Answer:
B. It will not be enforced due to the statute of frauds.
Explanation:
Jim and Sue ''orally agreed to how the marital assets would be split if they divorced'', but however did not sign any agreement that makes the contract valid. Thus, the contract will not be enforced due to the statute of frauds. A statute of frauds, simply means a contract without sufficient written evidence agreed and signed by parties to the contract.
The Manufacturing Overhead for the year was $18,000 overallocated.
Explanation:
- Lakeside, Inc. estimated manufacturing overhead costs for the year at $ 375 comma 000, based on 180 comma 000 estimated direct labor hours. Actual direct labor hours for the year totaled 191 comma 000. The manufacturing overhead account contains debit entries totaling $ 391 comma 000.
- The Manufacturing Overhead for the year was $18,000
- there are basically two types of business overhead which are administrative overheads and the manufacturing overheads.
- Overhead expenses includes the following examples,
- the accounting fees,
- advertising, insurance,
- interest rates,
- legal fees,
- labor work,
- rent, repairing,
- supplies, taxes,
- telephone bills,
- travelling expenses, etc.
Answer:
The journal entries are as follows:
(a) On January 1, 2021
Cash A/c Dr. $418,022
To Bonds payable $418,022
(To record the issue of bond)
(b) On June 30, 2021
Interest expense A/c [$418,022 × 7%/2] Dr. $14,630.77
To cash $14,630.77
(To record the first two semiannual interest payments)
(c) On December 31, 2021
Interest expense A/c Dr. $14,630.77
To cash $14,630.77
(To record the first two semiannual interest payments)
Benny is self-employed. he’s experienced a bit of success over the last few years and is now ready to purchase a home. he’s meeting with a lender later today . Benny can expect to be asked for additional documentation to verify his income.
Self-employment is the state of being able to work for yourself rather than for your employer. Tax authorities generally consider an individual to be self-employed if they choose to be recognized as self-employed or if the individual has income that is taxable.
Self-employed means doing business as a partner or owner rather than working for your employer. According to IRS guidance (page 2), a person who “trades or does business as a sole proprietorship or independent contractor” is self-employed.
Learn more about self-employed here: brainly.com/question/20750656
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Answer:
A
Explanation:
A sole proprietorship is a type of business that is owned by one person
<u><em>Characteristics</em></u>
1. it is owned by one person
2. the business has unlimited liability
3. the business has limited access to capital
4. the business usually lacks continuity. this type of business usually ceases to exist when the owner dies
5. the business is usually not separated from the owner
<em><u>Advantages of sole proprietorship </u></em>
- They are easy to establish
- The owner has complete control over ownership
<u><em>Disadvantages of sole proprietorship </em></u>
- It has a limited life span. The business usually ends when the owner dies
- the owner has an unlimited liability
