Answer: A Contract was formed on February 5th
Explanation:
The contract was formed the very day that Bob mailed Ann his acceptance which was on the 5th of February.
Ann attempted to revoke the acceptance too late as she did it a day after he had emailed his acceptance even though she only received it on the 7th.
The date she received the acceptance is of no consequence because this falls under the Posting Rule. This rule in Common Law countries essentially states an agreement is made as soon as the letter is posted even if it never gets to it's destination.
Answer:
D. Merchandise Inventory xxx
Accounts Receivable xxx
Explanation:
The Journal Entry is shown below:-
Merchandise Inventory A/c Dr, xxx
To Accounts Payable xxx
(Being purchase of inventory on account is recorded)
Therefore inventory is purchased so it will increasing assets, it is debited while accounts payable is increasing liabilities so it is credited.
Answer:
the selling price per unit is $95
Explanation:
The computation of the selling price per unit is shown below:
Selling price per unit is
= Total cost ÷ break even points
where,
Total cost is
= Variable cost + fixed cost
= $60,000 + $35,000
= $95,000
And, the break even point is 1,000 units
So, the selling price per unit is
= $95,000 ÷ 1,000 units
= $95
Therefore, the selling price per unit is $95
Compound interest is the idea that interest is earned on top of interest from that point forward by adding accumulated interest back to the principal amount. Here, a month's worth of compound interest is calculated (time period). As a result, the time period is 12 times, and the interest rate is divided by 12.
The scenario states that the computation of the provided data is as follows:
The current value is $4000.
Rate = 7%
Monthly compound rate equals 10% times 12.
Duration = 2 x 12 = 84
So, using a financial calculator, we can estimate the value in the future.
FV = $4,884.56
Principal multiplied by one plus the interest rate divided by the number of periods, raised to the power of the number of periods, and that whole subtracted from the principal amount to yield the interest amount, is how monthly compounding is calculated.
To know more about Compound interest, click here:-
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A because scarcity in economics mean having limited resources and unlimited wants, meaning there’s never enough resources to satisfy the needs that every individual wants
