The fact that Madison wants to open a restaurant and plans to employ a staff of about 10 people, including wait staff and cooks means that Madison is planning to create a flat type of organization. The units and positions within the flat organization are flat distributed, which means there are <span>few or no levels of middle management between staff and executives.</span>
Answer:
The correct options are:
A. Debit to Factory Overhead
D. Credit to Factory Utilities Payable
Explanation:
The debit entry of the use of utilities in a factory would be recorded in factory overhead since cost of utilities is a not a direct factory cost.
However, the corresponding credit would be in the factory utilities payable as an obligation awaiting payment to be made to the supplier of the service being enjoyed by the factory in order to run on daily basis
Answer:
The price per ticket should be $37.5
Explanation:
First we need to determine the change in demand (attendance) as a result of every $1 increase in the price of ticket.
The ticket price increased by $4 (from 50 to 54) and the demand fell by 400 (from 2500 to 2100). The change per dollar is, 400 / 4 = 100.
So, for every $1 increase in price, demand falls by 100.
The revenue is calculated by multiplying price by quantity demanded. Revenue equation will be,
Let x be the change in price from $50.
Revenue = (50 + x) * (2500 - 100x)
Revenue = 125000 - 5000x + 2500x - 100x²
Revenue = 125000 - 2500x - 100x²
To calculate the price that maximizes the revenue, we need to take the derivative of this equation.
d/dx = 0 - 1 * 2500x° - 2 * 100x
0 = -2500 - 200x
2500 = -200x
2500 / -200 = x
-12.5 = x
Price should be 50 - 12.5 = 37.5
At price $37.5 the revenue of the Opera House is maximized.
Answer:
An implied agreement is based on a formal agreement.
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, implied 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.
Simply stated, mutual assent connotes agreement, acceptance and consent to a contract by both parties.
An implied contract can be defined as an informal contract that exists based on an assumption or understanding between two or more parties, rather than on terms that are formally and specifically defined.
This ultimately implies that, an implied agreement is not based on a formal agreement but on assumptions or understanding between the parties involved.
