Explanation:
The journal entries are as follows:
On July 1
Prepaid Insurance A/c Dr $20,700
To Cash A/c $20,700
(Being prepaid insurance is paid)
On December 31
Insurance expense A/c Dr $
To Prepaid insurance A/c $1,110
(Being the insurance expense is recorded)
The insurance expense is shown below:
= $20,700 ÷ 3 years × 6 months ÷ 12 months
= $3,450
Answer:
$15,000 Increase
Explanation:
Calculation to determine what the effect on net income will be :
Effect on net income = (15,000 x $3.50) – ($2.50x 15,000)
Effect on net income = $52,500-$37,500
Effect on net income = $15,000 Increase
Therefore If Bluebird accepts this additional business , the effect on net income will be :$15,000 Increase
Parking spaces in multiunit buildings, water rights, and similar things of value that convey with property are classified as Appurtenances.
<h3>What Is Appurtenance?</h3>
In real estate, an appurtenance is something that is installed in or sits on a property. It is something that is considered a part of the property, is sold with the property, and it is passed on to the new owners.
When we talk about appurtenances we are often talking about things that run with the land. Appurtenance originates from the word 'appertain,' which means to relate to, be appropriate, or applicable.
Before defining appurtenance,
<h3>What is Real Property ?</h3>
In real estate, real property is defined as immovable or fixed property, any property attached to the land and even the land itself. This also includes permanent fixtures within the property, that are not personal property and easily moved.
Some common examples:
- Exterior buildings (e.g., barn, shed)
- a fence.
- Inground pools.
- hot water heater.
- Ceiling fans.
- Window blinds (if installed).
- Fixtures (excluding trade fixtures).
- Cabinetry.
- Furnace.
- Existing crops.
- Oil or mineral rights.
- A shared driveway (with attached easement appurtenant).
- a tree.
- Water rights (given to an adjoining property).
- in-ground swimming pools.
- Easements.
Appurtenances are important to understand as they can have an effect on landlord and tenant relations as well as that between buyer and seller.
Learn more about Easement Appurtenances on:
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Answer:
An implied agreement is based on a formal agreement.
Explanation:
A contract can be defined as an agreement between two or more parties (group of people) which gives rise to a mutual legal obligation or enforceable by law.
There are different types of contract in business and these includes: fixed-price contract, cost-plus contract, bilateral contract, implied contract, unilateral contract, adhesion contract, unconscionable contract, option contract, express contract, executory contract, etc.
Mutual assent is a legal term which represents an agreement by both parties to a contract. When two parties to a contract both have an understanding of the parameters, terms and conditions surrounding a contract, it ultimately implies that they are in agreement; this is generally referred to as mutual assent.
Simply stated, mutual assent connotes agreement, acceptance and consent to a contract by both parties.
An implied contract can be defined as an informal contract that exists based on an assumption or understanding between two or more parties, rather than on terms that are formally and specifically defined.
This ultimately implies that, an implied agreement is not based on a formal agreement but on assumptions or understanding between the parties involved.
Answer:
C) Debt increases by more than cash dividends paid
Explanation:
Based on the information given the statements that is more likely based on the below calculation will be : DEBT INCREASES BY MORE THAN CASH DIVIDENDS PAID reason been that the NET INCREASE IN THE CASH from financing activities was the amount of $4,500
Net Increase In The Cash from financing activities = $5000 - $1000 + $500
Net Increase In The Cash from financing activities= $4500
