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Answer: It is done so that it can match the ongoing use of the asset with the economic benefits derived from it.
Explanation:
Answer:
The beginning balance in accounts receivable was: $47,500
Explanation:
Sales reported on the income statement were $385,500, Accounts receivable increased of $385,500 during the period.
Sales, adjusted to a cash basis using the direct method on the statement of cash flows, were $359,000. The company collected $359,000 from the sales. Accounts receivable decreased of $359,000 during the period.
The beginning balance in accounts receivable = The ending balance of accounts receivable + Accounts receivable decreased during the period - Accounts receivable increased during the period = $74,000 + $359,000 - $385,500 = $47,500
Since the contract will be drafted under a common law framework, <u>it will be based on tradition, precedent, and custom.</u>
<h3>What is a common law contract?</h3>
Contracts drafted under a common law system give judges the opportunity to interpret disputes using the prevailing situations. A common law system adjudicates cases based on judicial precedent. Judicial precedents are established through case law.
Thus, common law contract cases <u>will be based on tradition, precedent, and custom.</u>
Learn more about common laws at brainly.com/question/7803647
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