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3 years ago

Consensus ad idem means which of the following?

Business

2 answers:

Rashid [163]3 years ago

4 0

The correct answer is A. Meeting of minds.

Explanation

Consensus ad idem is a Latin term that literary means "meeting of the minds", this phrase refers to the agreement or consensus between parties. This term is generally applied to contracts, where both parties must accept and propose certain conditions for the contract to develop well. This consensus must be between both parties because in case this does not occur, one of the parties may be forced by a court to act to repair the breach. So, the correct answer is A. Meeting of minds.

svet-max [94.6K]3 years ago

3 0

Answer: A . Meeting of the minds

Explanation:

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Becker Bikes manufactures tricycles. The company expects to sell 540 units in May and 670 units in June. Beginning and ending fi

vaieri [72.5K]

Answer:

Explanation:

Sales budget for may = 540

Sales budget for June = 670

Opening inventory for may = 190

Closing inventory for May = 155

Production in may =( 190+540)-155=575

Opening inventory in June = 155

Closing inventory = 165

Production in June = (155+670)-165=660

May material needs = 3(575+ (20%*660)

=3*707=2121 wheels

2121*24=$50,904

June material needs =3(660+(20%*640)

3*788=2364

2364*24=$56,736

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2 years ago

Consider the following transactions for Huskies Insurance Company:

PilotLPTM [1.2K]

Answer:

31-Dec

Dr Depreciation expense $7,000

Cr Accumulated Depreciation - Equipment $7,000

31-Dec

Dr Interest receivable $1,750

Cr Interest revenue $1,750

31-Dec

Dr Deferred Revenue $4,000

Cr Revenue or Service Revenue $4,000

Explanation:

Preparation of the necessary adjusting entry for Huskies Insurance at its year-end of December 31.

31-Dec

Dr Depreciation expense $7,000

Cr Accumulated Depreciation - Equipment $7,000

(Being to adjust 12 month depreciation)

31-Dec

Dr Interest receivable ($50,000 x 7% x 6/12) $1,750

Cr Interest revenue $1,750

(Being to adjust 6 month interest revenue accrued)

31-Dec

Dr Deferred Revenue ($16,000 x 3/12) $4,000

Cr Revenue or Service Revenue $4,000

(Being to record earned revenue for 3 months)

6 0

2 years ago

On March 1, 2018, Gold Examiner receives $165,000 from a local bank and promises to deliver 100 units of certified 1-oz. gold ba

photoshop1234 [79]

Answer:

<u><em>there are two performance: </em></u>

the sales revenue and the insurance.

cash 165,000 debit

unearned revenues 165,000 credit

--to record collectiong from local bank

unearned revenues 165,000 debit

sales revenues 151,000 credit

insurance liability 9,900 credit

--to record gold delivered to Brink's--

insurance liability 9,900 debit

insurance fees earned 9,900 credit

--to record reception of bank from Brink/end of the insurance--

Explanation:

sales revenue

100 x 1,410 = 141,000 = 94%

insurance:

100 x 90 = 9,000 = 6%

total 150,000

combo: 165,000

sales revenue: 165,000 x 94% = 155,100

insurance fee earned: 165,000 x 6% = 9,900

7 0

3 years ago

On January 1, 2018, Race Corp. acquired 80% of the voting common stock of Gallow Inc. During the year, Race sold to Gallow for $

harkovskaia [24]

Answer:

net income attributable to the non controlling interest is $40800

Explanation:

Given data

Race sold = $450000

cost = $330000

owned = 15%

net income = $204000

Race net income = $806000

to find out

net income attributable to the non controlling interest

solution

we find the non controlling interest

so we apply formula for non controlling interest that is

non controlling interest of income = net income × (100% - 80%)

put here value of net income

non controlling interest of income = net income × (20%)

non controlling interest of income = 204000 × (20%)

non controlling interest of income = 40800

so net income attributable to the non controlling interest is $40800

8 0

3 years ago

On November 1, Eli Co. received a $6,000, 60-day, 6% note from a customer as payment on his $6,000 account. Eli's journal entry

Anna007 [38]

Answer:

Dr. Cr.

Note Receivable $6,000

Account Receivable $6,000

Explanation:

Note is received against a payment of sale mad on credit. A new receivable will be built with the name of Note receivable, so this account will be debited. To deduct the value from the account receivable we will credit the account receivable account due to its debit nature. Later on the interest will be accrued and added in this balance.

4 0

3 years ago