Answer:
Explanation:
From the question, we are informed about Promises Made in Consideration of Marriage. And After twenty-nine years of marriage, Robert and Mary Lou Tuttle were divorced. They admitted in court that before they were married, they had signed a prenuptial agreement.
In this case with the rest information from the question, that A copy of the prenuptial agreement could not be found, then the court cannot enforce the agreement without a writing Prenuptial agreements.
Reason behind this is that a Prenuptial agreements can only be enforced if it is writing.Prenuptial agreements is usually signed before two people marry each other, so in case of death or divorce in the future, the ownership of their asset would have been defined.
Answer:
Journal entry to record the Sale of Patent
Debit : Cash $750,000
Credit : Patent at Book Value $120,000
Credit : Profit and Loss $630,000
Journal entry to record the Sale of Equipment
Debit : Cash $325,000
Debit : Profit and loss $75,000
Debit : Accumulated depreciation $150,000
Credit : Equipment at Cost $550,000
Explanation:
During a sale transaction the entity recognizes 1. The Cash Proceeds resulting from the sale, 2. The Profit or loss resulting from the sale, 3.The entity derecognizes the Cost or Book Value of the Asset as well as the Accumulated depreciation.
A profit of $630,000 has been earned as a result of the sale of the Patent, whereas a loss of $75,000 has been incurred as a result of sale of Equipment.
Adjusting entry for Insurance Expense:
In the given case, the insurance was purchased on July 1 of the same year for one year of insurance coverage, with coverage beginning on that date. It means the Insurance expense for the current year shall be calculated for the period (July 1 to Dec. 31) =6 Months
The Total amount paid for one year was $6,000. So the amount of expense for the current year shall be 6000*6/12 = $3,000
Hence the adjustment entry shall be made for $3,000 Insurance expense. We shall debit Insurance expense and Credit the Prepaid Insurance. The
Adjusting Journal entry as on Dec. 31 shall be as follows:
Insurance Expense Debit $3,000
Prepaid Insurance Credit $3,000
Answer:
The marginal revenue product of the second worker is $150.
Explanation:
- This is because when we change from 1 worker to 2 workers, the total product increases by 30 (from 20 when there were 1 worker to 50 when there wew 2 workers).
- The value of this extra product, considering that the price of every T-shirt is $5 (marginal revenue of this product) equals .
- This is additional value in dollars that the company has because incuding an extra employee when it changes from oneto two employees.
Answer:
$200,600
Explanation:
The total amount which is paid back with the accrued interest is shown below:
= Note payable + Accrued interest
where,
Note payable is $200,000
And, the accrued interest equals to
= Principal × rate of interest × number of months ÷ (total number of months in a year)
= $200,000 × 6% × (6 months ÷ 12 months)
= $600
The 6 months is calculated from November 1,2012 to May 1, 2013
Now put these values to the above formula
So, the value would equal to
= $200,000 + $600
= $200,600