Assets Cash..... Accounts Receivable... Land.... Building... Office Equipment... MOON CORPORATION BALANCE SHEET JULY 31, 2011 Liabilities & Owners' Equity $ 18,000 Liabilities: 26,000 Notes Payable 37,200 (due in 60 days). 38,000 Accounts Payable 1,200 Total liabilities Stockholders' equity: Capital Stock... $60,000 Retained Earnings..... 38,400 $120,400 Total ..... $ 12,400 9,600 $ 22,000 98,400 $120,400 Total Assets Cash.... Accounts Receivable Land... Building. Office Equipment STAR CORPORATION BALANCE SHEET JULY 31, 2011 Liabilities & Owners' Equity $ 4,800 Liabilities: 9,600 Notes Payable 96,000 (due in 60 days)... 60,000 Accounts Payable. 12,000 Total liabilities Stockholders' equity: Capital Stock. ....... $72,000 Retained Earnings. 44,800 $182,400 Total ..... $ 22,400 43,200 $ 65,600 116,800 $182,400 Total. QUESTIONS 1. Which one of the following statements concerning vouland voidable contracts is a * A voidable contract is a contract under which a party has a right to rescindit, it remains valid until the party exercises the right ) A void contract is automatically of no effect from the very beginning d) Where a restabile contract is set aside, no right of action for damages.com.arise from the contact 2. Where one of the parties to the contract commit a anticipatory breach and the beach is continuing one, the her party may terminate the contract even after at has affimol the contract b) False 3. Which of the statement is not true communication in a contrat acceptance Contractes agreement betwoefferorandoflime, therefore does not require any other form of communication by Communication albe must be made cely by the offert Contract is always valid and bother offener and offeree know the importance of Cication in contact 4. What are the remedy for a breach of contract b) Recon preniment injunction and specific performance c) Court order, warrant, police arrest and detention do Damages, warrant legislation and court order 5. On June, A. contracts to sell a quantity of goods to to be delivered by 1 July. On 15 June is. A is still making arrangements for the shipment of the goods, he receives as metrum stating that the goods are no longer wanted. Which one of the folling statements coming Astigtes is true! * A is not entitled to terminate the contractor to claim damages until July b Ain entitled to claim damages immediately but is not entitled to terminate the contract until lily & As entitled to terminate the contract immediately but as see entitled to claim damage until July 4 moms Linde (1818). It was decided that actet of acceptance by post would neemally take effect at the moment of posting * The 7. Aduha u brochure to B, which prices acertype of mountain bikeat 20 replies 1 in prepared to pay C240 in cash for the mountain bike. Which one of the following sements is true a) Bsreply cctitudes a counter-offet B's reply constitute an acceptance of 'setter d reply constitutes a request for information Which of the following statement i tre of contacts of a valid on? Assets Cash..... Accounts Receivable... Land.... Building... Office Equipment... MOON CORPORATION BALANCE SHEET JULY 31, 2011 Liabilities & Owners' Equity $ 18,000 Liabilities: 26,000 Notes Payable 37,200 (due in 60 days). 38,000 Accounts Payable 1,200 Total liabilities Stockholders' equity: Capital Stock... $60,000 Retained Earnings..... 38,400 $120,400 Total ..... $ 12,400 9,600 $ 22,000 98,400 $120,400 Total Assets Cash.... Accounts Receivable Land... Building. Office Equipment STAR CORPORATION BALANCE SHEET JULY 31, 2011 Liabilities & Owners' Equity $ 4,800 Liabilities: 9,600 Notes Payable 96,000 (due in 60 days)... 60,000 Accounts Payable. 12,000 Total liabilities Stockholders' equity: Capital Stock. ....... $72,000 Retained Earnings. 44,800 $182,400 Total ..... $ 22,400 43,200 $ 65,600 116,800 $182,400 Total. QUESTIONS 1. Which one of the following statements concerning vouland voidable contracts is a * A voidable contract is a contract under which a party has a right to rescindit, it remains valid until the party exercises the right ) A void contract is automatically of no effect from the very beginning d) Where a restabile contract is set aside, no right of action for damages.com.arise from the contact 2. Where one of the parties to the contract commit a anticipatory breach and the beach is continuing one, the her party may terminate the contract even after at has affimol the contract b) False 3. Which of the statement is not true communication in a contrat acceptance Contractes agreement betwoefferorandoflime, therefore does not require any other form of communication by Communication albe must be made cely by the offert Contract is always valid and bother offener and offeree know the importance of Cication in contact 4. What are the remedy for a breach of contract b) Recon preniment injunction and specific performance c) Court order, warrant, police arrest and detention do Damages, warrant legislation and court order 5. On June, A. contracts to sell a quantity of goods to to be delivered by 1 July. On 15 June is. A is still making arrangements for the shipment of the goods, he receives as metrum stating that the goods are no longer wanted. Which one of the folling statements coming Astigtes is true! * A is not entitled to terminate the contractor to claim damages until July b Ain entitled to claim damages immediately but is not entitled to terminate the contract until lily & As entitled to terminate the contract immediately but as see entitled to claim damage until July 4 moms Linde (1818). It was decided that actet of acceptance by post would neemally take effect at the moment of posting * The 7. Aduha u brochure to B, which prices acertype of mountain bikeat 20 replies 1 in prepared to pay C240 in cash for the mountain bike. Which one of the following sements is true a) Bsreply cctitudes a counter-offet B's reply constitute an acceptance of 'setter d reply constitutes a request for information Which of the following statement i tre of contacts of a valid on