A contract with a customer must meet all of the following criteria:
Has approval and commitment of the parties.
Rights of the parties are identified.
Payment terms are identified.
The contract has commercial substance.
Collectability of consideration is probable.
Explanation:
Decline by $0.5 billion and the money supply will decline by $2.5 billion.
Answer:
$336.88
Explanation:
Interest adjustment refers to a one time interest payment that must be paid by the buyer for the accrued interest between the day when the sale was closed and the end of the month. In this case, we are told to use a 360 day year, that means that all months will have 30 days. Therefore, the number of days of July will be 14, not 15.
total interest for 14 days = $157,500 x 5.5% x 14/360 = $336.875 = $336.88
