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Misha Larkins [42]

3 years ago

5

To recover damages in a breach-of-contract case, the plaintiff must demonstrate that he used reasonable efforts to minimize the

damage resulting from the breach.
a. True
b. False

1 answer:

Aleonysh [2.5K]3 years ago

5 0

It's is true wait yeah it's A true

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Adam Holmes is the Processing Manager of Empire Mortgage Company, a firm that processes loan applications for a number of region

Elina [12.6K]

Answer:

a. <u>Labor variances for 14 PT staff: </u>

Labor rate variance = (Standard Rate – Actual Rate) x (Actual time per app) * (number of apps. completed)

= ($50 - $52) x 1.40 x 2,604

= $7291.20 (Unfavorable)

Labor Efficiency variance = [(Standard hours per app. X number of app.) - (Actual time per App. * number of apps.)] * Std. rate

= [(1.20 * 2,604) - (1.40 * 2,604)] * $50

= [3,124.80 - 3,645.60] * $50

= $26,040 (Unfavorable)

Labor Cost variance = Labor rate variance + Labor efficiency variance

= $7,291.20 (Unfavorable) + $ 26,040 (Unfavorable)

= $33,331.20 (Unfavorable)

<u>Labor variances for 10 SD staff</u>:

Labor rate variance = (Standard Rate – Actual Rate) x (Actual time per app) * (number of apps. completed)

= ($45 - $47) * 1.20 * 1,600

= $3840 (Unfavorable)

Labor Efficiency variance = [(Standard hours per app. X number of app.) - (Actual time per App. * number of apps.)] * Std. rate

= (1.40*1,600) – (1.20*1,600)]*$45

= [2,240 – 1,920] * $45

= $14,400 (Favorable)

Labor Cost variance = Labor rate variance + Labor efficiency variance

= $3,840 (Unfavorable) + $ 14,400 (Favorable)

= $10,560 (Favorable)

5 0

3 years ago

In the current year, Borden Corporation had sales of $2,190,000 and cost of goods sold of $1,295,000. Borden expects returns in

NNADVOKAT [17]

Answer:

The entries are as follows

To record estimated returns on Sales

Debit: Sales Refund Payable Account $131,400

Credit: Accounts Receivables $131,400

To record estimated Cost of Sales returns

Debit: Inventory Returns Estimated Account $77,700

Credit: Inventory on Sales on Returns $77,700

Explanation:

To derive the figure for Sales Refund payable for the year

6% of $2,190,000

= $\frac{6}{100} * 2,190,000$ = $131,400

To derive the figure for Inventory cost on Sales Refund payable for the year

6% of $1,295,000

= $\frac{6}{100} * 1,295,000$ = $77,700

3 0

3 years ago

Services that are available when you open a savings account

WARRIOR [948]

Monthly statements, investment options, and online banking services.

5 0

3 years ago

Steel Company as lessee signed a lease agreement for equipment for 5 years, beginning December 31, 2017. Annual rental payments

balu736 [363]

Answer:

a.

Debit Credit

December 31, 2017

Lease Equipment Under Capital Leases $166,794

Lease Liability $166,794

December 31, 2017/January 1, 2018

Lease Liability $40,000

Cash $40,000

b. Debit Credit

December 31, 2018

Depreciation Expense $23,828

Accumulated Depreciation $23,828

December 31, 2018/January 1, 2019

Interest Expense $12,679

Lease Liability $27,321

Cash $40,000

c. Debit Credit

December 31, 2019

Depreciation Expense $23,828

Accumulated Depreciation $23,828

December 31, 2019/January 1, 2020

Interest Expense $9,947

Lease Liability $30,053

Cash $40,000

d. Balance Sheet

December 31,2019

Property Plant and Equipment Current Liabilities

Leased Equipment Under Capital Leases $166,794 Lease Liability $33,058

Less Accumulated Depreciation $47,656

$119,138 Long Term

Lease Liability $36,362

Explanation:

a. The journal entries, that should be recorded on January 1, and December 31, 2017, by Steel would be as follows:

Debit Credit

December 31, 2017

Lease Equipment Under Capital Leases $166,794

Lease Liability $166,794

December 31, 2017/January 1, 2018

Lease Liability $40,000

Cash $40,000

Lease Equipment Under Capital Leases=(40,000*PVIFA(10%,Years = 40,000*4.16986))= $166,794

b. The journal entries, that should be recorded on January 1 and December 31, 2018, by Steel would be as follows:

Debit Credit

December 31, 2018

Depreciation Expense $23,828

Accumulated Depreciation $23,828

December 31, 2018/January 1, 2019

Interest Expense $12,679

Lease Liability $27,321

Cash $40,000

Depreciation Expense= (166,794/7)=$23,828

Interest Expense [(166,794 - 40,000)*10%]=$12,679

Lease Liability=(40,000 - 12,679)=$27,321

c. The journal entries, that should be recorded on January 1, and December 31, 2019, by Steel would be as follows:

Debit Credit

December 31, 2019

Depreciation Expense $23,828

Accumulated Depreciation $23,828

December 31, 2019/January 1, 2020

Interest Expense $9,947

Lease Liability $30,053

Cash $40,000

d. The amounts that would appear on Steel's December 31, 2019, balance sheet relative to the lease arrangement would be as follows:

Balance Sheet

December 31,2019

Property Plant and Equipment Current Liabilities

Leased Equipment Under Capital Leases $166,794 Lease Liability $33,058

Less Accumulated Depreciation $47,656

$119,138 Long Term

Lease Liability $36,362

8 0

3 years ago

If a homeowner wants to sell his property to an adult child for $1, may a sales agent be involved in that transaction?

Umnica [9.8K]

Answer:

Of course a sales agent can be involved, although they will probably charge a fixed amount and not a sales percentage. Many people probably need the help of a sales agent to fill out legal forms, including contracts, etc. Not everyone has the knowledge to prepare them or simply fill them out, and a sales agent can be helpful.

7 0

2 years ago