Answer:
Promissory Estoppel
Explanation:
Promissory estoppel states that a person who has promised to fulfill a contract cannot go back on the promise even if consideration was yet to be given. The affected party can file suit against the party who refused to fulfill his promise and can claim damages.
Promissory estoppel was created to protect parties under contract from incurring damages due to backing off by the other party. Here, Suzy can sue George on the basis of promissory estoppel.
Answer
The answer and procedures of the exercise are attached in the following archives.
Step-by-step explanation:
You will find the procedures, formulas or necessary explanations in the archive attached below. If you have any question ask and I will aclare your doubts kindly.
Answer:
Retained earnings......................Dr $22,000
Dividend expense $22,000
Explanation:
There are two accounts, temporary and permanent accounts. Temporary accounts such as dividends and revenue need to be closed and charged against permanent accounts at the end of reporting period. This is done to estimate the total earnings of the firm during the period.
Dividends are charged to permanent account, retained earnings. Following is the closing entry:
Particulars Debit Credit
Retained earnings $22,000
Dividend expense $22,000
(Dividends expenses closed
by charging to retained earnings)
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