Answer: false
Explanation:
The statute of frauds requires some specific contracts types to be executed in writing. According to the statute, the contracts covered include agreements that involve goods worth over $500,
contracts for land sale, and also contracts that last for either one year or more.
Based on the scenario above, it is false as Jim's guaranty agreement with West Bank is enforceable under the Statute of Frauds
Answer: Debit Bad debt expense $7,300; Credit Allowance for doubtful accounts $7,300.
Explanation: 5% of accounts receivable of $190,000 is $9,500. Remember the credit balance in Allowance for uncollectible accounts is $2,200 prior to any adjustment and this reports to the balance sheet. To reinstate this account to the required provision for uncollectible amount of $9,500, we need to adjust for the difference (that is, $9,500 minus $2,200 existing balance), which is $7,300. <u>Then, the entries above would be recorded. </u>
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Answer:
The Agriculture Department argues that the subsidy increases the "cost" of planting and that it will reduce supply and increase the price of competitively produced agricultural goods.
Explanation:
The department is correct with the agreement that subsidies increase the cost of planting, as the subsidy will decrease with the decrease in area planted and this will increase the output available.
As the subsidy is paid for un-planted area it will be increasing cost, and decreasing quantity of output.
This is clearly true, as they are directly related and this will increase the prices as supply will be low and high demand.
This need to be regulated properly, as no subsidy will discourage farmers, but high subsidies will also discourage farmers.
A group of individuals that can get elected basically
Hope it helped!!
