Answer: A. Impossibility of performance
Explanation:
Impossibility of contract is a doctrine where by a contract is rendered invalid on the bases of uncontrollable circumstances which renders performance of contract impossible. Impossibility of performance can be difficult to prove.
Answer:
A. $727 DS, CB
Explanation:
Step 1: Calculate the Monthly rate=
$1,700 ÷ 12 = $141.67
Step 2: Calculate the Daily rate = Monthly rate ÷ 12
= $141.67 ÷ 30 = $4.72
Since the closing took place on June 4th, it means the seller owes 5 months (January- May) and 4 days (1st-4th of June)
Hence, the seller owes the following based on steps 1 and 2
5 Months = $141.67 x 5 = $708.35
4 day = $4.72 x 4 = $18.88
Total Amount = $708.35 + $18.88 = $727.23 Approximately $727.
The treatement therefore is to Debit the Seller (DS) and Credit the Buyer (CB) with $727
The following statement "the present value of a cash flow will never be greater than the future dollar amount of the cash flow" is true.
Cash flow is the net balance of money coming into and going out of a firm at a certain moment in time. A firm continuously has cash coming in and going out. For instance, money leaves the company and goes to its suppliers when a retailer buys inventory.
The expenses made as part of daily operations are included in the cash flow from operations. These cash outflows include things like rent, utilities, wages, and the cost of products sold. When a corporation operates heavily on the seasonal cycle, cash outflows might vary greatly.
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C. a and b is the correct answer
Answer:
A. An asset account increases.
G. Retained Earnings increase.
Explanation:
The starting point for this analysis would be using the double entries for the transaction,hence the invoicing of customers would give rise to the below entries:
Dr Receivables (asset increases) $4,150
Cr Sales revenue(increase in retained earnings) $4,150
Ultimately, the correct options are A,an asset account increases and G retained earnings increase,since the sales revenue brings about net income that would be recorded as part of retained earnings at the close of the period under consideration