In a writing signed by both parties on December 1, a man agreed to buy from a distributor a gasoline engine for $1,000, delivery to be made on the following February 1. Through a secretarial error, the writing called for delivery on March 1, but neither party noticed the error until February 1. Before signing the agreement, the man and the distributor orally agreed that the contract of sale would be effective only if the man notified the distributor in writing no later than January 2 that the man had arranged to resell the engine to a third person. Otherwise, they agreed orally, "There is no deal." On December 15, the man entered into a contract with a mechanic to resell the engine to the mechanic at a profit.
The man did not give the distributor notice of the resale until January 25, and the distributor received it by mail on January 26. In the meantime, the value of the engine had unexpectedly increased about 75% since December 1, and the distributor renounced the agreement.
If the man sues distributor on February 2 for breach of contract, which of the following is the distributor's best defense:
A. The secretarial error in the written delivery-term was a mutual mistake concerning a basic fact, and the agreement is voidable by either party
B. The man's not giving written notice by January 2 of his resale was a failure of a condition precedent to the existence of a contract
C. In view of the unexpected 75% increase in value after December 1, the distributor's performance is excused by the doctrine of commercial frustration
D. The agreement, if any, is unenforceable because a material term was not included in the writing
Answers
The distributor's best defense is failure to provide written notice of resale by January 2 is a condition precedent for the contract. This relieves the distributor from any obligation to perform. The correct option is B. Options A, C, and D are not applicable based on the facts.
The distributor's best defense in this scenario would be Option B: The man's failure to provide written notice by January 2 of his resale was a failure of a condition precedent to the existence of a contract.
According to the facts presented, the man and the distributor had orally agreed that the contract of sale would only be effective if the man notified the distributor in writing by January 2 that he had arranged to resell the engine to a third person.
This condition precedent was a requirement for the contract to come into existence.
However, the man did not provide written notice of the resale until January 25, well past the agreed-upon deadline. The distributor received the notice on January 26, which was after the specified date for the condition to be fulfilled.
As a result, the distributor can argue that the condition precedent was not met, and therefore, no valid contract was formed between the parties.
The failure to fulfill this condition relieves the distributor of any obligation to perform under the contract.
It is important to note that other defenses such as mutual mistake (Option A), commercial frustration (Option C), or the absence of a material term in the writing (Option D) may not be applicable in this case based on the provided facts.
Option B provides a stronger defense based on the specific agreement made between the parties regarding the condition precedent for the contract.
Hence, the correct option is B. The man's not giving written notice by January 2 of his resale was a failure of a condition precedent to the existence of a contract.
To know more about condition precedent refer here:
https://brainly.com/question/32385551#
#SPJ11
The best defense for the distributor in this scenario would be option A: The secretarial error in the written delivery term was a mutual mistake concerning a basic fact, and the agreement is voidable by either party. Option A is Correct.
This is because the error in the written delivery term was not discovered until after the contract was signed, and both parties were aware of the mistake when they signed the agreement.
Additionally, the parties had orally agreed that if the man did not give notice of the resale by January 2, there would be no deal. Therefore, the distributor could argue that the agreement was voidable by either party because of the mutual mistake concerning the delivery term.
Learn more about defense Visit: brainly.com/question/31319243
#SPJ4
Related Questions
1. Jessica is going out of the office for a business trip. She would like her e-mail
account to automatically send out an "out of office" message when she receives
e-mails.
Answers
Answer:
that's nice, my teachers do that too on breaks
Explanation:
how do you finance hotel stays and what's the the growth schedule?
Answers
Answer:
I finance hotel stays through savings.
Explanation:
Every person has different sources of income. It is dependent on the person how he uses his income. If he saves some amount of money he can spend that money on the vacations. This is great source of getting relaxed and the person will feel refreshed again. The hotel stays can be funded through savings and other incomes.
The emergence of self-driving cars is an example of ""creative destruction"" because.
Answers
This is because: Self-driving cars will be less expensive to build than current cars.
What is creative destruction?This term was coined by Joseph Schumpeter. The concept of creative destruction refers to the process of economic innovation, in which some products are replaced by others, or some firms die because they are driven out of the market by others, and so on.
When a company produces a new good that makes the old ones already in the market obsolete, the company is said to be creatively destroying the old goods.
An classical example of creative destruction occurred when Steve Jobs introduced the Iphone in 2007.
Therefore, the emergence of self-driving cars is an example of ""creative destruction"" because self-driving cars will be less expensive to build than current cars
Learn more about creative destruction here : https://brainly.com/question/4303014
Which of the following is not an example of speculative investing as outlined in the text?a. Goldb. Silverc. Stocksd. Precious stonese. Collectibles
Answers
All of the options listed (gold, silver, stocks, precious stones, and collectibles) can be speculative investments to some extent. Speculative investing refers to investments that involve a higher degree of risk and than traditional investments. Correct answer are options a,b,c and d.
Gold and silver are often used as a hedge against inflation and economic instability, but their values can fluctuate significantly depending on market conditions. Stocks, while they can provide strong returns, also involve a high degree of risk and require significant research and analysis to identify profitable investments.
Precious stones and collectibles are often seen as luxury items, but their value is highly subjective and can be difficult to predict. While they may provide strong returns in certain markets, they are also subject to shifts in consumer tastes and trends.
However, if we had to choose an option that is not typically considered a speculative investment, it would be precious stones. While they can certainly appreciate in value, they are generally not as actively traded as gold, silver, or stocks, and their value can be more difficult to assess due to their uniqueness and individual characteristics.
In any case, it is important for investors to understand the risks and potential rewards associated with any investment, and to diversify their portfolios to reduce their overall risk exposure. Correct answer are options a,b,c and d.
Know more about investments here:
https://brainly.com/question/15105766
#SPJ11
You are going to interview for a position for which you have less experience and background than fellow candidates. You know, however, that you are the right person for the job. Which interview format would be the most appropriate for you to prove your worth?
Answers
Answer: Oral interview
Explanation:
One of the best ways to sell yourself or pitch before a council seated to examining job hunters is by oral interview. During an oral interview, candidates for the job are ask to sell themselves as regards why they think they are best fit for the job, in most cases the qualifications of the candidate plays little or no vital role when they can't defend what they have or can't sell themselves enough to be seen capable for the job.
Paul owns a photography studio, and he has applied for a loan to
purchase a larger space so he can show his, and other local photographers’, work.
As part of the loan process, the bank reviews Paul’s credit history, which reveals that
Paul’s studio has been in operation for six months, Paul has an active loan on some
photography equipment for $8,000, Paul has a credit score of 650, and the studio
turns a decent profit. Given all this information, Paul’s loan is denied.
Determine which item from Paul’s credit history caused the denial.
Answers
Answer:
A credit score of 650 is slightly below average for the populace, coupled with the fact that the studio has been in operation for a short period of time and he has an outstanding loan of $8,000, is the reason he was rejected. It was the outstanding loan.
Explanation:
A person who is a good employee of a multinational company means that he is fit to be an entrepreneur. TRUE or FALSE
Answers
Calculate net worth using the following information.
Assets Liabilities
car - $3,500 car loan - $3,000
savings account - $1,000 credit card - $500
cash - $80
stock - $120
$1,200
$8,200
$12,000
$500
Answers
The net worth of the person, using the given information, can be found to be $ 1, 200
What is a person's net worth ?The value of all assets less the sum of all obligations is what is known as net worth. In other words, net worth is the sum of all assets minus all liabilities.
A person's or company's net worth is the value of their assets less the amount of obligations they have. It is a crucial indicator for assessing a company's health because it offers a helpful overview of its present financial situation.
In the financial industry, one's net worth—also known as net wealth—is used to determine whether a person is eligible for a particular set of investment opportunities or financial products, such as hedge funds, structured products, or other sophisticated or alternative investments.
The net worth of a person can be found by the formula :
= Assets - Liabilities
= 3, 500 + 1, 000 + 80 + 120 - 3, 000 - 500
= 4, 700 - 3, 500
= $ 1, 200
Find out more on net worth at https://brainly.com/question/12371230
#SPJ1
you have an opportunity to invest $51,000 now in return for $61,000 in one year. if your cost of capital is 8.3%, what is the npv of this investment?
Answers
The net present value (NPV) of this investment, will be approx $5,329.27 if the return is $61000 in a time period of one year.
Follow these steps:
1. Identify the initial investment: $51,000
2. Identify the expected return: $61,000 in one year
3. Identify the cost of capital: 8.3%
Now, use the NPV formula: NPV = (Cash Flow / (1 + Discount Rate)^n) - Initial Investment
4. Plug in the values: NPV = ($61,000 / (1 + 0.083)^1) - $51,000
5. Calculate: NPV = ($61,000 / 1.083) - $51,000 ≈ $56,329.27 - $51,000
6. Finalize: NPV ≈ $5,329.27
The NPV i.e Net Present Value of this investment opportunity is approximately $5,329.27.
To know more about Net Present Value, visit https://brainly.com/question/13228231
#SPJ11
When is using a credit card to cover an emergency expense a good idea and won't cost you any interest?
Answers
Answer:
Bottom line. Depending on your personal financial situation, it can be ideal to have both credit cards and cash on hand during emergencies. A credit card can help you redeem rewards while also covering your emergency expenses, but it should only be used if you can pay the balance off in full without incurring interest.
Explanation:
Please help with economics for 100 points and brainliest
Answers
Answer: Okay, I’ll try.
Explanation:
the answer to your question is A
Information ads help supply _?_that help you learn about and compare products and services.
a. suggestions
C. ideas
b. thoughts
d. facts
Please select the best answer from the choices provided
A
B
С
D
Answers
Answer:
a is your answer
Explanation:
1. Balance Sheet hedge
2. Monetary assets
3, Monetary liabilities
4. FAS # 52
5. Leading and lagging
Please define each term in one to two sentences each
Answers
Balance Sheet Hedge: A risk management strategy used by companies to offset potential losses in the value of assets or liabilities through financial instruments or other methods.
1. Balance Sheet Hedge: A balance sheet hedge is a strategy used by companies to protect the value of their assets or liabilities from potential fluctuations in exchange rates or other financial risks. It involves using financial instruments or other methods to offset potential losses, ensuring stability on the balance sheet.
2. Monetary Assets: Monetary assets are assets that have a fixed or determinable value in a specific currency. These assets are typically liquid and can include cash, bank accounts, accounts receivable, and short-term investments. The value of monetary assets is subject to currency fluctuations.
3. Monetary Liabilities: Monetary liabilities are obligations or debts that are fixed or determinable in a specific currency. These liabilities include accounts payable, short-term debt, loans, and other financial obligations. The value of monetary liabilities is also subject to currency fluctuations.
4. FAS #52: FAS #52 refers to Financial Accounting Standards Board Statement No. 52, which provides guidance on foreign currency translation and accounting for foreign currency transactions. It establishes rules for how companies should record and report the impact of foreign currency transactions on their financial statements.
5. Leading and Lagging: Leading and lagging are techniques used in managing foreign exchange risk. Leading involves taking actions to accelerate the collection of foreign currency receivables or delay the payment of foreign currency payables. This strategy aims to take advantage of favorable exchange rates.
On the other hand, lagging involves delaying the collection of foreign currency receivables or accelerating the payment of foreign currency payables. This strategy is employed when there is an expectation of unfavorable exchange rate movements. Both leading and lagging techniques are used to mitigate potential losses or gain from exchange rate fluctuations.
To learn more about risk management strategy click here: brainly.com/question/27399555
#SPJ11
Note that common skills are listed toward the top, and less common skills are listed toward the bottom. According to O*NET, what are common skills needed by Librarians? Check all that apply.
speaking
equipment selection
reading comprehension
operation and control
active listening
writing
Answers
Answer:
1,3,5,6
Explanation:
Answer:
(1) A. speaking
(3) C. reading comprehension
(5) E. active listening
(6) F. writing
Explanation: I'm looking at my answers right now and it shows check marks so I'm 100% correct.
A refrigerator of width w and height h rests on a rough incline as in Figure P8. 25 (page 268). Find an expression for the maximum value theta can have before the refrigerator tips over. Note, the contact point between the refrigerator and incline shifts as theta increases and treat the refrigerator as a uniform box
Answers
By comparing the torque caused by the weight to the torque caused by the frictional force, the maximum angle at which a refrigerator will topple over on an inclined surface may be calculated.
The forces operating on the refrigerator must be taken into consideration to calculate the maximum angle theta at which a refrigerator will topple over on an inclined surface. As the angle of inclination rises, the weight of the refrigerator will produce a torque near the point of contact with the slope.
The frictional force acting on the refrigerator, which opposes the weight torque, must balance this torque. The maximum value of theta may be calculated by equating these two torques. This equation will depend on the refrigerator's weight, coefficients of friction, and size.
Learn more about frictional force:
https://brainly.com/question/23161460
#SPJ4
4. In your progress report, you want the Work Completed section to follow your
Summary of Costs. To date, the company has rewritten the home page content,
created a new logo, and updated the overall structure of the site. Currently, an idea
for site navigation has been proposed but not yet confirmed. You want to include a
visual of the navigation option in the progress report.
a. The navigation option includes these links from the Home Page: About, Services,
Customer Reviews, and Contact. The About section would include links to History
and Our Mission; the Services section would also include links to Pricing, Scope, and
Timeline. Show an example of a simple, custom graphic to display the navigation. (3
points)
Answers
Links to About, Services, Customer Reviews, and Contact are included in the suggested navigation option, along with dropdown menus for About (History and Our Purpose) and Services (Pricing, Scope, and Timeline).
What type of bar chart is most popular?When showing a sequence of statistics over time, it is highly helpful. If long labels are needed, vertical bar graphs have the drawback of not leaving much room at the bottom of the chart.
Which bar charts are frequently employed to display time series data?Using a sequence of bars, time series bar charts can display changes in a metric over time. This allows you to plot several series, display the breakdown of a metric across dimensions, and display the evolution of the values over time.
To know more about Customer Reviews visit:-
https://brainly.com/question/22442484
#SPJ1
in the long run, an increase in aggregate demand due to an expansion in the money supply will increase
Answers
In the long run, an increase in aggregate demand due to an expansion in the money supply will increase the price level.
Here's a step-by-step explanation:
1. Expansion in the money supply: This means that there is more money available in the economy, often resulting from actions by the central bank.
2. Increase in aggregate demand: With more money in the economy, consumers and businesses have more purchasing power, leading to a higher demand for goods and services.
3. Short-run effect: Initially, this increase in aggregate demand may lead to higher output and employment as businesses respond to the increased demand.
4. Long-run effect: However, as the economy adjusts to the higher demand, it reaches its full employment level, meaning all resources are being utilized efficiently.
5. Price level increase: Once full employment is reached, further increases in aggregate demand cannot lead to higher output, as the economy is already operating at its maximum capacity. Instead, the increase in demand results in a higher price level, as businesses raise prices in response to the higher demand and increased production costs.
In summary, in the long run, an expansion in the money supply increases aggregate demand, which ultimately leads to an increase in the price level when the economy reaches full employment.
For more about aggregate demand:
https://brainly.com/question/31191847
#SPJ11
Jenson is a senior-level manager in his organization. He makes strategic-level decisions to improve the sales or to increase the profits of the organization. Which information system will reflect the strategic decisions that Jenson makes as a senior manager? A. Executive information system B. Management information system C. Transaction processing system D. Decision support system
Answers
Answer: Management information system
Explanation:
The information system that reflect the strategic decisions that Jenson makes as a senior manager is the management information system.
Management Information System is simply referred to an information system that is used to make decisions and also used for analysing and coordinating information in the organization. It studies the relationship and interaction that exist between the people and the organization.
Answer:
decision support system
Explanation: PLATOOOOOOOOOOOOO
a monopoly earns total revenue of $5000 when it sells 500 units of output and total revenue of $5400 when it sells 600 units of output. thus, the marginal revenue of the 600th unit is $9. true false
Answers
The given statement "a monopoly earns total revenue of $5000 when it sells 500 units of output and total revenue of $5400 when it sells 600 units of output. Thus, the marginal revenue of the 600th unit is $9" is false as it is $4.
Marginal Revenue is the increase in total revenue that results from selling an additional unit of output. Marginal revenue is calculated by dividing the change in total revenue by the change in output. The statement has given the total revenue generated by the monopoly at different levels of output.
The change in total revenue is $400 ($5400-$5000).
Change in output is 100 (600-500).
Marginal Revenue= Change in total revenue / change in output= $400 / 100= $4
Thus, the marginal revenue of the 600th unit is $4, not $9. Therefore, the statement given is false.
Learn more about Marginal Revenue:
https://brainly.com/question/13444663
#SPJ11
The transactions of the Blue Spruce Store are recorded in the general journal below.
Accounts Receivable
3,000
Service Revenue
3,000
Cash
3,900
Service Revenue
3,900
Rent Expense
1,800
Cash
1,800
Cash
1,750
Accounts Receivable
1,750
How do I turn these into T-Accounts and compute the balances?
Answers
When given the transactions of Blue Spruce Store and you need to convert them to T-accounts, you need to debit the expenses and assets and credit the revenue.
How to make T-account?You will need to make the following accounts:
Cash account Service revenue accountAccounts receivable accountAll cash entries will be debited to the cash account and if they are for cash sales, they are to be credited to the service revenue account.
Entries that were made on credit will be debited to the Account receivable account and credited to Service revenue. Add the entries to find the balances.
Find out more on T-accounts at https://brainly.com/question/18454617
#SPJ1
A companv manufactures three products. A. B. and C from a sinale raw material indut. Product C can be sold at the split - off point for total revenues of $51.000 or it can be processed further at a total cost of $15.000 and then sold for $69.000. Product C
should he sold at the sr
›it - ott noint rather than processed turer
О в.
would increase the company's overall net income by $69.000 if processed further and then sold
( с
would increase the companv's overall net income by $3 000 if processed further and then sold
O D.
would increase the companv's overall net income by $18.000 if processed further and then sold
Answers
Option C, which states that processing further would increase the company's overall net income by $3,000 if sold, is the correct statement.
Based on the information provided, it is more financially beneficial for the company to sell Product C at the split-off point rather than processing it further.
If the company sells Product C at the split-off point, it generates total revenues of $51,000. However, if it chooses to process Product C further, it incurs additional costs of $15,000. Subsequently, the processed Product C can be sold for $69,000.
To determine the impact on the company's overall net income, we need to compare the two scenarios:
A) Selling Product C at the split-off point: Revenue = $51,000, Costs = $0 (no processing costs). Net Income = $51,000.
B) Processing Product C further and then selling: Revenue = $69,000, Costs = $15,000 (processing costs). Net Income = $54,000.
Comparing the two scenarios, processing Product C further and then selling it would increase the company's overall net income by $3,000 ($54,000 - $51,000).
Learn more about net income
https://brainly.com/question/14126418
#SPJ4
A+coupon+bond+pays+annual+interest,+has+a+par+value+of+$1,000,+matures+in+4+years,+has+a+coupon+rate+of+8.25%,+and+has+a+yield+to+maturity+of+8.64%.+the+current+yield+on+this+bond+is:_________
Answers
The current yield on a bond is 8.36% based on the given information.
What is a coupon bond?A debt instrument with coupons attached that indicates half-yearly interest payments is called as Coupon bond. The bond is divided into coupons that are taken off and redeemed at particular intervals.
A security's present yield is calculated by dividing its annual rate of return by its market value. In this measure, the price of a bond is considered rather than the bond's face value.
The calculation for the current yield is
FV=$1,000, n=4, Coupon=$82.50, r=8.64%
\(PV=C*PVIFA_{4,8.64%} 1000/(1.0864)x^{4} =987.26\)+\($1000/(1.0864)^{4}\)
=$987.26
Current yield =$82.50/$987.26
=8.36%
Therefore, the current Yield is 8.36%.
Learn more about bond, here:
https://brainly.com/question/22504216
#SPJ4
A credit union
Question 3 options:
is larger than most banks
promotes good spending habits among its members
will allow anyone to join
provides financial service at a higher cost than a bank
Answers
Answer: A credit union promotes good spending habits among its members.
Which is NOT an effective way to build relationships with your co-workers?
Answers
'Find one or two co-workers you can complain to' is not an effective way to build relationships with your co-workers. The right answer is b.
Workplace relationships are personal bonds formed between coworkers. It is advantageous for the organisation as a whole and for the morale and wellbeing of the staff to have employees that get along well with one another. When working on a project together, coworkers who get along well with each other are more likely to produce quality work.
Respected coworkers can inspire you to work at the top of your game, and open lines of communication can make all of your tasks run more smoothly. Employees' total productivity is frequently correlated with their psychological well-being. The ability to think creatively can be sparked by having positive interactions with your coworkers.
The correct answer is option b.
Know more about co-workers here
https://brainly.com/question/10608164
#SPJ1
The question seems incomplete. The complete question is:
Which is NOT an effective way to build relationships with your co-workers?
Ask your co-workers about their role, skills, and goals.
Find one or two co-workers that you can complain to.
Find reasons to praise or compliment your co-workers for good work.
Be curious about your co-workers' lives and passions.
What is the difference between the conditions of secured and unsecured loans?
Question options:
Collateral is required from the borrower for secured loans; no requirement for collateral is required for unsecured loans.
Larger down payments are required for secured loans; smaller down payments are required for unsecured loans.
Longer payment schedules are associated with secured loans; shorter payment schedules are associated with unsecured loans.
At least two cosigners are required for secured loans; only one consigner is required for unsecured loans.
Answers
Answer:
if you are approved for a secured loan, a lender will put a lien on an asset until the loan is paid off. An unsecured personal loan, by contrast, does not require any collateral. Examples of unsecured loans can include credit cards, student loans, unsecured personal loans, and unsecured personal lines of credit.
why is it important for an ethical decision maker to consider the probability that the action will lead to the consequences predicted?
Answers
It is important for an ethical decision maker to consider the probability that the action will lead to the consequences predicted to mitigate the likelihood of harm.
What is an ethical decision maker?An ethical decision-maker is someone who makes decisions by considering the ethical implications of the choices available to them. An ethical decision-maker considers the moral and ethical implications of their choices when deciding the best course of action.
The goal is to make the most ethical choice possible in any given situation, balancing competing values and interests. Risk mitigation is the process of controlling or eliminating a risk before it may cause harm and lowering the risk to a manageable or acceptable level.
A firm may use risk mitigation as a technique to prepare for and decrease the impact of potential hazards. Similar to risk elimination, risk mitigation employs strategies to lessen threats' and disasters' detrimental effects on business continuity.
Therefore, it is important to mitigate the likelihood of harm.
Learn more about ethical decision-maker here:
brainly.com/question/9057370
#SPJ11
The website leftyslefthand. Com markets products to left-handed consumers only. Which targeting strategy does this represent?.
Answers
The website leftyslefthand. Com markets products to left-handed consumers only Concentrated marketing targeting strategy does this represent.
An individual or group that does not directly engage in entrepreneurial or business operations but who intends to order or uses purchased items, products, or services primarily for personal, social, family, or household needs is referred to as a consumers. A consumers purchases goods or services primarily for personal use in an economy rather than for resale or other business objectives. Customers make a financial (or comparable) payment for goods or services. Marketing is the process of identifying, producing, and providing value to satisfy a target market's wants for goods and services. Marketing is normally carried out by the seller, who is usually a retailer or manufacturer. A specialized marketing company or advertising agency may be hired on occasion to complete responsibilities.
Learn more about marketing here :
https://brainly.com/question/13414268
#SPJ4
Select the best alternative for the following questions:
i. Which of the following transactions are not recorded in book keeping?
a) Sold Goods on Credit.
b)
Introduce capital in the business.
c) Resignation of marketing manager.
d) Drawing cash from business for personal use.
..
Answers
Answer:
c. the resignation
Explanation:
this would not affect the bottom line of the company and is therefore irrelevant
Many workplace safety rules are created by which government agency?
A.
USDA
B.
FTC
C.
FDA
D.
OSHA
Answers
Answer:
OSHA
Explanation:
FDA is food and drug
USDA is the US department of agriculture
FTC is federal trade commision
OSHA is a government organization that develops workplace safety regulations. Thus, the appropriate choice is (D).
What is the role of a Government Agency?A government agency, occasionally an appointed commission, is a permanent or semi-permanent institution within the legislative, executive, and judicial branches of government that is tasked with supervising and managing a variety of tasks, including administration.
Agency kinds come in a wide range. A government agency is often distinct from a department, ministry, and other sorts of public bodies established by the government, notwithstanding terminology differences. Since different sorts of organizations (such commissions) are typically established in an advising capacity,
The boundary between executive and advisory tasks of an agency is sometimes blurred in reality, yet it is not permitted.
Within a federal system, an agency of the government may be founded by either the federal government or a state government.
Hence the correct option is (D).
Learn more about Government Agency , from :
brainly.com/question/28112143
#SPJ6
Wildhorse Co. reports the following information:
Correction of understatement of depreciation expense
in prior years, net of tax: $ 1296000
Dividends declared: 965000
Net income: 2920000
Retained earnings, 1/1/20, as reported: 5800000
Wildhorse should report retained earnings, 1/1/20, as adjusted at
A. $5800000.
B. $7096000.
C. $9051000.
D. $4504000.
Answers
The correct option is Option A. Wildhorse should report retained earnings, 1/1/20, as adjusted at $5800000..
To determine the adjusted retained earnings as of January 1, 2020, we need to take into account the correction of the understatement of depreciation expense in prior years.
Given:
Correction of understatement of depreciation expense, net of tax: $1,296,000
Dividends declared: $965,000
Net income: $2,920,000
Retained earnings, 1/1/20, as reported: $5,800,000
We can calculate the adjusted retained earnings as follows:
Adjusted Retained Earnings = Retained Earnings (as reported) + Net Income - Dividends - Correction of Understatement of Depreciation Expense
Adjusted Retained Earnings = $5,800,000 + $2,920,000 - $965,000 - $1,296,000
Adjusted Retained Earnings = $5800000.
know more about retained earnings here:
https://brainly.com/question/14529006
#SPJ11