Okay. So Joan receives 25% commission on the profits of the cars she sells. She got $8,870 on the profit last month. To find the commission, let’s multiply the amount of profit by the percentage. 8,870 * 0.25 is 2,217.5. There. Joan earned $2,217.50 in commission last month.
Answer:
a. Finance Bank
Explanation:
According to Statute of Fraud, the agreement must be in writing to be within the statute and enforceable. The oral contracts are usually enforceable but the transfer of land needs to be in writing to be enforceable according to law of Statute of Fraud. If the contract is in writing it would be adequate to be enforceable. While the contract with bank must have some written form which will make it enforceable contract by the finance bank.
Answer: $1,350
Explanation:
The insurance is for 2 years but has to be apportioned monthly on account of the Accrual basis in Accounting where expenses will only be recognized when they are incurred.
The expense to be recorded for the first month will therefore be:
= 32,400 / 24 months
= $1,350
