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VMariaS [17]
3 years ago
12

Barbara and the bank signed a contract in which they agreed that the bank would loan $100,000.00 to Barbara to buy a car. She wo

uld then repay the loan by making monthly payments of $2,500.00 for 50 months. After 2 years of Barbara's making payments, she and the bank agreed that Barbara could sell her car to Dorothy who agreed to make all of the remaining payments which the bank accepted. This is an example of: A. A novation. B. An accord and satisfaction. C. A void contract. D. A voidable contract.
Business
1 answer:
Afina-wow [57]3 years ago
7 0

Answer:

Option A

Explanation:

A Novation is a form of contract in which the original contract is substituted by a replacement contract where by the new party agrees to accept all the debts to be paid as a part of the original contract.  

In other way the original contracting party give all the rights and obligations to the new party  

Hence, Option A is correct

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An organization increases its _____________ if it refuses to take measures—due care—to make sure that every employee knows what
VladimirAG [237]

Answer:

LIABILITY

Explanation:

Liabilities are money owed by an organization or company as a results of obligations rising during the course of business operations, financial debts incurred, purchase of asset and so on. It also refers to the situation of being legally responsible for the actions of something or someone. If an organization decides not to take measures—due care—to make sure that every employee knows what is acceptable and what is not, and the consequences of illegal or unethical actions, it increases his liability. This is because the organization is liable and legally answerable to the actions of its employees.

5 0
3 years ago
Alain Mire files a single tax return and has adjusted gross income of $314,000. His net investment income is $43,000. What is th
ratelena [41]

Answer:

$1,634

Explanation:

The computation of the additional tax to be paid is shown below:

Additional tax is

= Tax rate × net investment income

= 0.038  × $43,000

= $1,634

We simply multiplied the tax rate with the net investment income in order to determine the additional tax

4 0
2 years ago
Upland Company borrowed $40,000 on November 1, 2017, by signing a $40,000, 9%, 3-month note. Prepare Upland’s November 1, 2017,
kodGreya [7K]

Answer:

cash 40,000 debit

  note payable 40,000 credit

--to record signing of note----

interest expense 300 debit

     interest payable    300 credit

--to record accrued interest----

note payable  40,000 debit

interest payable   300 debit

interest expense  600 debit

   cash                            40,900 credit

--to record honor of the note---

Explanation:

when signing the note we receive the cash and delcare the liability

at December 31th

we recognzie the accrued interest: for the month

we need to convert the annual rate to monthly: 0.09/12 = 0.0075

40,000 x 0.0075 = 300

at payment of the note, we write-off the note

we pay the full interest:

300 per month x 3 month = 900

we already accrued one so the expense will be for 600

4 0
3 years ago
Diversification is important in investing because...
Alenkinab [10]

Diversification is important in investing because "It helps you to balance your risk across different types of investments".

Explanation:

Diversification is a risk management approach that includes investing beyond or within various asset types to depreciate the ups and downs of economic exchanges. In different terms, diversification is thereby not owning all your eggs in one basket. Diversification goes by expanding properties beyond and within various asset types. Because asset types have their own individual financial rounds, when one class is making substantial profits, another may not be functioning as well. By expanding your purchases beyond and within distinct asset categories you’ll be in an immeasurable situation to offset the buoyancy of unique expenses.

8 0
3 years ago
Read 2 more answers
An analysis of stockholders' equity of Hahn Corporation as of January 1, 2010, is as follows:
charle [14.2K]

Answer:

Additional paid-in capital is $904,200

Explanation:

Number of shares, issued and outstanding = 93,000 shares

Acquired 2,460 shares of its stock for $75,000.

Sold 2,000 treasury shares at $35 per share.

Sold the remaining 460 treasury shares at $20 per share.

i) Acquired 2,460 shares of its stock for $75,000.

= Treasury Stock Dr $75,000

ii) Sold 2,000 treasury shares at $35 per share.

Treasury Stock (2,000 × $35) = Dr $70,000

iii) Sold the remaining treasury shares at $20 per share.

Treasury Stock (460 × $20) = Dr $9,200

Total Treasury Stock = $75,000 - $70,000 - $9,200

= ($4,200)

Paid in Cap-tresury stock= 10,000-5000=5000

Additional Paid in capital = Paid in Capital - treasury stock

= 900,000 + 4,200 = $904,200

6 0
3 years ago
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