<span>There is a binding contract as soon and Patrick and Britt orally agree. There does no need to be a written contract as long as there is a meeting of the minds.</span>
Answer:
gain on disposal 30,000
Explanation:
First we do the numbers for the old truck:
Asset 140,000
Acc Dep 80,000
Book Value 60,000
Now, becuase there are commercial subtance we will recognize the dgain or loss at disposal.
Total given-up for the tow truck
bake tow truck 100,000
cash <u> (10,000) </u>
Baker valuation of our truck 90,000
book value (60,000)
gain on disposal 30,000
<u>journal entry</u>
tow truck 100,000
acc dep delivery truck 80,000
cash 10,000
delivery truck 140,000
gain on disposal 30,000
Profit Inc., a manufacturing firm, has purchased raw materials worth $10,000 on credit from its vendors. The business plans to settle the vendor’s full payment after two months. Under "current liabilities"section of balance sheet this account will be recorded as "account payable".
Answer: Option (B) is correct
<u>Explanation:</u>
Raw material purchased on credit from a vendor is a liability and it is shown under current liabilities in "accounts payable". Since raw material purchased on credit and payment is to be made after two months.
Payment due gives rise to liability. Now current liability is a company's short term obligations that are to be paid back within a year. Here the firm will have to make payment within two months to the vendor.
Answer:
the manufacturing overhead for the month should be overapplied by $16,000
Explanation:
Given that
The debit to the manufacturing overhead is $53,000
And, the credit balance is $69,000
So, it should be overapplied by the
= $53,000 - $69,000
= $16,000
Therefore the manufacturing overhead for the month should be overapplied by $16,000
This is the answer but the same is not provided in the given options
Answer:
Answer Is Below
Explanation:
When should a child's face covering be removed? (Select all that apply)
1) During mealtimes and naptimes.
3) If a child is having difficulty breathing.
