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Anit [1.1K]
3 years ago
12

When both parties to a contract are mistaken as to the same material fact either paarty can rescind the contract?

Business
1 answer:
crimeas [40]3 years ago
6 0
I took this question already, so if it was 
<span>
Often, when both parties to a contract are mistaken as to the same material fact, either party can rescind the contract.

It would be "True"

</span>
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Last year, Johnson Mills had annual revenue of $37,800, cost of goods sold of $23,200, and administrative expenses of $6,300. Th
fenix001 [56]

Answer:

Depreciation expense = 2,900

Explanation:

Our goal would be to construct the formula where depreciation expense is and then increase deepth until find something we can work:

$$Revenue - Expenses = Net Income

Expanding expenses we find depreciation expense

$$Revenue - COGS - Admin Expense - Dep Expense = Income Before Taxes

Here we don't Know Income Before taxes so we have to work that first

$$Income Before Taxes x (1-tax rate) = Net Income

Here we don't Know Net Income taxes so we have to work that first

$$Net Income - Dividends = change in Retained Earnings

Here we got the other component of the formula, so it is possible to solve for net income and from there achieve the answer

Net income = 2,810 + 700 = 3,510

Income before taxes = 3,510/0.65 = 5,400

37,800 - 23,200 - 6,300 - dep expense = 5,400

dep expense = 2,900

\ $Net income = 2,810 + 700 = 3,510 \\Income before taxes = 3,510/0.65 = 5,400\\37,800 - 23,200 - 6,300 - dep expense = 5,400\\dep expense = 2,900

7 0
4 years ago
What form of pay equity exists when employees are paid according to the differences in job characteristics within the company?
IgorC [24]
I believe the answer is internal form.
Internal pay equity is the equal pay that being made farily according to the positional comparison in the organization.
Internal equity is really important to make sure that your top talents are not feel undervalued by the organization.
8 0
3 years ago
Which of the following statements identifies the reason an idea should be eliminated in the following scenario?
Lady bird [3.3K]
In this scenario, I would go with the statement, <span>“The accountant says it is just within our budget.”. I would eliminate this statement because the account has proved that this is within their budget so the funds are available should the company decide to move forward. All of the other statements show how this change could potentially lead to other change and should be talked about and further talked about. </span>
8 0
3 years ago
You are the beneficiary of a life insurance policy. The insurance company informs you that you have two options for receiving th
vovangra [49]

Answer:

Option 1 PV lumpsum = $200000

Option2 PV of Annuity = $195413.08035 rounded off to $195413.08

Based on the present value of both the options, Option 1 should be chosen as it has a higher present value than option 2.

Explanation:

To decide on the best option to choose among the given two, we need to find the present value of both the options.

As the first option is to receive a lumpsum payment of $200000 today, the present value of this option is also equal to $200000 as it will be received today.

Option two, on the other hand, is an annuity as fixed payments will be received after equal intervals of time and for a limited time period and at the end of the period which satisfies the criteria of annuity ordinary. We will use the formula for the present value of annuity which is,

PV of Annuity = C * [( 1 - (1+r)^-n) / r]

Where,

  • C is the periodic payment
  • r is the rate of return of discount rate
  • n is the number of periods

The periodic payment is provided as $1400. We are also provided with and APR of 6% which is the Annual rate. We will have to convert it into monthly rate by dividing it by 12. We are also provided with the number of years which we will need to convert into number of months by multiplying it by 12.

Monthly r = 6%/12 = 0.5%

Number of periods = 20 * 12 = 240

PV of Annuity = 1400 * [( 1 - (1+0.5%)^-240) / 0.5%]

PV of Annuity = $195413.08035 rounded off to $195413.08

5 0
3 years ago
shaun will win the race if he eats carbohydrates beforehand or if he has slept well. is it inclusive?
iogann1982 [59]
Yes. very,,,,,,,,,,,,,,,,
3 0
3 years ago
Read 2 more answers
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