Answer:
1. Which might be Tommy’s best argument to collect from Thacker?
A. An implied contract was formed.
2. Which is an example of a situation where intent to make an offer may be lacking?
D. All of the above.
3. Which is an example of a material (essential) term required to be included in an enforceable contract?
D. All of the above.
4. Which is not a way that an offer can be terminated by action of the parties?
B. Offeror performs acts inconsistent with the existence of the offer (e.g., transacts the same business with a different offeree).
Explanation:
The contract existing between Tommy and Thacker can be implied or express. The legally-binding obligation that derives from the actions, conduct, or circumstances of Tommy and Thacker creates an implied contract with the same legal force as an express contract. On the other hand, an express contract is voluntarily entered into and agreed on verbally or in writing by two or more parties.
Answer:
Lundholm, Inc
Journal Entries
Date Account Titles Debit Credit
May 1, 18 Cash $500,000
Bonds payable $500,000
(To record the bond issuance)
31 Oct, 18 Interest Expenses $22,500
(500000*9%*6/12)
Cash $22,500
(To record payment of the first semiannual period’s interest)
Nov 1, 19 Bonds payable $300,000
Loss on Bonds $3,000
Cash $303,000
(To record retirement the bonds at 101 on November 1, 2019)
Answer:
amount of the check = $3430
Explanation:
given data
sells merchandise account = $5000
credit terms of 2/10, n/30
Company returns = $1500
to find out
amount of the check
solution
we will find here amount of the check that is express here as
amount of the check = (sells merchandise account - Company returns) × (100 - n ) .......................1
put here value in equation 1 we get
amount of the check = (5000 - 1500 ) × (100% - 2%)
amount of the check = (3500 ) × (98%)
amount of the check = $3430
<span>Having a nominal interest rate less than 0 would mean that a depositor pays a bank to hold its money. If the annual nominal interest rate is negative 1 percent, a deposit of $1000 dollar would come out $10 dollar short the following year which is why someone with dollar bills will never agree to loan with a nominal interest rate that is negative percent.
</span>
Answer:
Explanation:
Assume: The Federal Alternative Minimum Tax rate of 20%
G.R EDWIN INC $
Sales 6, 020, 000.00
Less:
Cost of goods sold 3, 060,000.00
Gross profit 2,960,000.00
Less:
Operating Expenses 2,650,000.00
Profit 310,000.00
Less: Int Expense 27,000.00
Net Profit 283,000.00
Tax liability assuming tax rate of 20%
= 283,000 * 20%
=$56,600
