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

Business

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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?

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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

Business