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skad [1K]
3 years ago
14

1. Sharon, a newly engaged woman, saw an advertisement in a bridal magazine for a beautiful pearl necklace priced at $69.99 from

Precious Jewelry. She thought the necklace would be a wonderful present for her bridesmaids, so she ordered 5 necklaces from Precious Jewelry. After a few weeks, Sharon received a letter, along with her returned check from Precious Jewelry. The letter stated that the jeweler was sorry they could not fill her order because they had been overwhelmed with so many requests that their supply of necklaces ran out very quickly
Business
1 answer:
NNADVOKAT [17]3 years ago
6 0

Question Completion:

a. List the 3 elements of an offer and describe each (in your own words).

b. Did Precious Jewelry make an offer when they placed the ad in the magazine? Did Sharon make an offer when she placed the order? Why or why not?

c. What will be the likely outcome if Sharon sues Precious Jewelry to force them to fill her order? Explain your answer.

Answer:

a. The three elements of a valid offer are Communication, Commitment, and Definite Terms.  Communication of an offer should be between the offeror and the offeree and not with the general public.  Commitment in an offer requires that the two parties are identified and are committed to the exchange of offer and acceptance.  Definite terms means that the terms of the offer must be clear and well-understood by the involved parties.

b. Precious Jewelry did not make an offer when it placed the ad in the magazine.  The ad was an invitation to offer.  Sharon was the party that made the offer when she ordered for the jewelries.  It was then left for Precious Jewelry to accept or reject the offer.

c. If Sharon sues Precious Jewelry to force them to fill her order, she does not have the locus standi because there is no basis for the existence of a contract between Sharon and Precious Jewelry since Sharon's offer was not accepted by Precious Jewelry and there was no consideration.

Explanation:

For a valid contract to exist between Sharon and Precious Jewelry, the five elements of a contract must be present.  They include valid offer, acceptance, mutual consent (or assent), consideration, and legality (including capacity).

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3 years ago
Windsor Company took a physical inventory on December 31 and determined that goods costing $191,500 were on hand. Not included i
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$237,630

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The preparation of the contribution margin income statement for the company is presented below:

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                    For the year ended December 31, 2017

Sales (5,000 drums × $350)      $1,750,000

Less: Variable cost

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Sales commissions $175,000

Total variable cost                                         -$1,100,000

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Factory maintenance $10,000

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Lease of equipment for sales staff $10,000

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Less: income tax expense at 25%                             -$88,750

Net income                                                                   $266,250

We simply deduct the variable cost and fixed cost from the sales revenue so that the net operating income could come and then deducted the income tax expense so that net income could arrive

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Answer:

Date   Accounts Titles & Explanation  Debit  Credit

Dec 31    Rent Expense                          $2,040

               ($6,120 *2/6)

                      Prepaid Rent                       $2,040

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                      Service Revenue                           $525

Dec 31    Salaries Expense                     $700

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Dec 31     Supplies Expense                  $2,390

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                      Supplies                                       $2,390

       

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                 Adjusted Trial balance

                  December 31, 2021

         Accounts             Debit$        Credit$

Cash                               9,100

Account receivable       14,100

Prepaid rent                   4080

Supplies                          710

Deferred revenue                               1,575

Salaries payable                                  700

Common stock                                    11,000

Retain earnings                                   5,100

Service revenue                                 45,245

Salaries expenses          31,200

Rent expenses                2,040

Supplies expenses         <u>2,390</u>          <u>              </u>

Total                                $<u>63,620</u>     $<u>63,620</u>

Prepaid rent = 6,120 - 2,040 =  4080

Supplies = 3100 - 2390 = 710

Deferred revenue = 2,100 - 525 = 1575

8 0
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