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Dima020 [189]
2 years ago
15

Duane and Evan orally agree to a transfer of forty acres of farmland. Evan asks Finance Bank to lend him the funds to buy the la

nd. Under the Statute of Frauds, the agreement between Duane and Evan is enforceable by__________.
a. Finance Bank.b. Duane, Evan, or Finance Bank.c. Duane or Evan.d. none of the choices.
Business
2 answers:
harina [27]2 years ago
8 0

Answer:

a. Finance Bank

Explanation:

According to Statute of Fraud, the agreement must be in writing to be within the statute and enforceable.  The oral contracts are usually enforceable but the transfer of land needs to be in writing to be enforceable according to law of Statute of Fraud. If the contract is in writing it would be adequate to be enforceable. While the contract with bank must have some written form which will make it enforceable contract by the finance bank.

Komok [63]2 years ago
4 0

Answer:

The correct answer is letter "D": none of the choices.

Explanation:

Land agreements must be written. These contracts apply for the sale of real estate property such as <em>land itself, houses, apartment buildings </em>or <em>commercial buildings</em>. After agreeing in the terms and conditions of the contract and after payment has been made, the property title is transferred from the seller to the buyer.

<em>In Evan's case, he dealt an oral agreement with Duan for the purchase of land. However, oral contracts are not enforceable under the Statute of Frauds because it requires some contracts -such as land contracts- to be written so they can be valid.</em>

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Is the South African post office a natural or artificial monopoly?motivate​
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The public goods school in economics is getting disproved as we speak about natural monopolies.

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3 years ago
In 2016, Chartres Inc., issued for $105 per share, 60,000 shares of $100 par value convertible preferred stock. One share of pre
faltersainse [42]

Answer:

Total amount should be credited to additional paid-in capital from common stocks as a result of the conversion of the preferred stock into common stock: $1,800,000 .

Explanation:

Please find the detailed calculations and explanations as below:

Total Cash amount received from preferred share issuance: 105 x 60,000 = $6,300,000;

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3 years ago
The cash account for American Medical Co. at April 30 indicated a balance of $334,985. The bank statement indicated a balance of
Bas_tet [7]

Answer:

1. Cash balance according to bank statement $370,000

Cash balance according to company’s records $370,000

2. a. April 30

Dr Cash $42,000

Cr Notes Receivable $40,000

Cr Interest Income / Interest Revenue $2,000

b. April 30

Dr Accounts Payable - Targhee Supply Co $6,840

Dr Miscellaneous Expenses [Bank service charge] $145

Cr Cash $6,985

3. $370,000

Explanation:

1. Preparation of a bank reconciliation

AMERICAN MEDICAL COMPANY

Bank Reconciliation

April 30

Cash balance according to bank statement $388,600

Add: Deposit of April 30, Not recorded by bank $42,500

Add: Bank Error in Charging check as $420 instead of $240 [$420 - $240] $180

Deduct: Outstanding Checks $61,280

Adjusted balance $370,000

Cash balance according to company’s records $334,985

Add: Note and Interest Collected by bank $42,000

Deduct: Error in Recording Check [$7,600 - $760] $6,840

Deduct: Bank Service Charges $145

Adjusted balance $370,000

2. Preparation of Journal entries.

Journal entries

a. April 30

Dr Cash $42,000

Cr Notes Receivable $40,000

Cr Interest Income / Interest Revenue $2,000

b. April 30

Dr Accounts Payable - Targhee Supply Co [$7,600 - $760] $6,840

Dr Miscellaneous Expenses [Bank service charge] $145

Cr Cash $6,985

($6,840+$145)

3. Based on the information given If a balance sheet is prepared for American Medical Co. on April 30, the amount that should be reported as cash will be $370,000

8 0
2 years ago
Fickel Company has two manufacturing departments—Assembly and Testing &amp; Packaging. The predetermined overhead rates in Assem
Archy [21]

Answer:

Instructions are listed below.

Explanation:

Giving the following information:

The predetermined overhead rates:

Assembly= $22 per direct labor-hour

Testing & Packaging= $18.00 per direct labor-hour

The company’s direct labor wage rate is $24.00 per hour.

Job N-60:

Assembly:

Direct materials $390

Direct labor $228

Testing & Packaging:

Direct materials $45

Direct labor $132

1) To calculate the total manufacturing cost, first, we need to allocate overhead. To do that, we need direct labor hours for each department.

<u>Assembly:</u>

Direct labor hours= 228/24= 9.5

<u>Testing:</u>

Direct labor hour= 132/24= 5.5

Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base

Allocated MOH= 22*9.5 + 18*5.5= $308

Total manufacturing cost= direct material + direct labor + allocated overhead

Total manufacturing cost= (390 + 45) + (228 + 132) + (308)= $1,103

2) Unitary cost= 1,103/10= $110.3

6 0
2 years ago
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