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xeze [42]
2 years ago
10

When an existing contract is replaced with an entirely new contract , it is called

Business
1 answer:
Masja [62]2 years ago
3 0

Answer:

novation

Explanation:

You might be interested in
Question 5 of 10
Lisa [10]
Annual percentage rate !
6 0
2 years ago
Samson and Sons purchased a 6-month insurance policy for $1,200 which covers the months July through December. Initially the ent
Vika [28.1K]

Answer:

The answer is D.

Explanation:

To increase asset and expense, you debit while credit decreases it.

To increase, liabity, revenue(income), equity, you credit while debit decreases it.

An insurance that has been prepaid is an asset because the benefit has not been fully utilised.

Samson and Sons has paid for an insurance that will expire December at the beginning of July.

$1,200 for 6 months.

Samson and Sons needs to recognize this as the service is being enjoyed monthly.

Therefore, insurance expense every month will increase by $1,200/6

$200

Remember that expense increase by debit and asset(Prepaid Insurance) decrease by credit.

So we have:

Debit insurance expense $200; Credit prepaid insurance $200

3 0
2 years ago
Cynthia, a sole proprietor, was engaged in a service business and reported her income on the cash basis. On February 1, 2013, sh
Sunny_sXe [5.5K]

Answer:

<h3>Cynthia and Dove Corporation</h3>

Any profits generated by Dove Corporation will be taxed to the corporation and also taxed to Cynthia as a shareholder whenever Dove distributes the profits as dividends. Taxing Dove and Cynthia creates a double taxation burden for both Dove and Cynthia. Dove Corporation does not get a tax deduction when it distributes dividends to Cynthia.  Furthermore, Cynthia cannot deduct any corporation loss when incurred.  These are unlike when the business was only a sole proprietorship.

Explanation:

a) Data and Calculations:

Dove Corporation

Balance Sheet

February 1, 2013

Assets

                                                    Basis to Dove     Fair Market Value

Cash                                                 $ 80,000              $ 80,000

Accounts receivable                         0                           240,000

Equipment (cost $180,000;              120,000               320,000

depreciation previously claimed $60,000)

Building (straight-line depreciation) 160,000              400,000

Land                                                    40,000               160,000

Total                                               $400,000          $1,200,000

Liabilities and Stockholders' Equity

Liabilities:

Accounts payable—trade            $ 120,000

Notes payable—bank                    360,000

Stockholders' equity:

Common stock                              720,000

Total                                          $1,200,000

4 0
2 years ago
What are the four requirement of valid contract
timurjin [86]

Four requirements for a valid contract are an offer, acceptance by the other party of the offer, a mutual agreement or meeting of the minds of the contracting parties and a valid consideration.

3 0
3 years ago
True or false Five out of seven members of the Board of Cosmetology must have been licensed cosmetologists for at least five yea
sertanlavr [38]

Five members of the board must hold valid cosmetology licenses and shall have been working as cosmetologists for at least five years in this state. This statement is TRUE.

  • A seven-member Board of Cosmetology is established inside the department. Its members will be selected by the governor and confirmed by the Senate, and its job will be to carry out the terms of this act.
  • The rest of the unexpired terms on the board may be filled by the Governor at any time.
  • Each appointee must take the constitutional oath of office and submit it to the Department of State before beginning their duties as board members.
  • The board will choose a chair and vice chair from among its members in the month of January.
  • The board will hold as many meetings as it considers necessary throughout the year, one of which will be the annual meeting.

To know more about Cosmetology refer:

brainly.com/question/14069988

#SPJ9

5 0
9 months ago
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