divided, coordinated and executed, encompassing the physical aspects of the company, as well as the human, and all the systems that make up the organization.
Organizational culture can be defined as the set of values, rules and procedures shared by all employees in an organization.
The interrelation between the organizational structure and the culture, is that analyzing the three levels of the organizational culture that are:
1- Artifacts,
2- Shared values,
3- Basic assumptions.
Analyzing the three levels of the organizational culture, we see that it encompasses the organizational structure, since the artifacts are the physical aspects that will contribute to the generation of a given culture.
The multinational company Google, is an example where the organizational structure and culture are related, because it is a technology company that has innovation and flexibility as its main values, it presents a relaxed and horizontal physical structure, which stimulates motivation, creativity, engagement and integration of teams that will develop essential projects for the company to achieve its goals.
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Answer:
August 1
Dr Legal Expense $9,600
Cr Common stock $8,000
Cr Paid Capital $1,600
August 15
Dr Cash $78,000
Cr Common stock $50,000
Cr Paid in Capital $28,000
October 15
Dr Land $51,000
Cr Common stock $30,000
Cr Paid in Capital $21,000
Explanation:
Preparation of the journal entries to record the stock issuances on August 1, August 15, and October 15.
August 1
Dr Legal Expense $9,600
Cr Common stock $8,000
(800 shares*$10 par value)
Cr Paid Capital $1,600
($9,600-$8,000)
(To record stock issuances)
August 15
Dr Cash $78,000
Cr Common stock $50,000
(5,000shares*$10 par value)
Cr Paid in Capital $28,000
($78,000-$50,000)
(To record stock issuances)
October 15
Dr Land $51,000
Cr Common stock $30,000
(3,000shares*$10 par value)
Cr Paid in Capital $21,000
($51,000-$30,000)
(To record stock issuances)
Dec 31
Dr Interest expense $72,000
Cr Interest Payable $72,000
($900,000*9%)
(Being to record the first year interest expense accrued)
<h3>What is Interest Payable? </h3>
Interest Payable is a liability account, shown on a company's balance sheet, which represents the amount of interest expense that has accrued to date but has not been paid as of the date on the balance sheet.
In short, it represents the amount of interest currently owed to lenders.
<h3>Is interest payable an asset?</h3>
Interest payable is a liability, and is usually found within the current liabilities section of the balance sheet.
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