FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
expand_more
expand_more
format_list_bulleted
Related questions
Question
Determine what kind of defective contracts (A. Rescissible, B. Voidable, C. Unenforceable , D. Void or Inexistent) are the following:
1. Contract of sale of “shabu”.
2. Contract to manipulate the result of the election through hacking.
3. Contract of sale between husband and wife.
4. A simulated real estate mortgage.
5. A contract whereby X agreed to be the mistress of Y for P30,000.00 monthly allowance.
6. A contract whereby the debtor agreed to work for the creditor for free as long as the debtor has not paid his debt.
7. A lease contract where it is stipulated that the lessor can forcibly evict the lessee for non-payment of rent.
8. A contract of sale of the seller’s future inheritance from his parents.
9. A contract whose cause or object did not exist at the time of the transaction.
10. A contract of sale of a slightly used human brain.
11. A contract of barter or exchange of a human heart for a human liver.
12. A contract whereby the City of Baguio donated Bakakeng Road to SLU.
13. A contract whereby A will kill B’s mother-in-law in exchange for two-piece Jollibee Chicken Joy with fries.
14. A contract between a 16 years old and a 17 years old.
15. A contract between a 16 years old and an insane or demented person.
16. A contract between a 17 years old and a deaf-mute who does not know how to write.
17. A contract whereby A, without authority, borrowed money for and in the name of B.
18. A gave B the authority to lease his house and lot to C. But B instead sold the house and lot to C. The sale is:
19. An oral contract that by its terms is not to be performed within a year from its making.
20. An oral promise to pay answer for the debt of another.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution
Trending nowThis is a popular solution!
Step by stepSolved in 2 steps
Knowledge Booster
Similar questions
- (a) Fleming will invest the assets of Fleming’s Plumbing Supplies, and the partnership will assume all liabilities. The market values of the office and store equipment are estimated to be $18,000 and $8,000, respectively. All other values reported on the balance sheet are reasonable approximations of market values. Fleming has no knowledge of any uncollectible accounts receivable. (b) Bond will invest $50,000 cash. (c) Fleming will draw a salary allowance of $50,000 per year, and Bond will receive $30,000. (d) Each partner will receive 10% interest on the January 1 balance of his capital account. (e) Profits or losses remaining after allocating salaries and interest will be distributed as follows: Fleming, 60% and Bond, 40%. Fleming’s Plumbing Supplies Balance Sheet December 31, 20-1 1 Assets Liabilities 2 Cash $13,544.00 Notes payable $36,000.00 3 Accounts receivable $15,280.00 Accounts…arrow_forwardS1: Forming a partnership requires two or more people agreeing partners Contributing all their personal properties. S2: Oral agreement partners are not allowed. * A. Statement 2 is true. B. Statement 1 is true. C. Both statements are false. D. Both statements are true. S1: A joint arrangement that is structured without a separate vehicle should be accounted as Joint Venture. S2: A joint arrangement that is structured without a separate vehicle should be accounted as Joint Operation? A. S2 True; S1 False B. Both statements are false C. s1 True; S2 False D. Both statements are true The interest of the retiring or withdrawing partner is usually measured by his capital balance before his retirement or withdrawal adjusted by the following adjustments except? A. profit or loss from the operation from the last closing date of the date of his retirement or withdrawal B. profit or loss after the date of the partner's withdrawal or retirement C. errors in net income in prior years D.…arrow_forward12 Which type of contract contingency is most likely to only be accepted by the seller if they have had very few offers on the property? Financing contingency. B Partner approval contingency. Appraisal contingency. DO Inspection contingency.arrow_forward
- 6. Intention to create legal relations are presumed in which of the following relationships. In the statements below Select TRUE or FALSE. True False Husband paying £30 per week for wife's upkeep with a verbal agreement Work colleagues who are part of a lottery syndicate Parties to a commercial contract Friends who are going to meet for a dinner datearrow_forwardAssess the truth of this statement: One of the rules of debits and credits and account balances for a partnership is that increases in expense accounts are always debited to the expense account. This statement is true. O This statement is false. O There is not enough information to determine whether or not this statement is true. O This statement is not applicable to accounting concepts.arrow_forward1. The division of partnership profits on the basis of salaries, interest, and an agreed ratio is usually necessary because: a. this prevents arguments among the partners b. most investors require this method of distribution c. partners seldom contribute time, effort and resources equally d. this reflects the amount of time the partnership by the partners 2. On July 1, Fernando and Fetalvero formed a partnership, agreeing to share profits and losses in the ratio of 4:6 respectively. Fernando contributed a parcel of land that cost P250,000. Fetalvero contributed cash of P500,000 cash. The land was sold for P500,000 on July 1, three hours after the formation of a partnership. How much should land be recorded in Fernando's capital account upon the formation of the partnership? a. P200,000 b. P500,000 c. P250,000 d. P100,000 3. Lacson and Solis started a partnership. Lacson contributed a building that she purchased 10 years ago for P100,000. The…arrow_forward
- Guaranteed payments to partners go on what two lines of the form 1065? what type of interest goes on line 5 of schedule k? what type of dividends go on line 6a of schedule k? what type goes on line 6b? Does line 6a include those on line 6b?arrow_forwardJulie contributes, as part of her initial investment, accounts receivable with an allowance for doubtful accounts. Which of the following reflects a proper treatment? O The accounts receivable and allowance should not be recorded on the books of the partnership because a partner must invest cash in the business. O The balance of the accounts receivable account should be recorded on the books of the partnership at its net realizable value. O The allowance account may be set up on the books of the partnership because it relates to the existing accounts that are being contributed. O The allowance account should not be recorded in the books of the partnership.arrow_forwardCoburn (beginning capital, $60,000) and Webb (beginning capital $86,000) are partners. During 2022, the partnership earned net income of $74,000, and Coburn made drawings of $20,000 while Webb made drawings of $22,000.arrow_forward
- Fill in the blnnks: Tim and Michelle have decided to form a partnership with a 60/40 partnership interest ratio. Tim contributes P7500 cash and merchandise invetory with a market value of P1500. a. Tim, Capital will be credited in the amount of b. Michelle's investment should be c. After accounting for the total investments of Tim and Michelle, the total assets of the partnership amounts toarrow_forwardHi, can someone help me with this question please?arrow_forwardPB3. LO 15.5 Match each of the following descriptions with the appropriate term related to partnership accounting. A. Each and every partner can enter into contracts on behalf of the partnership i. liquidation B. The business ceases operations. ii. capital deficiency C. How partners share in income and loss iii. admission of a new partner D. Adding a new partner by contributing cash iv. mutual agency E. A partner account with a debit balance v. income sharing ratioarrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
AccountingAccountingISBN:9781337272094Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.Publisher:Cengage Learning,
Accounting Information SystemsAccountingISBN:9781337619202Author:Hall, James A.Publisher:Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis...AccountingISBN:9780134475585Author:Srikant M. Datar, Madhav V. RajanPublisher:PEARSON
Intermediate AccountingAccountingISBN:9781259722660Author:J. David Spiceland, Mark W. Nelson, Wayne M ThomasPublisher:McGraw-Hill Education
Financial and Managerial AccountingAccountingISBN:9781259726705Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting PrinciplesPublisher:McGraw-Hill Education
Accounting
Accounting
ISBN:9781337272094
Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:Cengage Learning,
Accounting Information Systems
Accounting
ISBN:9781337619202
Author:Hall, James A.
Publisher:Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis...
Accounting
ISBN:9780134475585
Author:Srikant M. Datar, Madhav V. Rajan
Publisher:PEARSON
Intermediate Accounting
Accounting
ISBN:9781259722660
Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:9781259726705
Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:McGraw-Hill Education