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svp [43]
3 years ago
7

Julius asks Rachel if she would like to sell her boat. Rachel privately has no interest in selling her boat, and believes that J

ulius can't afford her boat anyway. Rachel says, "I'd sell my boat to you for $400." To Rachel's surprise, Julius responds "Ok, it's a deal." Rachel does not want to sell the boat to Julius for any price. Julius and Rachel have_______________________.
Business
1 answer:
katrin [286]3 years ago
8 0

Answer:

formed a valid contract because Rachel's outward expressions showed the formation of a contract.

Explanation:

In contract, outward expressions refers to a situation when both parties has directly communicate the terms of a certain transaction and agreed upon it.

The contract is considered as 'valid' and considered to be a verbal agreement as soon as Rachel proposed a price and Julius agreed upon it.

One thing to remember, Even though this contract is considered as valid , it would be hard for Julius to held Rachel accountable to court since he has no way to proof that the verbal agreement has been made.

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The designated market value:a. is always the middle value of replacement cost, net realizable value, and net realizable value le
eduard

Answer:

a. is always the middle value of replacement cost, net realizable value, and net realizable value less a normal profit margin.

Explanation:

As we know that inventory will be recorded at cost or market value whichever is lower. But in the given case, the replacement cost would be recorded at higher values and lesser values. Higher values represent the Net realizable value whereas the lesser values represent the net realizable value less than the normal profit margin.

And if the replacement cost lies in this range than it represents the designated market value.  

Hence, option a is correct.

4 0
2 years ago
Lyons Company deducts insurance expense of $210,000 for tax purposes in 2018, but the expense is not yet recognized for accounti
djyliett [7]

Answer:

The total income tax expense for 2019 =152.000. Is not available in the options given by the exercise.

Explanation:

  • Tax on insurance expense deductible for accounting purposes in 2019= 70000*40%=28.000

  • Income tax expense for 2019 = 180.000-28.000=152.000

4 0
3 years ago
Is it true savings vehicles are never insured
enyata [817]
No it is not true savings vehicles can be insured.
7 0
2 years ago
The authorized service center is located in Boston. Because Cookie Creations values serving its customers, it pays the shipping
Alex777 [14]

Answer:

$180

Explanation:

Calculation to determine Cookie Creations’ warranty liability for the shipping costs at December 31, 2020.

Using this formula

Warrant liability=Numbers of mixers sold × Percentage of mixers returned for repair or replacement ×The average cost to ship a mixer

Let plug in the formula

Warrant liability=30 x 10% x $60

Warrant liability=$180

Therefore Cookie Creations’ warranty liability for the shipping costs at December 31, 2020 will be $180

7 0
2 years ago
What 3 factors affect the return on savings account
statuscvo [17]

Answer:

The choice between consumption in the present and consumption in the future, perception of a close correlation between current income and consumption, and the smoothing of consumption over time as deriving from its comparison to the income which the individual would perceive as his/her permanent income.

7 0
3 years ago
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