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N76 [4]
3 years ago
12

Which of the following promises does NOT have to be evidenced by a writing in order to be enforceable? a. Jones's agreement with

Smith to sell his condominium for $100,000. b. Stewart's promise to work for Austin for a two-year period. c. Dad's promise to the credit union that he will make payments on his son's truck. d. Mindy's agreement with Susan to buy her bike for $400.
Business
1 answer:
olchik [2.2K]3 years ago
3 0

Answer:

C. Dad's promise to the credit union that he will make payments on his son's truck

Explanation:

This promise does not have to be evidenced by writing in order to enforceable since personal relationship exist between father and son. This promise is therefore enforceable automatically.

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If the total assets of a business are $107,000 and its liabilities are $75,000, which of the following statements is correct?
Lady bird [3.3K]

Answer:

a. liabilities are $32,000

Explanation:

Note: In question part $75,000 shall represent equity, as there are only 3 parts of balance sheet assets, equity and liabilities, if assets are given liabilities is what we need to calculate the missing is equity.

Thus, $75,000 is treated as equity.

In that case we have,

Assets = Equity + Liabilities

$107,000 = $75,000 + Liabilities

Assets - Equity = Liabilities

$107,000 - $75,000 = Liabilities

$32,000 = Liabilities

Therefore, correct option is

a. liabilities are $32,000

7 0
3 years ago
Buffy is engaging product users to create an exhaustive list of things that bother them when they use the product and how often
Luden [163]
What is your question? :)
7 0
3 years ago
On 12/31/X4, Zoom, LLC, reported a $55,500 loss on its books. The items included in the loss computation were $27,000 in sales r
IrinaVladis [17]

Answer:Ordinary Business income loss =-$20,500.

Explanation:

Ordinary business Expenses are the expenses generally accepted according to the  industry standards associated with running of a business.

Here, the ordinary business expenses for Zoom  include

cost of good sold= $19,-000

employee wages= $17,000

rent expense = $11,500 and therefore will be deducted from its sales revenue.

charitable contributions and qualified dividends, do not cut across all industries and so are not classified under Ordinary Buisness expences.

Ordinary Business income loss = Sales revenue - cost of good sold, -employee wages- rent expense.

$27,000- $19,000-$`17,000-$11,500= -$20,500. to be reported on its X4 return

6 0
3 years ago
A journal entry for a​ $210 payment to purchase office supplies was erroneously recorded as a debit to Office Supplies for​ $550
Ludmilka [50]

Answer:

The sum of the debits will exceed the sum of the credits by $340. (None of the options given).

Explanation:

The right posting on the payment of $210 for the purchase office supplies would be;

Debit office supplies account $210

Credit Cash account $210

However since the debit to office supplies was $550 which is 340 (i.e $550 - $210) more than what the amount to have been posted is, it means that the sum of the debits will exceed the sum of the credits by $340.

3 0
3 years ago
Which professional’s advice is Peter seeking? Peter wants to buy office space for his new business. However, he is not sure if t
Igoryamba
Peter is consulting someone who sells commercial real estate. Peter wants to make sure he's in a good place business wise and that it is the best time before he makes the purchase for a new building. By consulting the agent, he can get a better understanding of when the right time to purchase will be. 
4 0
3 years ago
Read 2 more answers
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