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svlad2 [7]
3 years ago
5

AN IMPLIED CONTRACT CAN BEST BE DEFINED AS: WILL NOT BE RECOGNIZED AS ENFORCEABLE BY THE COURTS A TRUE FORM OF A FORMAL CONTRACT

THE INTENTIONS OF THE PARTIES ARE INFERRED FROM THEIR CONDUCT BY THE COURT AS WELL AS THE CIRCUMSTANCES OF THE CONTRACT WHICH EXISTS IN THE EYES OF THE LAW, EVEN THOUGH THE PARTIES HAVE NOT IN ANY WAY INTENDED TO FORM THE CONTRACT
Business
1 answer:
hoa [83]3 years ago
8 0

Answer: the intentions of the parties is inferred from their conduct by the court as well as the circumstances of the contract

Explanation:

An implied contract is referred to as an agreement that's legally-binding which was created due to the actions, or circumstances of the parties that were involved.

In an implied contract, the parties typically possess no written contract, but an obligation is created by the law based on the conduct of the parties involved.

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Although there are advantages and disadvantages to home-based workers for both the employer and employee the disadvantages to em
melomori [17]

Answer:

C. It decreases important social interaction between and among employees on a number of levels, resulting in a change in the social network and corporate culture.

Explanation:

<em>Working from home</em> or freelancing has gained traction nowadays as it is a feasible way to transfer work to home, usually reducing costs and being more convenient for employees (mostly). However, working from home <u>neglects the aspect of socializing</u>, as it brings more alienation to the employee. Communication becomes mostly digital, and in-person contact is minimized.

3 0
3 years ago
Onslow Co. purchased a used machine for $144,000 cash on January 2. On January 3, Onslow paid $10,000 to wire electricity to the
il63 [147K]

The information is incomplete, but we can assume that the machine was sold at the fifth year for an X amount of money, so we should prepare the journal records. Since we are not given the sales amount, I will just use any number, like $50,000. You can adjust the calculation depending on the exact sales amount.

Explanation:

January 2, Year 1, purchase of machine:

Dr Machinery 144,000

    Cr Cash 144,000

January 3, Year 1, additional expenses needed to put machine into service (electric wiring):

Dr Machinery 10,000

    Cr Cash 10,000

January 3, Year 1, additional expenses needed to put machine into service (installation):

Dr Machinery 2,000

    Cr Cash 2,000

The machine's total cost = $144,000 + $10,000 + $2,000 = $156,000

depreciation expense per year = ($156,000 - salvage value) / 6 years = ($156,000 - $17,280) / 6 = $23,120

Accumulated depreciation during 5 years = $23,120 x 5 = $115,600, carrying value = $156,000 - $115,600 = $40,400

If the machine is sold at $50,000, the journal entries should be:

December 31, year 5, machine is sold:

Dr Cash 50,000

Dr Accumulated depreciation $115,600

    Cr Machinery 156,000

    Cr Gain on disposal 9,600

Gain on disposal = cash received - carrying value = $50,000 - $40,400 = $9,600

4 0
3 years ago
The before-tax income for Culver Co. for 2017 was $101,000 and $84,100 for 2018. However, the accountant noted that the followin
valentina_108 [34]

Answer:

Corrected income before tax year 2017 = $65,690  

Corrected income before tax year 2018 = $102,467

Explanation:

According to the scenario, computation of the given data are as follow:-

 

Particular                                            Year 2017 ($) Year 2018 ($)    

Income before tax                                            101,000    84,100    

Corrections      

1. In 2017, unearned sales                           -36,200      

Sales added in 2018                                                      36,200    

2. In 2017, understated ending inventory    9,500      

In 2018, overstated opening inventory                      -9,500    

3. Add-wrongly charged interest expenses    13,800            13,800    

Less-actual interest expenses      

In 2017 ($230,000-$14,000)×7%=$216,000×7% -15,120      

In 2018, bond of carrying amount

       =$216,000+($15,120-$13,800)=$217,320      

In 2018, Actual interest expense=($217,320×7%)    -15,212    

4 Add-wrongly charged depreciation expenses      

In 2017=($8,100×10%)                                           810      

In 2018,=($8,100-$810)×10%+$8,500×10% =                      1,579    

Less-actual expenses for repairs                          -8,100    -8,500    

Corrected income before tax                         65,690   102,467    

     

4 0
3 years ago
For a bank, when a person deposits money into the bank, this: a creates a liability and an asset for the bank. b creates a liabi
Blizzard [7]

Answer:

The answer is A.

Explanation:

Bank deposits from customers create both a liability and an asset for the bank.

1. As a liability: The deposit is the customer's money. The bank is keeping the money for the customer. The customer can withdraw the fund any time.

2. As an asset: The money deposited by the customer can be used by the bank to generate revenue pending when the customer withdraws the money. The money not yet withdrawn by customers is still in the possession of the bank and the bank controls it.

8 0
2 years ago
Colorado Mountain Mining paid $ 896,900 for the right to extract mineral assets from a 500,000​-ton deposit. In addition to the
Zepler [3.9K]

Answer:

(a) The asset would be recorded in accordance to IAS 16 Property, plant & equipment.

Dr  Mining Asset   896,900

Cr       Bank                     896,900

(b) IAS 16 says that the costs incurred to make the asset ready for use must be capitalized as part of the asset. This means the license fee $1000 filing fee, License fee $2100 and $50,000 amount paid for geological survey must be capitalized. So the entry is as under:

Dr Mining asset (1k+2.1k+50k) $53,100

Cr                      Bank                       $53,100

(c) This assets must be depreciated on the basis of tons of minerals extracted which is 60 thousands tons in the first year.

Depreciation Expense = (60k tons / 500k tons)   * (Total capitalized cost)

=(60,000/500,000) * (896,900+53,100) = $108,000

The Double entry of Depreciation Expense would be as under:

Dr Depreciation Expense  $108,000

Cr                Accumulating Depreciation  $108,000

3 0
3 years ago
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