Samuel Tate enters into a contract with Bill Smith under the terms of which Smith is to pay Tate $7,000 and Tate is to build a garage, repair a boat, and build a doghouse. If the doghouse has not yet been built, which term describes the type of contract in existence?
a. Quasi contract.
b. Executed contract.
c. Illusory contract.
d. Executory contract.
d
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Moving equipment, installing and configuring new systems, and providing equipment to a new employee are examples of ____ changes.
A. service B. normal C. standard D. routine
What is comprehensive income?
Paper Company receives a $6,000, 3-month, 6% promissory note from Dame Company in settlement of an open accounts receivable. What entry will Paper Company make upon receiving the note?
A) Notes Receivable 6,000Accounts Receivable-Dame Company 6,000 B) Notes Receivable 6,090Accounts Receivable-Dame Company 6,090 C) Notes Receivable 6,090Accounts Receivable-Dame Company 6,000Interest Revenue 90 D) Notes Receivable 6,000Interest Revenue 90Accounts Receivable-Dame Company 6,000Interest Receivable 90
The calculation for annual depreciation using the units-of-production method is
A) (initial cost/estimated output) the actual yearly output B) (depreciable cost / yearly output) estimated output C) depreciable cost / yearly output D) (depreciable cost / estimated output) the actual yearly output