Answer:
The contract was voidable at her option.
Explanation:
The contract was voidable at her option, this is voidable as well as she have a prove that really shows that she was really intoxicated when the Charlotte a diamond necklace worth thousands of dollars for just $100 was sold and the terms and conditions want understood by her at that time. Then with that Charlotte can return of her necklace.
Answer:
negative externality
Explanation:
A product can be defined as any physical object or material that typically satisfy and meets the demands, needs or wants of customers. Some examples of a product are mobile phones, television, microphone, microwave oven, bread, pencil, freezer, beverages, soft drinks etc.
In Economics, a positive externality arises when the production or consumption of a finished product or service has a significant impact or benefits to a third party that isn't directly involved in the transaction.
On the other hand, a negative externality arises when the production or consumption of a finished product or service has a negative effect and/or impact (cost) on a third party.
This ultimately implies that, a negative externality is generated when a third party receives or bears an unwarranted cost. Some examples of a negative externality is John declining to buy his favorite candy due to an increase in its price, a manufacturing plant that causes noise and pollution to the people living around where it is situated, etc.
Answer:
Mar. 17
Dr Cash $275
Dr Allowance for uncollectible accounts $1,000
Cr Accounts receivables $1,275
July 29
Dr Accounts receivables $1,000
Cr Bad Debts expense $1,000
Dr Cash $1,000
Cr Accounts receivables $1,000
Explanation:
Preparation of the journal entries using the direct write-off method of accounting for uncollectible receivables
Mar. 17
Dr Cash $275
Dr Allowance for uncollectible accounts $1,000
Cr Accounts receivables $1,275
($275+$1,000)
July 29
Dr Accounts receivables $1,000
Cr Bad Debts expense $1,000
Dr Cash $1,000
Cr Accounts receivables $1,000
Answer:
Explanation:
Sunk, or past, costs are monies already spent or money that is already contracted to be spent. A decision on whether or not a new endeavor is started will have no effect on this cash flow, so sunk costs cannot be relevant.
For example, money that has been spent on market research for a new product or planning a new factory is already spent and isn’t coming back to the company, irrespective of whether the product is approved for manufacture or the factory is built.
Committed costs are costs that would be incurred in the future but they cannot be avoided because the company has already committed to them through another decision which has been made.
Answer:
$0
Explanation:
Since 100% of Cooper Corporation's stock were owned by Carole and Chris (who are siblings), then no one can recognize any loss or gain from the contribution of property (nor the distribution of property). Under section 351, no gain or loss can be recognized for the contribution of property in exchange for stocks in a controlled corporation.
Since the contribution was made through a carryover basis transaction less than 5 years before the liquidation, the distribution is carried out in the same way.
