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Question - Mercy offered to sell her automobile to Violy for P60,000.00. After inspecting the automobile, Violy offered to buy it for P50,000.00. This offer was accepted by Merle. The next day, Mercy offered to deliver the automobile, but Violy being short of funds, secured postponement of the delivery, promising to pay the price "upon arrival of the steamer, Helen". The steamer however never arrived because it was wrecked by a typhoon and sank somewhere off the Coast of Samar.
A. Is there a perfected contract in this case? Why?
B. Is the promise to pay made by Violy conditional or with a term? Why?
1.Following are Nintendo's revenue and expense accounts for a recent calendar year (yen in millions). Prepare the company's closing entries for its revenues and its expenses.
How much is the cost of the building? ESCULENT EDIBLE Co. purchased land and building by paying ?40,000,000 and assuming a mortgage of ?8,000,000.
Sheffield uses a periodic inventory system. At the end of the year, a physical inventory count determined that there were 200 units on hand
Dillons Corporation made credit sales of $30,000 which are subject to 6% sales tax. The corporation also made cash sales which totaled $20,670 including the 6% sales tax.
Rockland Corporation earned net income of $300,000 in 2020. Compute Rocklands 2020 diluted earnings per share
What is the auditor's objective for understanding an entity's business risks. Why does an auditor not have responsibility to identify
Harvey's estate included 1,000 shares of Morbid stock for which Harvey's basis was $77,500. What the Ken basis in this stock
The ending balances of capital stock and retained earnings are P300,000 and P120,000, respectively. What is the net income for the period
You have accepted a job as the Controller of a start-up company - a consulting firm, called Sheila Shaw Consulting. Sheila is an excellent consultant, but not a good accountant. She has attempted to prepare the first month's financial statements; ..
The interest and principal of the note are due on January 31, 2017. Prepare the journal entry to record the purchase of the equipment on July 31, 2016
suppan company manufactures a variety of tools and industrial equipment. the company operates through three divisions.
Journalize the entries to record the investments of Keene and McKee in the partnership accounts - Prepare a balance sheet as of March 1, 2014, the date of formation of the partnership of Keene and McKee.
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