Answer:
B. Purchasing inventory on account
Explanation:
The Purchase of inventory on account is not recorded when the cash basis of accounting is recorded but where as it is recorded when accrual basis of accounting is used.
Answer:
<u>Executed</u>
Explanation:
Ratification of a contract refers to formally approving a contractual obligation. To dis-affirm refers to back out of a contract wherein the parties to it return the consideration.
A minor, an individual below the age of eighteen years does not have capacity to a valid contract. A minor may void a contract before attaining majority.
When a contract has been signed by both the parties to it, with transaction closed, the contract shall be termed as executed.
In the given case, Luke a minor entered a contract to buy movies. Later upon attaining majority, Luke decides to disaffirm i.e not honor it. The contract in such a scenario shall be considered as formally approved i.e ratified by both parties if it was executed.
In such a case, Luke will have to honor the contract since the disaffirmation period i.e before his attaining majority has lapsed.
Answer:
e you chose that includes at leasnts on your time line.) You can create the time line below or submit a separate Word or PowerPoint document containing the time line. If your tim
Explanation:
5. Submit a thematic time line for the theme yo You can create the time line below or submit a separate Word or PowerPoint document containing the time line. If your tim
payback and discounted payback
<span>The accounting cost of running the smoothing stand for the summer is $13,135.90. To find this, we must first figure out which numbers given in the problem are relevant. Since we are dealing with accounting cost (and not economic cost), we know that we can ignore the opportunity cost ($2865 in foregone wages). We also can ignore the price of the smoothies since we do not need to compute revenue in order to determine accounting cost. Thus, the relevant numbers are $8130 for the lease, $2239 for insurance, the per unit cost of $2.3, and the total quantity of 1203. To find the accounting cost, we simply need to add our fixed costs and our variable costs. The fixed costs are given as $8130 and $2239. FC=8130+2239=$10369. Our variable cost, VC=2.3q, and we are told q=1203. Thus VC=2.3(1203)=$2766.90.
To find our Total accounting costs, simply add fixed costs plus variable costs. FC+VC=2766.90+10369=$13135.90.</span>
