Answer: The creditor will be able to recover $1,350
Explanation:
The amount that the creditor will be able to recover will be the contract price less the damages for the minor breach by the company.
In this case, the company finished all of the tasks except for the cleaning of the oven. Since this is minor with regards to the contract, the company will be seen to have performed its contract.
Since we are told the cost of finishing the job was 10% of the contract cost, this will be regarded as a minor breach, therefore, the owner of the condominium cannot avoid the payment of the price of the contract price. In this case, the creditor will be able to recover ($1500 - $150) = $1,350.
Answer:
<u>expense</u>,
<u>income statement</u>,
<u>debit</u>
Explanation:
Cost of goods sold refers to all those direct costs and overhead costs which have been incurred in manufacturing those products, which have been finished and sold.
Cost of goods sold represents an expense account and it is a nominal account and as per the accounting rules for nominal accounts, expenses and losses are debited while incomes and gains are credited.
Since it is an expense, a debit to such an account increases it's balance while a credit reduces it's balance. Cost of goods sold account has a normal debit balance.
Cost of Goods Sold account is reported in the income statement and deducted from sales revenue to arrive at Gross Profit.
Cost of Goods Sold = Sales Revenue - Gross Profit
Also, cost of goods sold can also be computed as,
Cost of Goods Sold = Opening stock + Purchases + Direct Expenses - Closing stock
Answer:
I. The least preferred co-worker (LPC) questionnaire.
II. The situational leadership theory (SLT).
III. Fiedler contingency model.
IV. Path-goal theory.
Explanation:
A leader can be defined as an individual who is saddled with the responsibility of controlling, managing and maintaining a group of people under him or her.
Some types of power expressed by leaders are referent power, coercive, etc.
Generally, managers are typically involved in taking up leadership roles and as such are expected to be build a strong relationship between their employees or subordinates by creating a fair ground for effective communication and sharing of resources and information.
I. The least preferred co-worker (LPC) questionnaire: identifies leadership style by measuring whether a person is task oriented or relationship oriented.
II. The situational leadership theory (SLT): states that successful leadership depends on selecting the right leadership style contingent on the follower’s readiness.
III. Fiedler contingency model: proposes that effective group performance depends on the proper match between the leader’s style and the degree to which the situation gives the leader control.
IV. Path-goal theory: suggests that it’s the leader’s job to provide followers with information, support, or other resources necessary to achieve goals
To know which is more effective, let's just put a fictional number of 100 purchase to test it.
Option A: $2 per person, 60% purchase
Option B: $0.1 per person, 2% purchase
For Option A, cost would be $200 and ended up in 60 purchases
For option B, cost would be $10 and ended up in 2 purchases (if the cost is lifted into $ 200, the purchases is 2 x10 = 20)
Which means option A is more effective.
Answer:
The Finance/Administration Section is the General Staff member that negotiates and monitors contracts, maintains documentation for reimbursement, and oversees timekeeping for incident personnel.