Answer:
Give the nonbreaching party the benefit of its bargain.
Explanation:
A contract can be defined as an agreement between two or more parties (group of people) which gives rise to a mutual legal obligation or enforceable by law.
There are different types of contract in business and these includes: fixed-price contract, cost-plus contract, bilateral contract, implies contract, unilateral contract, adhesion contract, unconscionable contract, option contract, express contract, executory contract, etc.
Mutual assent is a legal term which represents an agreement by both parties to a contract. When two parties to a contract both have an understanding of the parameters, terms and conditions surrounding a contract, it ultimately implies that they are in agreement; this is generally referred to as mutual assent.
In contract law, damages can be defined as an amount of money that is paid to a claimant (innocent party) as a compensation for a breach of contractual agreement and it's based on the amount of interest he or she has vested in the contract. Thus, it covers the incurred by the nonbreaching party (claimant or innocent party) due to a breach of contract by the other party.
Hence, the ultimate goal of contract damages is to give the nonbreaching party the benefit of its bargain.
EcoFabrics has budgeted overhead costs of $1,162,350. It has allocated overhead on a plantwide basis to its two products (wool and cotton) using direct labor hours which are estimated to be 553,500 for the current year. The company has decided to experiment with activity-based costing and has created two activity cost pools and related activity cost drivers. These two cost pools are cutting (cost driver is machine hours) and design (cost driver is number of setups). Overhead allocated to the cutting cost pool is $442,800 and $719,550 is allocated to the design cost pool. Additional information related to these pools is as follows.
Wool Cotton Total
Machine hours 123,000 123,000 246,000
Number of setups 1,230 615 1,845
1. Calculate the overhead rate using activity based costing. (Round answers to 2 decimal places, e.g. 12.25.)
2. Determine the amount of overhead allocated to the wool product line and the cotton product line using activity-based costing.
3. Calculate the overhead rate using traditional approach. (Round answer to 2 decimal places, e.g. 12.25.)
4. What amount of overhead would be allocated to the wool and cotton product lines using the traditional approach, assuming direct labor hours were incurred evenly between the wool and cotton?
Answer:
EcoFabrics
1. Overhead Rates using activity-based costing:
Cutting = $1.80 per machine hour
Design = $390 per setup
2. Allocation of overhead:
Wool Cotton
Cutting $221,400 $221,400
Design 479,700 239,850
Total allocated $701,100 $461,250
3. Overhead rate using the traditional approach:
Predetermined overhead rate = $2.10
4. Allocation of overhead:
Wool Cotton
Total allocated $581,175 $581,175
Explanation:
a) Data and Calculations:
Budgeted overhead costs = $1,162,350
Estimated direct labor hours = 553,500
Activity Cost Cost Drivers Overhead Costs Wool Cotton Total
Pools
Cutting Machine hours $442,800 123,000 123,000 246,000
Design Number of setups 719,550 1,230 615 1,845
1. Overhead Rates using activity-based costing:
Cutting = $1.80 ($442,800/246,000) per machine hour
Design = $390 ($719,550/1,845) per setup
2. Allocation of overhead:
Wool Cotton
Cutting $221,400 ($1.80 * 123,000) $221,400 ($1.80 * 123,000)
Design 479,700 ($390 * 1,230) 239,850 ($390 * 615)
Total allocated $701,100 $461,250
3. Overhead rate using the traditional approach:
Predetermined overhead rate = $2.10 ($1,162,350/553,500)
4. Allocation of overhead:
Wool Cotton
Total allocated $581,175 ($1,162,350 * 50%) $581,175 ($1,162,350 * 50%)
A buyer’s agent represents the buyer, and the seller’s agent represents the broker true or false?
Answer: False
Explanation:
seller is not represent broker
There are two preferred methods to accessing the database. One is to have newly instantiated object call the data access object. The other is to let the controller access the data access object.
a. True
b. False
the financial statements for banana company include the following items: 20x9 20x8 cash $51,500 $50,000 short-term investments 25,000 15,000 net accounts receivable 53,000 50,000 merchandise inventory 163,000 50,000 total assets 532,000 554,000 accounts payable 131,500 124,000 salaries payable 25,000 13,000 long-term note payable 59,000 53,000 compute the current ratio for 20x8. group of answer choices
Answer:
1000,$5000maaf kalo salah
what is GDP of a country
Answer:
Gross Domestic Products (GDP) is a measure of the total market value of all finished goods and services made within a country during a specific period.
Explanation:
GDP is an acronym for Gross Domestic Products (GDP) and it can be defined as a measure of the total market value of all finished goods and services made within a country during a specific period.
Simply stated, GDP is a measure of the total income of all individuals in an economy and the total expenses incurred on the economy's output of goods and services in a particular country.
On a related note, Gross Domestic Products (GDP) is a measure of the production levels of any nation.
Basically, the four (4) major expenditure categories of GDP are;
I. Consumption (C).
II. Investment (I).
III. Government purchases (G).
IV. Net exports (N).
In conclusion, GDP is a measure of the total amount of finished goods and services produced by a country.
The cost of equity is ________. the interest associated with debt the rate of return required by investors to incentivize them to invest in a company the weighted average cost of capital equal to the amount of asset turnover
Answer:
If an = 3n - 2 , find a2
Explanation:
If an = 3n - 2 , find a2If an = 3n - 2 , find a2
Roanoke Company produces chocolate bars. The primary materials used in producing chocolate bars are cocoa, sugar, and milk. The standard costs for a batch of chocolate (5,200 bars) are as follows:
Ingredient Quantity Price
Cocoa 400lbs. $1.25per lb.
Sugar 80lbs. $0.40per lb.
Milk 120gal. $2.50per gal.
Determine the standard direct materials cost per bar of chocolate. Round to two decimal places.
Answer:
$0.16
Explanation:
Particulars Quantity Price Amount
Cocoa 400 $1.25 $500
Sugar 80 $0.40 $32
Milk 120 $2.50 $300
Total $832
Standard direct materials cost per bar = Total amount / Number of bar
Standard direct materials cost per bar = $832 / 5,200 bars
Standard direct materials cost per bar = $0.16
Calculate the total Social Security and Medicare tax burden on a sole proprietorship earning 2020 profit of $300,000, assuming a single sole proprietor with no other earned income.
Answer: $25,802.70
Explanation:
Social security
Social security rates in 2020 for a single sole proprietor is 12.40% on the first $137,700:
= 12.40% * 300,000
= $17,074.80
Medicare Tax
First you need to remove a deduction of 7.65% from the income:
= 300,000 * (1 - 7.65%)
= $277,050
Medicare tax is 2.90% of this adjusted amount in addition to 0.9% for any amount above $200,000:
= (2.90% * 277,050) + (0.9% * (277,050 - 200,000))
= 8,034.45 + 693.45
= $8,727.90
Total Social security and Medicare:
= 17,074.80 + 8,727.9
= $25,802.70
TB MC Qu. 08-156 Fortune Drilling Company acquires... Fortune Drilling Company acquires a mineral deposit at a cost of $5,900,000. It incurs additional costs of $600,000 to access the deposit, which is estimated to contain 2,000,000 tons and is expected to take 5 years to extract. What journal entry would be needed to record the expense for the first year assuming 418,000 tons were mined
Answer:
Fortune Drilling Company
Journal Entry:
Debit Depletion Expense $1,350,000
Credit Accumulated Depletion $1,350,000
To record the first year's expense.
Explanation:
a) Data and Calculations:
Acquisition cost of mineral deposit = $5,900,000
Additional costs incurred = $600,000
Total costs of mine = $6,500,000
Estimated mineral deposit = 2,000,000 tons
Estimated years of extraction = 5 years
First year's extraction quantity = 418,000
Expenses for the first year = 418,000/2,000,000 * $6,500,000
= $1,350,000
Analysis:
Depletion Expense $1,350,000 Accumulated Depletion $1,350,000
A company must repay the bank $10,000 cash in three years for a loan. The loan agreement specifies 8% interest compounded annually. The present value factor for three years at 8% is 0.7938. How much cash did the company receive from the bank on the day they borrowed this money?
A. $12,400.
B. $9,200.
C. $7,938.
D. $7,600.
E. $10,000.
Answer: C. $7,938
Explanation:
This is a straightforward question. From the question, we are informed that a company must repay the bank $10,000 cash in three years for a loan and that the loan agreement specifies 8% interest compounded annually and we are given the present value factor for three years at 8% is 0.7938.
Therefore, the amount of cash that the company receive from the bank on the day they borrowed this money will be:
= $10000 × Present value factor at 8%
= $10000 × 0.7938
= $7938
Budgeted Actual Overhead cost $909,000 $884,000 Machine hours 55,000 46,000 Direct labor hours 101,000 98,000 Overhead is applied on the basis of direct labor hours. (a) Compute the predetermined overhead rate. (Round answer to 2 decimal places, e.g. 12.25.)
Answer:
Missing word "(b) Determine the amount of overhead applied for the year?"
1. Predetermined overhead rate = Budgeted overhead / Budgeted direct labor hours
Predetermined overhead rate = $909,000 / 101,000
Predetermined overhead rate = $9 per DLH
2. Overhead applied = Actual hours * Overhead rate
Overhead applied = 98,000 * $9 per DLH
Overhead applied = $882,000
You made an investment of $15,000 into an account that paid you an annual interest rate of 3.8 percent for the first 8 years and 8.2 percent for the next 10 years. What was your annual rate of return over the entire 18 years
Answer: 6.22%
Explanation:
To find the annual rate of return, find the geometric mean of the returns:
= ¹⁸√ (1 + 3.8%)⁸ * (1 + 8.2%)¹⁰ - 1
= ¹⁸√ 2.9638173484126186153 - 1
= 1.0622187633434 - 1
= 6.22%
Janice has been invited to appear on a home improvement show for the remodel of her summerhouse in Maine. Janice asks Mary to wallpaper her house in anticipation of the home improvement, and requests expensive custom wallpaper and a very intricate design application, for which the wallpaper would cost $5000, plus labor. Mary, excited for a very large job for her solo business, orders the intricate wallpaper and blocks off her calendar for the amount of time it will take to complete the job. After the paper has been ordered, Mary asks some friends to be available to complete the job in time for the show. Janice is informed that she will not be on the show and notifies Mary that she will not need the wallpaper.
a. Does Mary have a case for re-imbursement?
b. Under what legal theory might she prevail and what are her damages, if any?
c. What ethical theories might be applicable?
Answer:
sorry I don't know.
Explanation:
Yes, Mary has a legal cause of reimbursement Under the legal theory of ethical violation.
What is ethical violation?A documented company's code of ethics, mission, vision, values, and culture are violated when something is spoken, published, or done that does so. Additionally, we are aware that moral transgressions laugh in the face of accepted social norms.
Most business professionals' ethical conduct is governed by codes of conduct. Business infractions including discrimination, safety issues, or poor working conditions are most frequently observed.
Additionally, fraud, theft, and conflicts of interest. Many of these cross the line into illegal territory that is dealt with outside the corporation and are not merely morally bad.
Customers may be charged for services they did not receive when there is improper or fraudulent billing. This occurs most frequently in professions where the person who pays the bill is different from the person who received the services.
Due to the frequency of this particular ethical breach, many insurance companies have started providing consumers with a list of services that may fall under this category, enticing them to report any irregularities.
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The Chiemsee Knee Replacement Clinic (CKRC) is a sports clinic located at the northern edge of the German Alps. It specializes in knee replacements for skiers who come to CKRC from Germany, Austria, Switzerland, and Italy. The clinic currently has one operating room (OR). However, since the clinic has dramatically more demand than capacity, the management team contemplates investing in a second OR. A lean consulting firm, however, suggests that before going ahead with installing new capacity, the clinic should first look at how it uses its existing capacity. The data collected by the consulting firm reveal that:
The OR is available for 12 hours a day; the hospital has decided to not perform any procedures between 7pm and 7am. This time is equally divided across three surgeons.
The standard procedure time for the knee surgery done at the clinic is 1h.
The cleaning and housekeeping that needs to happen after each procedure takes 20 minutes. Almost all of this time could be saved if the cleaning crew were notified earlier on.
10 minutes are spent on patient preparation / anesthesia work before each procedure. (Note: this is not part of the 60-minute procedure time). Proposals have been evaluated to move these 10 minutes to outside the OR, and there exists no medical reason that would prohibit doing this.)
A surgeon only starts a case if all of the work associated with the case (preparation, procedure, and cleaning) can be completed in the 4h allotted to each surgeon. Surgeons never start BEFORE their allotted time.
Though the clinic aims to operate 7 days a week, holidays, vacation, and construction time lead to an average of one day a week that the OR cannot be used at all.
What is the OEE of the operating room? Assume a 12h window in which the OR could be used.
The OEE of the Operating Room is 34.8%.
Operating Room Overall Equipment EffectivenessTo calculate the OEE (Overall Equipment Effectiveness) of the OR, you need to consider three factors: availability, performance, and quality.
Availability: The OR is available for 12 hours a day, but there is a 1 hour window between 7pm and 7am when it is not used. Additionally, there is an average of one day a week when the OR cannot be used at all. Therefore, the availability is:(12 hours - 1 hour) / 12 hours * 7 days/week - 1 day/week = 0.92 or 92%
Performance: The standard procedure time for the knee surgery is 1 hour, and 10 minutes are spent on patient preparation and anesthesia work. The cleaning and housekeeping takes 20 minutes, and a surgeon only starts a case if all of the work can be completed in the 4 hours allotted to each surgeon. Therefore, the performance is:1 hour + 10 minutes + 20 minutes = 1 hour and 30 minutes / 4 hours = 0.375 or 37.5%
Quality: Quality is not mentioned in the data provided, so it is assumed to be 100%.To calculate OEE, you need to multiply availability, performance, and quality:
OEE = availability * performance * quality = 0.92 * 0.375 * 1 = 0.348 or 34.8%
So, the OEE of the OR is 34.8%.
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ctivity-Based Costing (ABC) is useful in: Select one: A. Breakdown COGS into DL, DM, and FOH B. Breaking down FOH more accurately into cost drivers C. Breaking down FOH into one overhead rate D. Breaking down DL and DM by product
Answer:
B. Breaking down FOH more accurately into cost drivers
Explanation:
In the case of activity based costing, the activity of the fixed cost should be breakdown based on the number of activity pools while the fixed cost should be breakdown as per the cost drivers. Also, there is more than one overhead rate existed. In addition to this, it is the method for distribution of the overhead with those firms who is able to used it
Therefore the option b is correct
Welcome Inn Hotels is considering the construction of a new hotel for $90 million. The expected life of the hotel is 30 years, with no residual value. The hotel is expected to earn revenues of $26 million per year. Total expenses, including depreciation, are expected to be $15 million per year. Welcome Inn management has set a minimum acceptable rate of return of 14%.
a. Determine the equal annual net cash flows from operating the hotel.
b. Calculate the net present value of the new hotel. Use 7.003 for the present value of an annuity of $1 at 14% for 30 periods.
c. Does your analysis support construction of the new hotel?
Answer:
a. Annual Net cash flows:
= Revenue - Expenses + Depreciation
= 26,000,000 - 15,000,000 + (90,000,000 / 30 years)
= 11,000,000 + 3,000,000
= $14,000,000
b. Net present value:
= Present value of cashflows - Investment cost
= (Annual cashflow * present value of an annuity, 14%, 30 periods) - Investment cost
= (14,000,000 * 7.003) - 90,000,000
= $8,042,000
c. Company should construct the hotel as it would bring a positive Net Present Value
Note: In "b" the cashflow was treated as an annuity because it is constant.
Brown Co. issued $100 million of its 10% bonds on April 1, 2016, at 99 plus accrued interest. The bonds are dated January 1, 2016, and mature on December 31, 2035. Interest is payable semiannually on June 30 and December 31. What amount did Brown receive from the bond issuance?
a) $87.8 million
b) $99.0 million
c) $100.0 million
d) $101.5 million
Answer:
d) $101.5 million
Explanation:
The computation of the amount received from the bond issuance is given below:
Interest Rate: 10%
Time period: 3 months (from 01.01.2016 to 31.03.2016)
Par Value=$100 million
Accrued Interest be 2.53 million
So,
Amount receive from Bond Issuance is
= 99 + 2.53
= $101.5 million
Burlington Construction Company is considering selling excess machinery with a book value of $281,000 (original cost of $400,100 less accumulated depreciation of $119,100) for $277,400, less a 5% brokerage commission. Alternatively, the machinery can be leased for a total of $284,300 for five years, after which it is expected to have no residual value. During the period of the lease, Burlington Construction Company's costs of repairs, insurance, and property tax expenses are expected to be $25,000.
Required:
Prepare a differential analysis, dated January 3, 2012, to determine whether Sure-Bilt should lease (Alternative 1) or sell (Alternative 2) the machinery.
Answer:
hiiiiiiiiiiiiiii how r u
Slavery, as a business practice protected by state laws, provided unfair advantage against those employers not using slaves, and thus the economic incentives supported and sustained slavery within its sealed environment.
A. True
B. False
True or false: Interest expense and income tax expense are considered general and administrative expenses and, therefore, are included on the general and administrative expense budget. True false question. True False
Answer: True
Explanation:
Interest expense and income tax expenses generally are stand-alone expenses but they fall under general and administrative expenses required to run the business.
Interest expense is charged on debt that was taken to run the company so will be an admin expense and tax is part of the expenses that a company has to take care of in order to run the company so it is an admin expense as well.
On July 1, Sterns Co. acquired patent rights for $36,000. The patent has a useful life of 6 years and a legal life of 15 years.
Required:
Journalize the adjusting entry on December 31 to recognize the amortization. Refer to the Chart of Accounts for exact wording of account titles.
Answer:
Dr Amortization Expense $3,000
Cr Patents $3,000
Explanation:
Preparation of the journal adjusting entry on December 31 to recognize the amortization.
Dec. 31
Dr Amortization Expense $3,000
Cr Patents $3,000
(To record Amortization)
Amortization=(Patent rights/Useful life)*6/12
Amortization=($36,000/6)*6/12
Amortization=$3,000
(July 1 to Dec 31 =6months)
pls help me with in this i just want the 3 and 4th one...
Answer:
3. The special concept reminded by the phrase "Exchanging Butter Cake for Dates" is:
Trade by barter.
4. The need fulfilled by this business is people's demand for Cake.
The want fulfilled by this business is the organization's supply of dates for its production of cake.
Explanation:
A trade by barter involves the exchange of one good or service by one trading party for another good or service from the coincidental trading party without the use of money or monetary mediums. Trade by barter enables people without money to fulfill their needs. The major problem with trade by barter is that there must be coincidence of wants by the two trading partners. This is not always feasible.
QS 8-4 Units-of-production depreciation LO P1 On January 1, the Matthews Band pays $65,800 for sound equipment. The band estimates it will use this equipment for four years and perform 200 concerts. It estimates that after four years it can sell the equipment for $2,000. During the first year, the band performs 45 concerts. Compute the first-year depreciation using the units-of-production method.
Answer:
$14,355
Explanation:
Activity method based on output = (output produced that year / total output of the machine) x (Cost of asset - Salvage value)
(45/200) x ($65,800 - $2000) =
0.225 x 63800
$14355
The rate of earnings is 6% and the cash to be received in 4 years is $20,000. The present value amount, using the following partial table of present
value of $1 at compound interest is
Year
6%
10%
12%
1
0.943
0.909
0.893
2
0.890
0.826
0.797
3
0.840
0.751
0.712
4
0.792
0.683
0.636
a. $12.720
Ob. $16,800
Oc. 513,660
Od. $15.840
Answer:
$15,840
Explanation:
Present value = Future value / (1 + r)^n
Rate, r = 6% = 0.06
Future value = $20,000
Number of years, n = 4
Present value = $20000 / (1 + 0.06)^4
Present value = $20000 / 1.06^4
Present value = $20,000 / 1.26247696
Present value = $15841.873
Using the partial table of present values :
Present value = Future value * PV(6%, 4)
PV at 6%, 4 years = 0.792
Present value = $20,000 * 0.792 = $15,840
Wang Co. manufactures and sells a single product that sells for $540 per unit; variable costs are $324 per unit. Annual fixed costs are $836,000. Current sales volume is $4,290,000. Management targets an annual pre-tax income of $1,215,000. Compute the unit sales to earn the target pre-tax net income.
Answer: 9,495 units
Explanation:
First find the contribution margin:
= Sales price - Variable cost
= 540 - 324
= $216 per unit
The unit sales required can be calculated by the formula:
= (Annual pre-tax income target + Fixed cost) / Contribution margin
= (1,215,000 + 836,000) / 216
= 9,495.37 units
= 9,495 units
Risk is a necessary ‘evil’ evil’, support this assessment and give advice risk
managers on how to resolve the effects.
For a high-risk investment, managers require a high reward.
explain business with two Examples
Explanation:
A business is defined as an organization or enterprising entity engaged in commercial, industrial, or professional activities. ... The term "business" also refers to the organized efforts and activities of individuals to produce and sell goods and services for profit.
Example Coca-Cola, Amazon etc.
Answer:
A business is defined as an organization or enterprising entity engaged in commercial, industrial, or professional activities. ... There are various forms of a business, such as a limited liability company (LLC), a sole proprietorship, a corporation, and a partnership
On the Tokyo Stock Exchange, Honda Motor Company stock closed at ¥2,915 per share on Monday, June 6, 2016. Honda trades as an ADR on the NYSE. One underlying Honda share equals one ADR. On June 6, 2016, the ¥/$ exchange rate was ¥107.65/$1.00. (Round your answer to 2 decimal places.) At this exchange rate, what is the no-arbitrage U.S. dollar price of one ADR?
Answer:
$27.08
Explanation:
Calculation to determine the no-arbitrage U.S. dollar price of one ADR
Using this formula
No-arbitrage U.S. dollar price of one ADR=Stock closed per share /Exchange rate
Let plug in the formula
No-arbitrage U.S. dollar price of one ADR=¥2,915 / ¥107.65
No-arbitrage U.S. dollar price of one ADR=$27.078
No-arbitrage U.S. dollar price of one ADR=$27.08 (Approximately)
Therefore the no-arbitrage U.S. dollar price of one ADR is $27.08
Waterway Industries was organized on January 1, 2021. During its first year, the corporation issued 2,400 shares of $50 par value preferred stock and 150,000 shares of $10 par value common stock. At December 31, the company declared the following cash dividends: 2021, $5,800; 2022, $13,100; and 2023, $28,800.
Required:
Show the allocation of dividends to each class of stock, assuming the preferred stock dividend is 5% and noncumulative.
Answer:
Preferred dividend is noncumulative which means that it will not accrue if company was unable to pay in any period.
Dividends in 2021
Preferred dividends:
= Number of preferred shares * par value * dividend percentage
= 2,400 * 50 * 5%
= $6,000
Dividends of $5,800 were declared which is not enough to cover even preferred shares so preferred shares will take all the dividends.
Preferred share dividends = $5,800
Common share dividends = $0
Dividends in 2022:
Preferred dividends = $6,000
Common dividends:
= Declared dividends - Preferred dividends
= 13,100 - 6,000
= $7,100
Dividends in 2023:
Preferred dividends = $6,000
Common dividends:
= Declared dividends - Preferred dividends
= 28,800 - 6,000
= $22,800
Tangerine, Inc. provides the following data: Surround, Inc. Comparative Balance Sheet Dec. 31, 20X9 Assets Current Assets: Cash and Cash Equivalents $29,000 Account Receivable, Net 31,000 Merchandise Inventory 53,000 Total Current Assets $113,000 Property, Plant, and Equipment, Net 120,000 Total Assets $233,000 Liabilities Current Liabilities: Accounts Payable $4000 Notes Payable 3000 Total Current Liabilities $7000 Long-term Liabilities 84,000 Total Liabilities $91,000 Stockholders' Equity Common Stock $30,000 Retained Earnings 112,000 Total Stockholders' Equity $142,000 Total Liabilities and Stockholders' Equity $233,000 Calculate the debt to equity ratio.
Answer:
The debt to equity ratio is 0.64.
Explanation:
The debt to equity ratio can be calculated using the following formula:
Debt to equity ratio = Total Liabilities / Stockholders' Equity ……………………. (1)
Where:
Total Liabilities = $91,000
Stockholders' Equity = $142,000
Substitute the relevant data into equation (1), we have:
Debt to equity ratio = $91,000 / $142,000 = 0.64
Therefore, the debt to equity ratio is 0.64.
