Answer:
Economic duress
Explanation:
We say there is an economic duress during a contract when one party to the contract threatens to terminate the contract if the other person does not agree to their demands. Brent is asking for more money, if he does not get this, he says he would leave the work unfinished.
When this happens, the other party may be left stuck and may have no option than to agree to the new demands of the contract.
Answer:
Explanation:
AAA AEP
Beginning balance, 1/1/20 200,000 110,000
Less: Distributions (140,000) (0)
Less: Loss (ordinary) (120,000) (0)
Ending Balance (60,000) 110,000
Here AAA is adjusted first for the distributions and then for the loss. The negative balance must be restored to a positive before the shareholders may receive any distributions that will not be taxed as dividend income.
Answer:
Carly will have $1,433 in her account at the end of 10 years.
Lara will have $1,280 in her account at the end of 10 years.
Explanation:
Simpe interest pays the simple trust on the principal amount. There is no reinvestment of interest.
In compounded Interest the Interest earned from the investment is reinvested and again interest on principal and interest amount reinvested is earned.
Carly Deposit balance
Principal amount = $800
Blance after 10 years = $800 ( 1+ 6% )^10 = $800 x 1.791 = $1,433
Lara Deposit balance
Principal amount = $800
Amount of Interest for 10 years = 800 x 6% x 10 = $480
Blance after 10 years = $800 + $480 = $1,280
Answer and Explanation:
The computation is shown below:
Amount Uncollectible is
= $128,500 × 6%
= $7,710
Now the bad debt is
= $7,710 - $905
= $7,105
The adjsuting entry would be
Bad Debt A/c Dr $7,105
To Allowance for Doubtful Debts $7,105
(being bad debt expense is recorded)
here bad debt expense is debited as it increased the expenses and credited the allowance as it decreased the assets. Also the expenses and assets contains normal debit balance
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