Answer and Explanation:
According to the scenario, the explanation of the given situation are as follow:-
1. Ability of Contract : According to the law except of some contract a minor can enter into any contract. Mr. kalen is a seventeen year old minor and he can entered the rent contract because it is not banned by the government for the minor.
2. This is a voidable contract because Mr. Kalen is a minor and he not legally capable to entering in agreement. In voidable contract one party has a right to discontinue the contract it is depends on him that he want to void it or not. If he wants to void it he cannot be bound to go further with this contract. If a minor wants he can rightfully dis-affirm any contract in which he enters.
According to the analysis, under this circumstance, Mr. kalen is not bound to the contract because he is still minor and he shows his disaffirmance of contract by returning the key to landlord. So he is not liable for the balance of the payments due under the lease.
Answer:
A) IRR, NPV, Payback period
Explanation:
According to Graham and Harvey's 2001 survey, for capital budgeting decision making, the following capital techniques are used which are described below:
Internal rate of return: It is that rate of return in which the net present value is zero that means initial investment and the present value of the annual cash inflows are equal
Net present value: In this method, the initial investment is subtracted from the discounted present value cash inflows. If the amount comes in positive than the project is beneficial for the company otherwise not.
The computation of the Net present value is shown below
= Present value of all yearly cash inflows after applying discount factor - initial investment
The discount factor should be computed by
= 1 ÷ (1 + rate) ^ years
Payback period: It refers to the period in which the initial investment amount should be recovered. It is denoted in years
The formula to compute the payback period is shown below:
= Initial investment ÷ Net cash flow
Answer:
Amount paid to record is $58,900
Explanation:
In this question, we are asked to state the Journal entry as of March 1.
Please check attachment for tabular explanation
Kindly note that 360 is used as the number of days in a year
Hal charges Jim to operate his business within the office building he owns. Hal's source of income is interest.
<h3>What is interest?</h3>
Interest is a reward paid to an individual who have invested by lending certain amount of money. It is usually paid based on the amount of money borrowed by an individual. Interest is paid on the total amount investment in lending
An individual can sit in the comfort of his house and get paid interest by borrowers or company invested too.
Therefore, Hal charges Jim to operate his business within the office building he owns. Hal's source of income is interest.
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That’s a great question but a hard answer to give
