1 contract law
2 Something of value must be exchanged between the parties.
3 civil law
Why is the law important?
Laws are created for protect our general safety, and ensure our rights as citizens against abuses by other people, by organization's, and by the government itself. We have laws for help provide to our general safety.
How many kinds of Laws?
Natural or Moral Laws: Natural laws are the belief that certain laws of morality are inherent by human nature, reason, or religious belief.
- Scientific Laws
- Imperative Laws
- Common Laws
- Criminal Laws
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Answer:
Incomplete question. Helpful details provided below.
Explanation:
A seven firm cartel implies a group of seven individual firms or companies that produce similar products who mutually agreed to supply certain amount of these products at a fixed price inorder to equally and fairly make profit.
In this case, the law of demand and supply applied resulting in a drop in price of Whatailsya because of excess supply.
<u>Answer:</u> Sunk cost
<u>Explanation:</u>
Sunk cost means the expense which has been already met by the firm and they cannot be recovered at any rate. Sunk costs are not based on the future decisions as these expenses for the firm are the same irrelevant to the project which it is assigned. Sunk costs are not a part of the budget plan.
In the given scenario the delivery company has spent $3500 in order to upgrade the truck. So $3500 is treated as sunk cost in the proposed project.
Answer:
a. have been recorded on the company's books but not yet by the bank
Explanation:
The deposit in transit means the deposit is recorded in the book of the company accounts but the same is not recorded in the bank books of account unless when they are not deposited.
So while preparing the bank reconciliation statement, we added the deposit in transit and deduct the outstanding checks in the bank books of accounts
Answer:
- Credit (decrease) cash account (112): $12,207
- Debit (decrease) loan account (341): $12,000
- Debit (increase) interest expenses (635): $207
Explanation:
The interest occurred = $12000*7%/365*90=$207
The note to be paid = $12,000
Total paid out: $12,207
If Uniform Supply use cash to pay off the note then the entries include:
- Credit (decrease) cash (112): $12,207
- Debit (decrease) loan account (341): $12,000
- Debit (increase) interest expenses (635): $207
