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maxonik [38]

Answer:

What is entirely true about this contract is:

The contract is a VALID contract but is also a VOIDABLE contract on the part of Larry but NOT on the part of Sprint.

Explanation:

As a minor, Larry (he was under the age of 18 when he signed the contract with Sprint) lacks the contractual capacity to enter into the contractual relationship with Sprint. But since he has signed the contract in exchange for the purchase of the cell phone, Larry can either honor the deal or void the contract. This is why the contract is said to be valid but voidable at Larry's behest. However, after Larry has turned 18, if he has not done anything to void the contract, then the contract with Sprint can no longer be voided.

4 0

3 years ago

Tempest Enterprises began operations on January 1, 20x1, with all of its activities conducted from a single facility. The compan

Ray Of Light [21]

Answer:

100% will be included in the Income Statement

Explanation:

Always remember that the depreciation calculated for the accounting period can be apportioned as per the International Accounting Standard IAS 2, which says that expenses must be classified in a manner that results in the truth & fairness of the Financial Statements. This means that if depreciation calculated is $500 then the whole of this depreciation will be expensed out in the income statement. It's 20% might go to selling activities, 35% to administrative activities, and 45% to manufacturing activities.

<h3>But remember that the depreciation calculated for the accounting period would be expensed out by $500 in the income statement, for the period generated.</h3>

3 0

3 years ago

A country has been in existence for only two years.

ozzi

Answer:

-1.0 million

Explanation:

the debt issued in the second year is equal to the sum of the excess of revenues over outlays

in year 1, debt = $1.0 million - $1.5 million = $-0.5 million

In year 2, debt = $1.5 million - $2.0 million = $-0.5 million

$-0.5 million + $-0.5 million = -1.0 million

4 0

3 years ago

Journalizing transactions, posting journal entries to four-column accounts, and preparing a trial balance

andriy [413]

Answer:

1. Record each transaction in the journal. Explanations are not required.

April 1

Dr Cash 70,000

Cr Common stock 70,000

April 3

Dr Office supplies 1,100

Dr Furniture 1,300

Cr Accounts payable 2,400

April 4

Dr Cash 2,000

Cr Service revenue 2,000

April 7

Dr Land 30,000

Dr Building 150,000

Cr Cash 40,000

Cr Notes payable 140,000

April 11

Dr Accounts receivable 400

Cr Service revenue 400

April 15

Dr Salaries expense 1,200

Cr Cash 1,200

April 16

Dr Accounts payable 1,100

Cr Cash 1,100

April 18

Dr Cash 2,700

Cr Service revenue 2,700

April 19

Dr Accounts receivable 1,700

Cr Service revenue 1,700

April 25

Dr Utilities expense 650

Cr Accounts payable 650

April 28

Dr Cash 1,100

Cr Accounts receivable 1,100

April 29

Dr Prepaid insurance 3,600

Cr Cash 3,600

April 29

Dr Salaries expense 1,200

Cr Cash 1,200

April 30

Dr Rent expense 2,100

Cr Cash 2,100

April 30

Dr Dividends 3,200

Cr Cash 3,200

2. Open the following four-column accounts including account numbers:

3. Post the journal entries to four-column accounts in the ledger,

I used an excel spreadsheet to answer questions 2 and 3

4. Prepare the trial balance of Theodore McMahon, Attorney, at April 30, 2018.

In order to prepare a trial balance we must prepare an income statement first.

Service revenue $6,800

Salaries expense -$2,400

Rent expense -$2,100

Utilities expense -$650

Net income $1,650

retained earnings = net income - dividends = $1,650 - $3,200 = -$1,550

Theodore McMahon, Attorney

Balance Sheet

For the Month Ended April 30, 2018

Assets:

Cash $23,400

Accounts receivable $1,000

Prepaid insurance $3,600

Office supplies $1,100

Furniture $1,300

Land $30,000

Building $150,000

Total assets: $210,400

Liabilities and Equity:

Accounts payable $1,950

Notes payable $140,000

Common stock $70,000

Retained earnings ($1,550)

Total liabilities and equity: $210,400

Download pdf

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7 0

3 years ago

Use the drop-down menu to complete each statement.

podryga [215]

According to this graph, at $10 the quantity supplied is about 14.

As the price of the good rises, the quantity supplied will be increasing.

In the graph, as the price of the good is rising the quantity supplied is also rising, When the price is $10.00 then the quantity supplied is 14 when the price is $15.00 then the quantity supplied is 24 and when the price is $17.50 the quantity supplied is 30.

The volume of a resource, service, or item that people are prepared and able to sell during a certain time period at a given price. If a good's price increases, more of that good is supplied, all other things being equal. When a product's price declines, less of that product is produced.

Two fundamental economic theories are combined in the law of supply and demand to explain how changes in the price of a resource, good, or service impact its supply and demand. Supply grows as the price rises, but demand drops. In contrast, as the price falls, supply is constrained and demand is increased.

The law of supply is a microeconomic principle that asserts, with all other things being equal, that if the cost of an item or service rises, suppliers will offer more of those goods or services and vice versa.

Learn more about the Law of Supply here:

brainly.com/question/17805586

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5 0

1 year ago