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arsen [322]
2 years ago
14

Minors are liable for the reasonable value of the necessary:______.

Business
1 answer:
kotegsom [21]2 years ago
8 0

Answer:

b. that they agreed to purchase.

Explanation:

A minor is a person who is under the age of 18 and unable to make decision on his own such as mentally impaired or incompetent persons .

A minor cannot enter a contract like adults but if under any circumstance they enter into a contract of sale purchase of daily goods like clothing etc, they are liable to pay the price which they agreed to pay.

Their parents are liable only if the contract was made according to the parent's will etc.

If the minor is unable to pay the agreed amount then the minor should return the goods or fulfill any other liability as imposed by the court of law.

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Kieso Company borrowed $740,000 for three months. The annual interest rate on the loan was 9%. Kieso's fiscal year ends on Decem
Lunna [17]

Answer:

Last Fiscal Year:

Interest Expense = $5550

Current Fiscal Year:

Interest Expense = $11100

Explanation:

According to the accrual basis of accounting, the expenses and revenues relating to a certain period should be recorded in that particular period whether of not they have been received. The fiscal year of Kieso ends on 31 December and as the loan was taken one month prior to the start of the current fiscal year, it was taken at the start of December of last fiscal year.

This means that the interest expense on loan relating to last December will be charged to the last fiscal year and the interest expense relating to January and February will be charged to the current fiscal year. The interest expense amount will be calculated as follows,

Last Fiscal Year = 740000 * 9% * 1/12  => $5550

Current Fiscal Year = 740000 * 9% * 2/12  => $11100

3 0
2 years ago
Wilmington Company reported pretax income of $25,000 during 2018 and $30,000 during 2019. Later it was discovered that the endin
Vika [28.1K]

Answer:

$28,000

Explanation:

When closing inventory is understated during an year, it would lead to understated profits during the year i.e understated net income for the year 2018.

So, correct pre tax income for 2018 would be,

= reported pre tax income + the amount by which closing inventory was understated

= $25,000 + $2000 = $27000

Now, since the same closing inventory would become the opening inventory for 2019, this means,  the opening inventory for 2019 was understated.

When opening inventory is understated, it would lead to inflated net income for the year 2019. Thus, the extent by which the inventory has been understated has to be reduced from the reported pre tax profits for the year 2019.

Hence, correct pre tax income for 2019 would be,

= $30,000 - $2000 = $28000

6 0
3 years ago
Karen wants to buy stock, but is worried about the current "bear market." What does this mean?
alexdok [17]

Answer:

A.that many investors are selling their stocks in anticipation of lower profits

Explanation:

In stock market terminologies, a bear market is a selling market. If the traders' sentiments are to sell a stock, tell the market for the stock is referred to as a bear market.

Generally, when a company is performing well financially, its stock price will appreciate.  Investors will buy its stocks in anticipation of increased dividends and selling the stocks at a higher price. Should investors anticipate a loss, they will start selling the stocks. Karen is concerned with the current bear market as it signals the stocks are likely to yield reduced earnings.

7 0
2 years ago
On March 1, Roxanne acquires a house for $160,000. She pays $20,000 down and borrows the remaining $140,000 by obtaining a 15-ye
natali 33 [55]

Answer:

a)$12,800.00

B)$10,439

Explanation:

Please see attachment

Download pdf
4 0
3 years ago
Question 6 of 20
tatiyna

A product with a high level of elasticity of demand has the feature of the B. Demand for the product rises and falls depending on circumstances.

<h3>What is Elasticity of Demand?</h3>

This refers to the extent to which there is a price change that causes a product to have a change in demand.

Hence, we can see that when there is a high elasticity of demand, it is usually because there is a variable change in the quantity demanded in relation to its price and this means that B. Demand for the product rises and falls depending on circumstances.

Read more about elasticity of demand here:

brainly.com/question/19141990

#SPJ1

4 0
1 year ago
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