Generally, in situations such as this where one person enters into a competition with a company or corporation with an explicitly defined prize, this constitutes a unilateral contract. Unilateral contracts are defined by the offering of a reward for a specifically defined act, and this contract is accepted when the contractee completes the act. In this case, Rocky Mountain Races, Inc., and Monica did have a uniform contract. Furthermore, because Monica entered the race and was declared the winner, she fulfilled her end of the contract thus accepting the contract (and qualifying for the reward from the contractor). However, because Rocky Mountain Races, Inc., included a provision that they could change the terms of the race at any time, Monica isn't entitled to the $10,000 reward, she is entitled to whatever reward Rocky sees fit.
Answer: Net income Dr $14,5611
Bonus payable CR 14,5611
Narration. Bonus expenses payable to staff
Employee Bonus account Dr 14,5611
Bank/Cash CR. 14.5611
Narration. Payment of employees bonus for previous year.
Answer:
The investment in Son Corp. should be reported on Pops' December 31, 2018 balance sheet at $1,920,000 ($10 * 192,000).
Explanation:
There is no indication that the fair price of the shares of Son Corp. has changed from its original cost of $10. Therefore, the investment in Son Corp. can only be reported on the balance sheet of Pops' at the cost price on acquisition. But, assuming that the price has fluctuated over the period, the investment would have been valued at the current market price multiplied by the number of shares.
Answer:
Please find the detailed answer as follows:
Explanation:
A cost benefit analysis will be the most appropriate in this case.
Instructions to develop cost association with the risk responses:
- List the risks associated with the system
- Note down the direct costs associated with the risk
- Note down the indirect costs associated with the risk
- Highlight the benefits associated with the solution for the risk
Answer:
The journal entry and the computations are shown below:
Explanation:
The journal entry is shown below:
Allowance for doubtful accounts $7,300
To Account receivable $7,300
(being the written off amount is recorded)
And, the cash realizable value of the accounts receivable is
1. Before the write off
= $729,400 - $61,200
= $668,200
2. After the write off
= $729,400 - $7,300 - $61,200 - $7,300
= $668,200