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kumpel [21]
3 years ago
9

Business Law - Case: Contract Law

Business
1 answer:
Brilliant_brown [7]3 years ago
3 0

Answer:

The issue is whether Joe is liable to pay for Bob to Avarice Bank or not.

Joe should prevail.

Explanation:

The original contract is between bank and Bob and in that contract Joe is not involved. Secondly payment on someone' behalf always has to be a written contract.

According to UCC, suretyships have to be written for them to be enforceable. This is mentioned in Statute of Frauds. It clearly states that any gurantee by thrid party for payment of debts has to be in writing.

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Generally, revenue from sales should be recognized at a point when
qaws [65]

Answer:

D. none of these answer choices are correct.

Explanation:

The principle of revenue recognition occurs when the revenue is realized or earned either cash is received or not and it also serves the accounting accrual basis. Realizable also means that the buyer gets the product but the payment is made afterward.

In this, it does not depend on cash transactions.  

Hence, the option D is correct

3 0
3 years ago
DLW, Inc just started its business. DLW purchased factory equipment for $800,000 on January 1. It is estimated that the equipmen
igor_vitrenko [27]

Answer:

Annual depreciation= $77,000

Explanation:

Giving the following information:

Purchase price= $800,000

Salvage value= $30,000

Useful life= 10 year

Under the straight-line method of depreciation, the depreciation expense is constant along the useful life.

We need to use the following formula:

Annual depreciation= (original cost - salvage value)/estimated life (years)

Annual depreciation= (800,000 - 30,000)/10

Annual depreciation= $77,000

6 0
3 years ago
Green and yellow are adjacent on the color wheel; what does this mean?
matrenka [14]

Answer:

analogous

Explanation:

both green and yellow are a part of analogous

5 0
3 years ago
Equipment costing $17,500 with an estimated salvage value of $1,180 and an estimated life of 4 years was purchased on October 31
svp [43]

Answer:

the depreciation expense recorded is $680

Explanation:

The computation of the depreciation expense under the straight-line method is shown below:

= (Purchase cost - residual value) ÷ (estimated life)

= ($17,500 - $1,180) ÷ ( 4 years)

= $4,080

Now the 2 months depreciation is i.e. from November to December

= $4,080 × 2 months ÷ 12 months

= $680

Hence, the depreciation expense recorded is $680

8 0
3 years ago
Traditionally, ________ were always set up as non profit corporations.
riadik2000 [5.3K]
The answer is:

Traditionally, SOCIAL ENTERPRISES were always set up as non profit corporations.
4 0
3 years ago
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