All categories

3 years ago

Certain contracts, such as those involving the sale of personal property for $500 or more:_______.

Business

1 answer:

djverab [1.8K]3 years ago

8 0

Answer:

B. Must be written to be enforceable

Explanation:

In the United state, sale of personal property for $500 or more must be written to be enforceable. These kind of contracts are said to be within the statute of fraud.

These types of contracts are called Sales contracts which is an agreement between the buyer and seller. For the amount of money involved, a written contract provides security and peace to the mind of all those involved in the contract, hence why deals above $500 must be written to be enforceable.

You might be interested in

Eastport Inc. was organized on June 5, Year 1. It was authorized to issue 300,000 shares of $10 par common stock and 50,000 shar

Kay [80]

Answer:

The journal entries have been given as under;

Explanation:

Cash 15,000*12 Dr.$180,000

Common Stocks 15,000*10 Cr.$150,000

paid in capital-common stock 15,000*(12-10) Cr.$30,000

Cash 5,000*51 Dr.$255,000

Preferred stocks 5,000*50 Cr.$250,000

Paid in Capital-preferred stock 5,000*1 Cr.$5,000

Cash 60,000*15 Dr.$900,000

Common Stocks 60,000*10 Cr.$600,000

Paid in Capital-common stocks 60,000*(15-10) Cr.$300,000

8 0

3 years ago

Last month you assumed the position of manager for a large car dealership. The distinguishing feature of this dealership is its

ELEN [110]

Answer

The answer and procedures of the exercise are attached in the following archives.

Step-by-step explanation:

You will find the procedures, formulas or necessary explanations in the archive attached below. If you have any question ask and I will aclare your doubts kindly.

8 0

3 years ago

Aside from an associates degree what else can earn at a two year college

Assoli18 [71]

A two year college may also have a vocational technical side beside the associate degree.
Vo-tech careers can take 12-24 months of study; examples culinary arts, house construction, vet tech, cosmetology. Certificate programs are also available for learning specific computer programs, project management, or health aide.
You might want to check out Pensacola State college for a good look.

3 0

3 years ago

Read 2 more answers

Internal control procedures for cash receipts do not require that:_____.

Alex73 [517]

Answer:

b. All collections for sales are received immediately upon making the sales.

Explanation:

Internal control, regarded as a process used in assuring objective of an organization in operational effectiveness as well as efficiency and reliable financial reporting, it is also used in assuring of compliance with laws as well as regulations and policies. Generally, internal control can be described as everything which is able to controls risks to an organization. It is a way the

resources of an organization are been

measured as well as been directed and monitored.

It should be noted that Internal control procedures for cash receipts require that:.

✓Custody over cash is kept separate from its recordkeeping.

✓Clerks having access to cash in a cash register should not have access to the register tape or file.

✓An employee with no access to cash receipts should compare the total cash recorded by the register with the record of cash receipts reported by the cashier.

✓Cash sales should be recorded on a cash register at the time of each sale

7 0

3 years ago

Ireland Corporation obtained a $40,000 note receivable from a customer on June 30, 2011. The note, along with interest at 6%, is

Paul [167]

Answer:

$39,220

Explanation:

The maturity value of the note receivable on June 30, 2012

= Principal + Interest

= $40,000 + $40,000 x 6%

= $40,000 + $2,400

= $ 42,400

The note is discounted on September 30, 2011. Time period remaining to go till maturity as on September 30, 2011

= 12 - 3 months ( July, Aug and Sep)

= 9 months.

Amount of deduction

= $ 42,400 x 10% x 9/12

= $ 3,180

Finally, the Cash received by Ireland will be

= Maturity value - Discount

= $42,400 - $ 3,180

= $39,220

5 0

3 years ago