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masha68 [24]
3 years ago
5

Sam, the owner of a toy store, dies unexpectedly at the age of 56. His lifelong business associate, Paul, is appointed the admin

istrator of the estate. Sam had a personal debt of $8,000 which he owed to Art's Appliance Store. Paul says to Art, "If there isn't enough money in the estate, I'll personally see that the bill is paid." Which of the following is correct?
a. The oral statement is enforceable because Paul is the administrator.
b. An oral statement such as this is not enforceable because it is outside the Statute of Frauds.
c. An oral statement such as this is not enforceable because it is within the Statute of Frauds.
d. The oral statement is enforceable because it is a collateral promise.
Business
1 answer:
Nostrana [21]3 years ago
3 0

Answer:

b. An oral statement such as this is not enforceable because it is outside the Statute of Frauds.

Explanation:

The statute of frauds (SOF) is a legal concept that requires certain types of contracts to be executed in writing. Among others, these typically include those for the sale of land, of any goods over $500 in value, and contracts of a year or more in length.

The contracts that must adhere to the statutes of fraud are Collateral contracts in which a person promises to answer for the debt or duty of another, or guaranty contracts are required to be written. Prenuptial agreements and promises made in consideration of marriage must adhere to the statute of frauds.

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gomez runs a small pottery firm. he hires one helper at $11,000 per year, pays annual rent of $6,000 for his shop, and spends $2
7nadin3 [17]

For a poetry farm, the capital gain is $70,000 while the economic profit is $6,000.

<h3>Why does accounting profit exist?</h3>

The owner's profit, or company profit, is what is meant by accounting profit. This profit may be obtained by totaling all business income and deducting specified costs from the total. The explicit cost in this context refers to expenses spent in the course of operating the firm, such as rent paid, labor costs paid, materials acquired, etc.

<h3>Briefing:</h3>

Accounting costs = Helper cost + Annual rent + materials = $(11,000 + 6,000 + 22,000) = $39,000

Accounting profit = Revenue - Accounting cost = $(70,000 - 39,000) = $31,000

Implicit costs = Interest from savings foregone + earning from alternative job + entrepreneurial talent

= $(4,500 + 17,000 + 3,500) = $25,000

Economic profit = Accounting profit - Implicit costs = $(31,000 - 25,000) = $6,000

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7 0
1 year ago
As sales manager, Joe Batista was given the following static budget report for selling expenses in the Clothing Department of So
boyakko [2]

Answer:

Soria Company

Clothing Department

Selling Expense Flexible Budget Report for the month ended October 31, 2017: (Joe Batista)

                                    Budget     Actual      Variance      Comment

Sales in units              10,000      10,000        0                  Neither

Flexed Variable Expenses:

Sales Commission     $2,400     $2,400       0                  Neither

Advertising Exp.         $1,200        $900        $300           Favorable

Travel Expense          $4,000    $4,000        0                  Neither

Free Samples            $2,300     $1,300        $1,000          Favorable

Total Variable            $9,900    $8,600        $1,300          Favorable

Fixed Expenses:

Rent                           $1,700      $1,700         0                   Neither

Sales Salaries            $1,100      $1,100          0                   Neither

Office Salaries            $800        $800          0                  Neither

Depreciation               $400        $400          0                  Neither

Total Fixed               $4,000     $4,000          0                  Neither

Total  Expenses     $13,900    $12,600         $1,300          Favorable

Explanation:

a) Budgeted Variable Costs were flexed as follows:

i) Sales Commission = $1,872/7,800 x 10,000 = $2,400

ii) Advertising Expenses = $936/7,800 x 10,000 = $1,200

iii) Travel Expense = $3,120/7,800 x 10,000 = $4,000

iv) Free Samples = $1,794/7,800 x 10,000 = $2,300

b) The fixed costs could not be flexed as they remain invariable no matter the activity level.

c) Flexible budget is a budget that adjusts or flexes with changes in volume or activity.  It is a more accurate way of assessing performance because it is based on actual volume or activity level unlike a static budget, which remains unchanged.

3 0
3 years ago
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Megan is concerned about the performance of one of her teammates on a project. Which of the following is an example of effective
cupoosta [38]

Answer:

Explanation:

I think it is d

It is the only non degrading answer

8 0
3 years ago
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Because Brianna loves Chinese food, she was eager to check out a new Chinese restaurant. The restaurant had undertaken a large-s
Lana71 [14]

The Chinese restaurant failed to realize the importance of "word-of-mouth marketing."

<h3>What is word-of-mouth marketing?</h3>

Whenever a consumer's interest inside a company's service or product is reflected in their regular conversations, this is referred to as word-of-mouth marketing (also WOM marketing). Basically, it is free promotion brought on by consumer experiences, which are typically above and beyond their expectations.

Some key features regarding word-of-mouth marketing are-

  • Word-of-mouth marketing occurs when customers recommend a business's goods or services to their friends, relatives, and other people they value highly.
  • WOM marketing is among the most effective kinds of advertising since 88% of consumers prefer suggestions from their friends than those in traditional media.
  • By exceeding customer expectations with a product, delivering first-rate customer service, and providing consumers with insider knowledge, businesses can promote WOM marketing.
  • The finest word-of-mouth marketing methods, according to Word of Mouth Marketing Association (WOMMA), are sincere, credible, sociable, repeatable, measurable, and respectful.

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6 0
1 year ago
Gently laser clinic purchased laser equipment for $4,445 and paid $633 down, with the remainder to be paid later. the correct en
xxMikexx [17]

Answer:

Accounts Payable $3,812 credit

<h3>Explanation:</h3>

Equipment  $4,445 debit,

Cash $633 credit,

now, $4445- $633 = $3,812

The correct entry would be $3,812.

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5 0
2 years ago
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