Answer:
<em>Voidable at Race's option.
</em>
Explanation:
If the individual was so<em> impaired at the time the contract was created that the individual was unable to comprehend what he or she was doing, a person could dis-affirm or revoke.</em>
Because the ability of Race to understand the true nature or conditions of the contract has been substantially compromised, Race (Race will dis-affirm) has voidable the contract.
Anna's new business looks like it can grow quickly and become profitable in its first year. Anna will likely find possible sources of financing than those with less potential for growth and profits is option (D) many more.
The sources of financing referred to a business gets money from to fund their business operations. A business can gain finance from either internal or external sources of income.
Sources of financing is the main source of funding are retained earnings, debt capital, and equity capital.
Companies use retained earnings from business operations to raise or distribute dividends to their shareholders. Business raise funds by borrowing debt privately from a bank or by going public or share-market.
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Answer:
When they record the sales revenue related to this special order.
Explanation:
The matching principle of accounting states that you must record revenue and all related COGS at the same time, i.e. when Jamison Engineering records sales revenue, they also must record COGS associated to the sales. Accrual accounting establishes that you cannot record COGS at a prior or later date.
Answer:
C. Adding the desired ending inventory of raw materials to the raw materials needed to meet the production schedule and subtracting the beginning inventory of raw materials.
Explanation:
In a budget workflow for raw materials, the relationship between the opening balance, purchase, requirement for production and ending balance may be stated as
opening + purchases - required = closing balance
Hence the raw materials to be purchased
purchases = closing balance + required - opening
C. Adding the desired ending inventory of raw materials to the raw materials needed to meet the production schedule and subtracting the beginning inventory of raw materials.
The correct answer is that there were $51,700 work of gift cards redeemed during the year.
In order to determine the correct answer you need to start with the total balance of the unearned revenue account, which is $6,800. To the starting balance you need to add the amount of gift cards purchased throughout the year, which is $55,000. This total is $61,800. The last step is to subtract the ending balance of the unearned revenue from the total ($61,800 - 10,100), which equals $51,700. $51,700 is the amount of gift cards redeemed during the year.
