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velikii [3]
3 years ago
6

Suppose that Jack and Hal and Sophia enter in to a contract for the sale of the business. Jack however was drunk at the time tha

t the negotiations took place and at the time of the signing of the contract.Which of the following would be Hal's and Sophie’s best defense against this action?1. The contract is void.2. The contract is valid unless Jack did not know he was entering into the contract or lacked the mental capacity to comprehend its nature.3. The contract is voidable only if Jack's intoxication was involuntary.4. The contract is voidable by any party.
Business
1 answer:
Katyanochek1 [597]3 years ago
5 0

Answer:

The contract is valid unless Jack did not know he was entering into the contract or lacked the mental capacity to comprehend its nature.

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Ellen Kelly Inc. had 31,300 shares of $.50 par common stock 10,000 shares of 5%, $20 par cumulative preferred stock and 5,000 sh
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10,000 common stock.

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The ________ is a federal statute passed in 1990 that requires food manufacturers and processors to provide nutrition informatio
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<span>Nutrition Labeling and Education Act
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The entity’s manufacturing division, whose assets constituted 75% of its total assets at September 30, Year 5 (end of year), was
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The event should be presented in the financial statements as follows:

1. The assets side of the balance sheet will be reduced by 75%, with its accompanying accumulated depreciation.

2. The bonded liability on the balance sheet is eliminated by the relevant amount.

3. The journal entry should debit the Bonded Liability and accumulated depreciation, while the assets worth 75% are credited.

4. If the bonded indebtedness is more than 75% of the assets, the company records a profit on disposal on the income statement. Otherwise, it records a loss. If they are equal, there is no profit or loss.

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5 0
2 years ago
he income statement for Electronic Wonders reports net sales of $91,758 million and cost of goods sold of $69,278 million. An ex
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Answer:

Cash received from customers is $90,025  million

Cash paid to suppliers is $72,128   million

Explanation:

Cash received from customers is the net sales of $91,758 million minus the increase in accounts receivable since that is the portion of revenue yet to be received.

cash received from customers=$91,758 million-$1,733 million=$90,025  million

cash paid to suppliers is the cost of goods sold of $69,278 million plus the increase in inventory as well as the increase in accounts payable

cash paid to suppliers=$69,278 million+$883 million+$1,967 million=$72,128 million  

4 0
3 years ago
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