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goldenfox [79]
2 years ago
12

On November 26, Joe wrote to Kate offering to purchase a farm that she owned. Upon receiving the letter on November 28, Kate imm

ediately sent Joe a letter of acceptance. However, shortly after mailing the letter, Kate had second thoughts and called Joe to advise him that she was rejecting his offer. The call was made before Joe received the letter of acceptance. Has a contract been formed? Why?
Business
1 answer:
slega [8]2 years ago
4 0

Answer:

No, a contract has not been form because the offer has been revoked

Explanation:

an offers can be terminated if there is rejection of offer by the offeree. an offer can be revoked before its has been accepted. Since the revocation is made known to Joe before the letter of acceptance reach joe. No contract has been form.

Acceptance or rejection of offer can be done orally or written. orally can be through phone communication.

the phone call can also be a form of rejection of offer which has been declared by the offeree.

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natali 33 [55]

Answer:

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5 0
3 years ago
A firm with $600,000 in sales, cash on hand of $750,000, liabilities of $200,000 and total assets of $1 million has a total asse
RideAnS [48]

Answer:

 Total Asset Turnover = 0.6 times

                       

Explanation:

Total Asset Turnover = $600,000/$1,000,000

Total Asset Turnover = 0.6 times

It measures the efficiency of a company's use of its assets in generating sales revenue or sales income to the company. Companies with low profit margins tend to have high asset turnover, while those with high profit margins have low asset turnover.

It is an important financial ratio used to understand how well the company is utilizing its assets to generate revenue.

5 0
3 years ago
Impression management theory suggests that people change their attitudes to match their behaviors in an effort to
Reika [66]

Answer:

Impression management theory states that one tries to alter one's perception according to one's goals. In other words, the theory is about how individuals wish to present themselves, but in a way that satisfies their needs and goals.

Explanation:

8 0
1 year ago
By switching its sales agents to a sales neutral profit commission, the firm is trying to convince the agents a. ​Improve their
Vadim26 [7]

Answer:

Improve their compensation by pricing less aggressively

Explanation:

Sales agents mostly prefer to have their commission based on the sales turnover as this appears to guarantee a seemingly better return compared to profit based commission at the expenses of the producer. however , one of the ways of persuading them to accept a change to this attitude  is by introducing a switch to a sales neutral profit commission.With this , attention is shifted from generating a high sales volume at all cost.

Incentives and compensation should be modified to sales neutral , which will result to a change of behavior towards earning a higher compensation.

One of the changes that could come up to earn more is less aggressive pricing .

7 0
2 years ago
Fes Company is making adjusting journal entries for the year ended December 31, 2018. In developing information for the adjustin
anyanavicka [17]

Answer:

Fes Company

1. Amount to report on the 2018 income statement as Insurance Expense

= $3,400

b. Amount to report on the December 31, 2018 balance sheet as Prepaid Insurance

= $3,400

2. Amount to report on the income statement as Supplies Expense

= $72,600

b. Amount to report on the balance sheet as Supplies = $8,400

3. The accounting equation effects of the adjustment for:

a) Insurance

Assets (Prepaid Insurance -$3,400) = Liabilities + Equity (Retained Earnings -$3,400 as Insurance Expense)

b) Supplies

Assets (Supplies - $4,600) = Liabilities + Equity (Retained Earnings -$4,600 in addition to Supplies Expense)

Explanation:

Adjusting Journal Entries:

a.

Debit Insurance Expense $3,400

Credit Prepaid Insurance $3,400

To adjust for expense for the year.

b.

Debit Supplies Expense $4,600

Credit Supplies $4,600

To adjust for used supplies.

Workings:

Supplies

Dec. 31, 2018 Balance   $13,000

Supplies on hand              8,400

Supplies used                 $4,600

Dec. 31 Supplies Expense Balance   $68,000

Supplies used                                       $4,600

Total supplies expense = $72,600

4 0
3 years ago
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