Answer:
C) a written contract.
Explanation:
There is a valid written contract between Millet Grains and Corn Cereal because two important things happened:
- Millet Grains sent a fax to Corn Cereals with a summary of the bargaining process held by both organizations.
- Once Millet Grains started to perform, Corn Cereals accepted the delivery of the goods.
UCC rules are relatively flexible between merchants and traders, and both companies classify as such. The fact that Corn Cereals received the fax from Millet and then received the goods is proof that a written and valid contract existed between them. It doesn't have to be signed by Corn Cereals to be enforceable, since they accepted it by receiving the goods.
Answer:b. net income is overstated
Explanation:
The cost of inventory which is a constituent of cost of goods sold will have an impact on the income, an higher cost of inventory means low net income and lower cost of inventory means an higher net income. Therefore if the inventory is understated it leads to profit overstatement.
Net income will not be understated because a cost item has been understated but it will only be overstated, cost of merchandise sold is understated but this is the action and not the effect, merchandise on the balance sheet will be understated and not overstated.
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Answer:
c. the contract is discharged.
Explanation:
As the contract is not feasible to be completed not because of any parties of the contract, but because of externalities.
This provides for the no fault conditions on both the parties of the contract.
Here the construction was to be done by the Construction Contractors Inc. for Discount Retail Inc, at a place in Electro City.
But now the construction cannot happen as because Electro City has an amendment providing no construction at the particular place where Discount Retail Inc. wants the construction.
Answer:
Is that there is no effect on total stakeholder's equity.
Explanation:
When existing shareholders are being paid dividends as shares rather than in cash it is known as stock dividends.
Stock split can be defined as the issuance of new shares to peculiar shareholders to create multiple shares and its always in proportion to their holdings in that particular firm.
A feature common to both stock splits and stock dividends is that there is no effect on total stakeholder's equity meaning that both parameters do not reduce it.
