A seller places an ad on social media stating that the seller will pay $10,000 to the first licensed realtor who finds a buyer for the seller's condo that results in a closed sale. This is a type of unilateral contract.
<h3 /><h3>What is a unilateral contract?</h3>
Corresponds to a contract where there is a reward for a certain action, which is performed by only one of the parties involved in the contract, as for example in the statement, where the realtor who is interested in the seller's offer must carry out a closed sale to receive the $10,000 reward.
Therefore, in a unilateral contract, the agreement must be fulfilled after the performance of the contractor's action. If the offer is revoked, it must be duly expressed prior to the practice of the previously determined action. Some examples of the use of unilateral contracts are contests and performances.
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Answer:
See explanation section.
Explanation:
December 31, Interest receivable Debit $198
Interest revenue Credit $198
Interest revenue = ($7,920 × 10% ÷ 12) × 3 = $198
<em>To record the adjusting entry for interest revenue.</em>
February 1, Cash Debit = $8,184
Note receivable Credit = $7,920
Interest revenue Credit = $66
Interest receivable Credit = $198
Calculation: Interest revenue = ($7,920 × 10% ÷ 12) × 4 = $264 - $198 = $66
<em>To record the cash received from note receivable with interest.</em>
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Answer:
The price of shares will Decrease.
Explanation:
This is because as investors fear the market volatility, they tend to exit the market and sell the shares. The excess supply of company's shares in the share market over the lower demand, the prices of shares will go down.
Answer:
Answer to question 1: FASB ASC 820 : The topic tile is "Fair value measurement and disclosure"
The answer to question 2: FASB ASC 820 - 10 - 50 - 2 : Fair Value Measurement And Disclosure As Regards To Overall Disclosure
Explanation:
To fully understand the concept of the answers aforementioned, let us define the abbreviated terms.
FASB: This stands for Financial Accounting Standard Board
This is a a private and non-profit organization whose purpose is to set standards and regulate the financil industry in respect to codes and conduct. Part of the body primary objective is to also establish and improve Generally Accepted Accounting Principles within the United States in the interest of the general public.