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Andrej [43]
3 years ago
15

Garth owns two all-terrain vehicles (ATVs), worth $1,000 and $500, respectively. Helen agrees to buy "Garth’s ATV" for $750. Gar

th believes, in good faith, that he is selling the $500 ATV. Helen believes, in good faith, that she is buying the $1,000 ATV. In this situation
Business
1 answer:
Jobisdone [24]3 years ago
5 0

Answer:

There is no contract since both Helen and Garth made a mutual mistake.

In contract law, a mutual mistake occurs when all the parties involved (Helen and Garth) are mistaken about important material facts that affect the contract (which ATV is being sold). The parties intend to perform but what they consider being part of the contract is not what the other party considers part of the contract. When both parties make a mutual mistake, the contract is cancelled.

Mutual mistakes are not on purpose, they are mistakes committed in good faith.

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How many major OEMs manufacture Class 8 trucks<br> for the North American market?
Alex Ar [27]

Answer:

There are four major OMEs manufacturer trucks for the North American market

3 0
2 years ago
In 2018, DFS Medical Supply collected rent revenue for 2019 tenant occupancy. For income tax reporting, the rent is taxed when c
Fofino [41]

Answer:

Since Tax Payable is $940000 @ 40%, Taxable income will be:

= $940,000 × (1/40%)

= $2,350,000

Only Temporary difference is Rent $490,000, which is being recognized for tax but not for Books.

Hence Pre-Tax Accounting income will be:

= $2,350,000 - $490,000

= $ 1,860,000

Therefore, Journal Entry will be:

Income Tax Expense A/c (1,860,000 × 40%)  Dr. $744,000

Deferred Tax Asset A/c  (490,000 × 40%)      Dr. $196,000

To Income Tax Payable                                                             $940,000

(To record income taxes for 2018)

6 0
3 years ago
The management of Blue Ocean Company estimates that 50,000 machine-hours will be required to support the production planned for
zhuklara [117]

Answer:

$6.00 per machine-hour

Explanation:

Total estimated manufacturing overhead = $300,000

Estimated machine hours = 50,000 hours

Predetermined overhead rate = Total estimated manufacturing overhead /  Estimated machine hours

Predetermined overhead rate = $300,000 / 50,000 machine hours

Predetermined overhead rate = $6 per machine hour

So, The correct asnwer is $6.00 per machine-hour.

8 0
3 years ago
Because there are a significant number of "green-conscious" consumers, it is a legitimate market segment for many companies that
Vsevolod [243]

Answer:

True

Explanation:

Market segments are <u>customer groups, based on common characteristics people within each group share</u>, such as; age, sex, geographic location, race, religion.

The significant increase in the number of green (or environment) conscious consumers make it a legitimate market segment that can be targeted by companies.

3 0
3 years ago
which of the following will be accompanying by efficient allocations of the factors of production? A.) guaranteeing economic suc
Dahasolnce [82]

hey there

the answer is

C)fulfilling.................

thank you

i wish you the best luck everyone!

Have a GREAT DAY! :)

3 0
3 years ago
Read 2 more answers
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